Lands or improvements on land that are designated for common use and enjoyment by all occupants, tenants or owners. The lobby, a pool, tennis court or common hallways would all be Common Areas in a …
Common Tenancy
The ownership of property by two or more persons, where on the death of one, his share does not automatically go to the other(s) but is credited to his estate. …
Wraparound Mortgage
A loan given to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both amounts are made to the lender who holds the …
Z-Flashing
A special type of metal flashing that protects horizontal joints between siding panels that don't overlap. It has a Z-shaped profile and is designed to tuck up under the upper panel and overlap the …
Zero-Lot Line
Refers to the placement of a home on its lot in such a way that one or more sides of the home really has no yard space. The home is built right up to the edge of the property line. …
Zero-Net
When the seller receives little or no net proceeds from the property sale. …