worklife.columbia.edu

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Definitions (353)

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abatement


Derived from Latin battere, "abatement" a common legal term meaning "the beating down, removal, or diminishment" of something.  For example, lead abatement refers to finding and removing lead paint.  Abatement usually refers to "Rent Abatement", the incentive offered by a landlord, including f [..]
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absorption rate


Abstract of Title Abstract of title is a historical summary of the recorded instruments and proceedings on the title of a property.
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adjustable rate mortgage or arm


Adjusted Sales Price Adjusted sales price is the price on the contract less all credit concessions by the seller.
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air rights


Amenities Amenities are the enhancements that buildings offer its owners or tenants.  These usually include a doorman, health club, garage, children's playroom, common lounge, etc.
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amortization


Amortization Schedule An amortization schedule is the designation of periodic payments of principal and interest toward the principal to eventually pay off a debt.
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annual percentage rate or apr


Appraisal An appraisal is the evaluation of a property by a licensed appraiser on its price based on previous sales of similar properties.  The appraised value is used by a bank to determine the lending limit on a given property.  A seller may also have a property appraised to determine the offering price during a sale.
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assessment


Asset An asset is something that is owned that has value.
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assignment


Attorney-in-Fact An attorney-in-fact is a person appointed to perform legal acts for another under a power-of-attorney.
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balloon mortgage


Board Approval Board approval is a condition in the standard cooperative sales contract requiring that the buyer obtain approval from the board of directors of the cooperative corporation as a prerequisite to completing the sale.
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bridge loan


Broker (See Real Estate Broker)
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