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RECORDING The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Proper recordation imparts constructive notice to all the world of the existence of the recorded document and its contents. DOMICILE The state where an individual has his true, fixed, permanent home and principal business establishment and to which place he has the intention of returning whenever he is absent. FINANCE FEE A mortgage brokerage fee to cover the expenses incurred in placing the mortgage with a lending institution; a mortgage service charge or origination fee. PLANNED UNIT DEVELOPMENT (PUD) A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces. TAX SALE Public sale of property by a government authority as a result of non-payment of taxes. CUL DE SAC A street which is open at one end only, and which usually has a circular turnaround; a blind alley. LOAN-TO-VALUE RATIO The ratio that the amount of the loan bears to the appraised value of the property or the sales price, whichever is lower. |
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