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MONUMENTS Visible markers, both natural and artificial objects, which are used to establish the lines and boundaries of a survey. NEGATIVE CASH FLOW The investment situation where cash expenditures to maintain an investment (taxes, mortgage payments, maintenance, etc.) exceed the cash income received from the investment. LOAN COMMITMENT A commitment by a lender of the amount he will loan to a qualified borrower on a particular piece of real estate for a specified amount of time under specific terms. ACCEPTANCE The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer. ASSUMPTION A method of selling real estate where the buyer of the property agrees to become responsible for the repayment of an existing loan on the property. MORTGAGOR The borrower in a mortgage loan transaction. FORECLOSURE (OR REPOSSESSION) Legal process by which a mortgaged property may be sold to pay off a mortgage loan that is in default. DISCLAIMER A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein." |
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