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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. DUAL AGENCY Representing both principals (buyer and seller) to a transaction. LEVEL PAYMENT MORTGAGE A mortgage which is scheduled to be repaid in equal periodic payments which include both principal and interest. OPEN SPACE Certain portion of the landscape which has not been built upon and which is sought either to be reserved in its natural state or used for agricultural or recreational purposes(such as parks, squares, and the like). LOAN ORIGINATION FEE Fee charged by a lender to cover administrative costs of processing a loan. APPURTENANT Belonging to; adjunct; appended or annexed. BLANKET MORTGAGE A mortgage which is secured by several structures or a number of lots. A blanket mortgage is often used to finance proposed subdivisions or development projects, especially cooperatives. |
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