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QUANTITY SURVEY A method of estimating construction cost or reproduction cost; a highly technical process used in arriving at the cost estimate of new construction and sometimes referred to in the building trade as the price take-off method. ENTIRETY, TENANCY BY A form of joint ownership of property between husband and wife with the right of survivorship. CUSTOMER TRUST FUND (CTF) An impound account maintained for the purpose of setting up a reserve to pay certain periodic obligations such as real property taxes, insurance premiums, lease rent, and maintenance fees. NULL & VOID Having no legal force or effect; of no worth; unenforceable; not binding. DESCRIPTION The portion of a conveyance document which defines the property being transferred. ALLODIAL SYSTEM The free ownership of land by individuals. PREPAYMENT PENALTY Fee charged by a lender for a loan paid off in advance of the contractual due date. |
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