Real Estate Terms Glossary
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Random Real Estate License Terms
Condition | | A provision in a contract stating that the contract will not go into effect or that it will terminate upon the occurrence of some specified future event. (1) A restriction added to a conveyance that upon the occurrence or nonoccurrence of a some act or event causes the estate to be defeated. (2) A contractual provision that upon the occurrence or nonoccurrence of a stated act or event an obligation is created destroyed or defeated. |
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Novation | | The acceptance of a new contract in substitution for the old contract with the intent that the new contract will extinguish the original contract. Sometimes encountered in transfers of deeds of trust where the new owner assumes the debt and the lender through novation releases the former owner from any liability under the original promissory note and deed of trust. |
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Directional Growth | | The direction in which the residential sections of a city seem destined or determined to grow. |
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