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PROPRIETARY LEASE A written lease in a cooperative apartment building, between the owner-corporation and the tenant-stockholder, in which the tenant is given the right to occupy a particular unit. UNILATERAL CONTRACT A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer. EXCLUSIVE AGENCY A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission. HOMESTEAD A home which is used as a personal residence. MORTGAGE A legal document used to secure the performance of an obligation. In effect, the mortgage states that the lender can look to the property in the event the borrower defaults in payment of the note. TAX LIEN A general statutory lien imposed against real property for failure to pay taxes. There are federal tax liens and state tax liens. LEGAL NOTICE That notice which is either implied or required by law. Constructive notice under the recording laws is also referred to as legal notice. |
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