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DEED OF TRUST A legal document in which title to property is transferred to a third party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary(lender). DUE-ON-SALE CLAUSE Provision in a mortgage or deed of trust allowing the lender to demand immediate payment of the loan balance upon sale of the property. CUSTOMER TRUST FUND (CTF) An impound account maintained for the purpose of setting up a reserve to pay certain periodic obligations such as real property taxes, insurance premiums, lease rent, and maintenance fees. FLOOR DUTY A frequent practice in real estate brokerage offices of assigning one sales agent the responsibility for handling all telephone calls and office visitors for a specified period of time. DEVISE A transfer of real property under a will. CONTRACT OF SALE The agreement between the buyer and seller on the purchase price, terms, and conditions of a sale. ZONING The regulation of structures and uses of property within designated districts or zones. Zoning regulates and affects such things as use of the land, types of structure permitted, building heights, setbacks, and density (the ratio of land area to improvement area). CERTIFICATE OF TITLE Written opinion of the status of title to a property, given by an attorney or title company. This certificate does not offer the protection given by title insurance. CERTIFIED PROPERTY MANAGER A professional property manager who has qualified for membership in and is a member of the Institute of Real Estate Management, and is designated a CPM. |
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