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COLLATERAL Something of value given or pledged as security for a debt or obligation. The collateral for a real estate mortgage loan is the mortgaged property itself, which has been hypothecated. INSTITUTIONAL LENDER Financial institutions such as banks, insurance companies, savings and loans or any lending institution whose loans are regulated by law. DEPRECIATION (TAX) For tax purposes, depreciation is an expense deduction taken for an investment in depreciable property. RECORDING The act of entering documents concerning title to a property into the public records. FREE AND CLEAR TITLE Title to real property which is absolute and unencumbered by any liens, mortgages, clouds or other encumbrances. PREPAID EXPENSES Taxes, insurance and assessments paid in advance of their due dates. These expenses are included at closing. |
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