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LAND TRUST An association organized by common owners of real property, which holds title to the real property in the name of one or more trustees for the benefit of the owners, whose beneficial interests may be represented by trust certificates. CLIENT TRUST ACCOUNT An account set up by a broker to keep client's monies segregated from the broker's general funds. SETTLEMENT COSTS Also known as closing costs, these costs are for services that must be performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney's fees, taxes, and surveying fees. VENDEE The purchaser of realty; the buyer. The buyer under an agreement of sale. LEGAL RATE OF INTEREST The maximum interest rate permitted bylaw, with anything above that rate being usury. BARGAIN AND SALE DEED A deed which recites a consideration and conveys all of the grantor's interest in the property to the grantee. RENTAL POOL A rental arrangement whereby participating owners of rental apartments agree to have their apartment units available for rental as determined by the rental agent, and then share in the profits and losses of all the rental apartments in the pool according to an agreed formula. |
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