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TRUST FUND ACCOUNT An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others. NON-COMPETITION CLAUSE A provision in a contract or lease prohibiting a person from operating or controlling a nearby business which would compete with one of the parties to the contract. CONTRACT OF SALE The agreement between the buyer and seller on the purchase price, terms, and conditions of a sale. DENSITY A term, frequently used in connection with zoning requirements, which means the maximum number of building units per acre or the number of occupants or families per unit of land area (acre, square mile, etc.); usually the ratio of land area to improvement area. PRE-APPROVAL The process of determining how much money a prospective homebuyer or refinancer will be eligible to borrow prior to application for a loan. A pre-approval includes a preliminary screening of a borrower's credit history. Information submitted during pre-approval is subject to verification at application. 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. DUPLEX A structure that provides housing accommodations for two families by having separate entrances, kitchens, bedrooms, lanais, living rooms and bathrooms. A two-family dwelling. |
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