The Real Estate
Encyclopedia: K-O

In real estate appraisal, observed condition refers to the process of estimating depreciation by directly examining the physical state of a property. The appraiser evaluates visible wear, deterioration, and functional issues based on firsthand observation. This method...

In real estate and contract law, the term null and void refers to an agreement or legal instrument that has no legal effect or validity. A null and void contract is treated as if it never existed and cannot be enforced by any party. An agreement may be declared null...

In real estate and contract law, novation refers to the substitution of a new contract, debt, or obligation for an existing one. The new agreement replaces the original obligation and may involve the same parties or different parties. A novation requires the consent...

In real estate and landlord tenant law, a notice to quit is a formal notice given by a landlord to a tenant directing the tenant to vacate the rented property. It is typically used to terminate a tenancy or to address a violation of lease terms. The notice to quit...

In real estate and construction law, a notice of nonresponsibility is a legal notice used by a property owner to disclaim responsibility for the cost of unauthorized work or materials furnished on the property. It is intended to protect the owner from liability for...

In real estate and construction law, a notice of completion is a document that is recorded to show that a construction project has been finished. It serves as an official public record of the completion date of the work. The recording of a notice of completion...

In real estate and construction law, a notice of cessation is a formal notice indicating that work on a construction project has stopped. It is used to document the date on which labor or construction activity ceased. The filing or recording of a notice of cessation...

In real estate and law, notice refers to knowledge or information that affects a person’s rights or responsibilities with respect to property or a transaction. Notice may arise in several different forms, each with distinct legal significance. Actual notice is express...

In real estate finance, a note is a written, unilateral agreement in which the signer makes an express and unconditional promise to pay a named person or entity a definite sum of money. The note specifies the amount owed, the repayment terms, and the date or schedule...

In real estate transactions, a notary public is a public officer appointed by the state who is authorized to witness the execution of legal documents. The notary verifies the identity of the persons signing the documents and confirms that the signatures are made...