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CHAIN OF TITLE The recorded history of matters which affect the title to a specific parcel of real property, such as ownership, encumbrances and liens, usually beginning with the original recorded source of the title. EXTENDER CLAUSE A "carry over" clause (referred to as a safety clause) contained in a listing which provides that a broker is still entitled to a commission for a set of period of time after the listing has expired if the property is sold to a former prospect of the broker. APPRAISAL FEE A fee charged by a licensed, certified appraiser to render an opinion of market value as of a specific date. PROPRIETARY LEASE A written lease in a cooperative apartment building, between the owner-corporation and the tenant-stockholder, in which the tenant is given the right to occupy a particular unit. MONEY The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of his good faith intention to complete the transaction; called hand money or a binder in some states. SWEAT EQUITY Value added to a property in the form of labor or services of the owner rather than cash. |
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