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SALES AGREEMENT Contract signed by buyer and seller stating the terms and conditions under which a property will be sold. SPECIAL WARRANTY DEED A deed in which the grantor warrants or guarantees the title only against defects arising during the period of his tenure and ownership of the property and not against defects existing before the time of his ownership. DEED OF TRUST A legal document in which title to property is transferred to a third party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary(lender). LEGAL NOTICE That notice which is either implied or required by law. Constructive notice under the recording laws is also referred to as legal notice. FEE SIMPLE The largest estate one can possess in real property. A fee simple estate is the least limited interest and the most complete and absolute ownership in land: it is of indefinite duration, freely transferable and inheritable. Fee simple title is sometimes referred to as "the fee. LEASEHOLD A less-than-freehold estate which a tenant possesses in real property. 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. POSSESSION The act of either actually or constructively possessing or occupying property. AGREEMENT OF SALE An agreement between the seller (vendor) and buyer (vendee) for the purchase of real property. |
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