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CLOSING The final stage of consummating a real estate transaction when the seller delivers title to the buyer, in exchange for the purchase price. GARNISHMENT A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee"). GOOD FAITH ESTIMATE Written estimate of the settlement costs the borrower will likely have to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide this disclosure to the borrower within three days of receiving a loan application. MONTH-TO-MONTH TENANCY A periodic tenancy where the tenant rents for one month at a time. In the absence of rental agreement (oral or written), a tenancy is deemed to be month-to-month, or in the case of boarders, week-to-week. BUSINESS OPPORTUNITIES Any type of business which is for sale. OFFER AND ACCEPTANCE The two components of a valid contract; a "meeting of the minds." |
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