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DESCENT The acquisition of an estate by inheritance, where an heir succeeds to the property by operation of law. Descent literally means the hereditary succession of an heir to property of an ancestor who dies intestate. ACCELERATION CLAUSE A clause in a promissory note, agreement of sale, or mortgage which gives the lender the right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property. INVENTORY An itemized list of property. Many brokers recommend that their clients attach to the sales contract an inventory of property to be included in the sale of a residential property, including a condominium dwelling. BILL OF SALE A written agreement by which one person sells, assigns or transfers his right to, or interest in, personal property to another. FHLMC See Federal Home Loan Mortgage Corporation. NON-COMPETITION CLAUSE A provision in a contract or lease prohibiting a person from operating or controlling a nearby business which would compete with one of the parties to the contract. COURTESY TO BROKERS The practice of sharing commissions with cooperating brokers. |
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