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LIBOR (LONDON INTERBANK OFFERED RATE) The interest rate charged among banks in the foreign market for short-term loans to one another. A common index for ARM loans. PERMANENT FINANCING A long-term loan, as opposed to an interim loan. QUIET ENJOYMENT The right of a new owner or a lessee legally in possession to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title. ESCHEAT The reversion of property to the state when a decedent dies intestate and there are no heirs capable of inheriting, or when the property is abandoned. RESERVE FUND Monies set aside as a cushion of capital for future payment of items such as taxes, insurance, furniture replacement, deferred maintenance, etc.; sometimes referred to as an impound account. AGENT One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer. INTEREST Charge paid for borrowing money, calculated as a percentage of the remaining balance of the amount borrowed. |
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