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CONDOMINIUM A form of property ownership in which the homeowner holds title to an individual dwelling unit and a proportionate interest in common areas and facilities of a multi-unit project. SALES AGREEMENT Contract signed by buyer and seller stating the terms and conditions under which a property will be sold. TERM The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due. RUNNING WITH THE LAND Rights or covenants which bind or benefit successive owners of a property are said to run with the land, such as restrictive building covenants in a recorded deed which would affect all future owners of the property. PARTICIPATION MORTGAGE A mortgage in which the lender participates in the income of the mortgaged venture beyond a fixed return, or receives a yield on the loan in addition to the straight interest rate. FEE SIMPLE Absolute ownership of real property. POWER OF ATTORNEY A written instrument authorizing a person(the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument. |
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