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ATTORNMENT The act of a tenant formally agreeing to become the tenant of a successor landlord; as in attorning to a mortgagee who has foreclosed on the leased premises. METES AND BOUNDS A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles. GRANDFATHER CLAUSE Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law. GOOD FAITH Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not. DELINQUENCY Failure to make payments as agreed in the loan agreement. OFFICE EXCLUSIVE A listing in which the seller refuses to submit the listing to Multiple Listing Service, even after being informed of the advantages of MLS, and signs a certification to that effect. STRAIGHT NOTE A promissory note evidencing a loan in which "interest only" payments are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity. |
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