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KEY LOT A lot that has added value because of its strategic location, especially where it is needed for the highest and best use of contiguous property. FINDER'S FEE A fee paid to someone for producing a buyer to purchase or a seller to list property; also called a referral fee. MORTGAGOR The one who gives a mortgage as security for a debt; the borrower; usually the landowner; the borrower or debtor who hypothecates or puts up his property as security for an obligation. COUNTER-OFFER A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it. FEE SIMPLE Absolute ownership of real property. LIBOR (LONDON INTERBANK OFFERED RATE) The interest rate charged among banks in the foreign market for short-term loans to one another. A common index for ARM loans. |
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