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ASSUMPTION A method of selling real estate where the buyer of the property agrees to become responsible for the repayment of an existing loan on the property. COMMITMENT A promise to lend and a statement by the lender of the terms and conditions under which a loan is made. FISCAL YEAR A business year used for tax, corporate or accounting purposes, as opposed to a calendar year. OPTION An agreement to keep open, over a set period, an offer to sell or purchase property. ACCELERATION CLAUSE A common provision of a mortgage or note providing the holder with the right to demand that the entire outstanding balance is immediately due and usually payable in the event of default. CONTRACT A legal agreement between competent parties who agree to perform or refrain from performing certain acts for a consideration. In real estate, there are many different types of contracts, including listings, contracts of sale, options, mortgages, assignments, leases, deeds, escrow agreements, and loan commitments, among others. |
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