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SECURITY AGREEMENT A security document which creates a lien upon chattels, including chattels intended to be affixed to land as fixtures; known as a chattel mortgage prior to the adoption of the Uniform Commercial Code. TITLE INSURANCE Insurance which protects the lender (lender's policy) or the buyer (owner's policy) against loss due to disputes over ownership of a property. WARRANTY DEED A deed in which the grantor fully warrants good clear title to the premises. Also called a general warranty deed. RENT CONTROL Regulation by state or local governmental agencies restricting the amount of rent landlords can charge their tenants; such regulation is a valid exercise of the state's police power. COUNTER-OFFER A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it. MISREPRESENTATION A false statement or concealment of a material fact made with the intent to induce some action by another party. FISCAL YEAR A business year used for tax, corporate or accounting purposes, as opposed to a calendar year. |
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