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HIGH RISE A popular expression for a condominium or apartment building generally higher than six stories. SEVERALTY Sole ownership of real property. OPERATING EXPENSES Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property. FRAUD Any form of deceit, trickery, breach of confidence or misrepresentation by which one party attempts to gain some unfair or dishonest advantage over another. INTEREST RATE CAP Consumer safeguards which limit the amount the interest rate on an ARM loan can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index. PORTE COCHERE A roofed structure extending from the entrance of a building over an adjacent driveway to shelter those getting into or out of vehicles. PREPAID EXPENSES Taxes, insurance and assessments paid in advance of their due dates. These expenses are included at closing. FEE SIMPLE Absolute ownership of real property. |
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