Constructive Notice: Notice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of property is also considered constructive notice that the person in possession has an interest in the property.

 

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Constructive Notice: Notice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of pr . . . View Full Definition

Notice Of Completion: A document recorded to give constructive notice that a building job has been completed.

Notice Of Nonresponsibility: A legal notice designed to relieve a property owner of responsibility for the cost of improvements ordered by another person (such as a tenant). The owner usually gives notice that he or she . . . View Full Definition

Notice Of Deliquency: In junior financing, where the borrower gives the senior lender permission to notify the junior lender in the event of a default.

Notice Of Default: A notice to a defaulting party announcing that a default has occurred. The defaulting party is usually provided a grace period during which to cure the default. Notices of default are freque . . . View Full Definition

Notice Of Cessation: A notice that gives subcontractors 30 days and gives prime contractors 60 days to file liens from the date of cessation of work.

Notice Of Right To Cancel: Under federal law, you may be permitted to cancel or 'rescind' a mortgage loan within a specified time, generally three days, after you have signed loan documents in a refinance, second mort . . . View Full Definition

Three-Day Notice: Notice to quit, quit or cure, or quit or pay rent. Three-day notice must be given before an unlawful detainer action.

Stop Notice: A notice given to a lender that a subcontractor has not been paid. Unless bond is posted, the lender must withhold moneys due a prime contractor.

Preliminary Notice: Notifies a customer that work to be completed is subject to the lien rights of the contractor. Preliminary notice must be given prior to recording of a mechanics lien, and should be filed by . . . View Full Definition