2. older apartment units. TERM the period of time during which something is in effect. In general, if termites are discovered, the buyer may require the seller to treat the property or the buyer may cancel the contract. Most clauses now use the term wood-destroying insects to protect against other types of insects that harm structures, such as the powder post beetle and old house borer. Often required by the terms of a sales contract.
TERM LOAN one with a set maturity date, typically without amortization.
Generally to dispose of personal property. Common usage employs the words will, testament, and last will and testament as synonyms. Contrast with intestate. Before signing a deed, the grantor should make sure that everything is in order, e.g., the spelling of names and legal descriptions. This is the testimonium clause.