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Glossary

 
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Glossaries

Term Definition
Escalation Clause
A clause allowing rents to increase over the term of the lease.
escheat
The possibility that unclaimed property will be taken by the state if it cannot be allocated to a beneficiary or heir after the original owner's death.
Estate Tax Exemption
The amount of the gross estate under which there is not estate tax. Currently, this is $5,000,000.00, but it changes frequently.
estoppel
A notion that a promise made can be relied upon to one's detriment because the promise is assumed to be true.
estoppel certificate
A document assuring a purchaser of property that tenants are not owed anything by the seller of the building.
eviction
Legal action taken to remove a tenant following breach of their lease.
executor
The person in charge of ensuring a will's terms are carried out (male)
executrix
The person in charge of ensuring a will's terms are carried out (female)
fiduciary
A trustee or other individual given a high standard of responsibility for the property of another.
Fitness for a Particular Purpose
A warranty that indicates that goods are suitable for the purpose for which they are obviously intended.
Force Majeure
A circumstance for which no one is liable; Also known as an "Act of God."
foreclosure
A process by which a creditor take real property back in satisfaction of debt owed by the former title holder.
Forum Selection
A contract provision identifying where any cause of action would be formally brought against the opposing party.
Franchise
A busienss arrangement where an owner is provided training and support in exchange for conducting business in a very specified manner and paying royalties for use of a recognized name or system of doing business.
generation skipping transfer tax
Taxes on top of the Estate Tax (but subject to the same exemption) for any transfers directly to grandchildren or some other more-distant generation than one's own children.