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EXTENDER CLAUSE A "carry over" clause (referred to as a safety clause) contained in a listing which provides that a broker is still entitled to a commission for a set of period of time after the listing has expired if the property is sold to a former prospect of the broker. SETTLEMENT COST (HUD GUIDE) HUD - published booklet that provides an overview of the lending process, and that is given to consumers after completing loan application. COOPERATING BROKER A broker who joins with another broker in the sale of real property. APPLICATION FEE Fee charged by a lender to cover the initial costs of processing a loan application. The fee may include the cost of obtaining a property appraisal, a credit report, and a lock-in fee or other closing costs incurred during the process or the fee may be in addition to these charges. PER DIEM INTEREST Interest calculated per day. (Depending on the day of the month on which closing takes place, you will have to pay interest from the date of closing to the end of the month. Your first mortgage payment will probably be due the first day of the following month.) MEANDER LINE An artificial line used by the surveyors to measure the natural, uneven, winding property line formed by rivers, streams and other watercourses bordering a property. |
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