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NEGATIVE AMORTIZATION A loan payment schedule in which the outstanding principal balance of a loan goes up rather than down because the payments do not cover the full amount of interest due. The monthly shortfall in payment is added to the unpaid principal balance of the loan. CONVERTIBLE ARMS A type of ARM loan with the option to convert to a fixed-rate loan during a given time period. CONTRACT A legal agreement between competent parties who agree to perform or refrain from performing certain acts for a consideration. In real estate, there are many different types of contracts, including listings, contracts of sale, options, mortgages, assignments, leases, deeds, escrow agreements, and loan commitments, among others. HOUSING AND URBAN DEVELOPMENT See HUD. QUALIFIED FEE An estate in fee which is subject to certain limitations imposed by the owner. CO-TENANCY A form of concurrent property ownership in which two or more persons own an undivided interest in the same property. PREPAID EXPENSES Taxes, insurance and assessments paid in advance of their due dates. These expenses are included at closing. |
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