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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. PROSPECT A person or corporation who may be interested in buying or selling real property. The prospect does not become a client until the parties establish a fiduciary relationship, such as upon signing a listing contract or upon executing a DROA. VERIFICATION OF EMPLOYMENT (VOE) Document signed by the borrower's employer verifying the borrower's position and salary. RIGHT TO RESCISSION Under the provisions of the Truth-in-Lending Act, the borrower's right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage. RESTRICTIONS Limitations on the use of property. Private restrictions are created by means of restrictive covenants written into real property instruments, such as deeds and leases. HOUSING AND URBAN DEVELOPMENT See HUD. |
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