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COLOR OF TITLE A condition which has the appearance of good title, but which in fact is not valid title, as where title is founded on some written document which on its face appears valid and effective, but which is actually invalid. NOTICE OF COMPLETION Document filed to give public notice that a construction job has been completed and that mechanics' liens must be filed within ,say, 45 days to be valid. FLOOR AREA RATIO The ratio of floor area to land area expressed as a percent or decimal, which is determined by dividing the total floor area on a zoning lot by the lot area. CONTINGENCY A condition which must be satisfied before a contract is legally binding. LIEN A legal claim by one person on the property of another for security for payment of a debt. PRINCIPAL The capital sum; interest is paid on the principal. NOT spelled principle. FDIC See Federal Deposit Insurance Corporation. |
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