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SETTLEMENT (OR CLOSING) The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance). LEVEL PAYMENT MORTGAGE A mortgage which is scheduled to be repaid in equal periodic payments which include both principal and interest. SURVEY A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts. REVERSION A future estate in real property created by operation of law when a grantor conveys a lesser estate than he has. The residue left in the grantor is called a reversion which commences in possession in the future upon the end of a particular estate granted or devised, whether it be freehold or less-than-freehold. CONDOMINIUM OWNERSHIP An estate in real property consisting of an individual interest in an apartment or commercial unit, and an undivided common interest in the common areas such as the land, parking areas, elevators, stairways, and the like. PERCENTAGE LEASE A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises. BILATERAL CONTRACT A contract in which each party promises to perform an act in exchange for the other party's promise to perform. |
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