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FRONTAGE The length of a property abutting a street or body of water; that is, the number of feet that "front" the street or water. ETHICS A system of moral principles, rules and standards of conduct. 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. UPSET PRICE A minimum price set by a court in a judicial foreclosure, below which the property may not be sold by a court appointed commissioner at public auction; the minimum price which can be accepted for the property after the court has had the property appraised. CLOSING The final stage of consummating a real estate transaction when the seller delivers title to the buyer, in exchange for the purchase price. ENTIRETY, TENANCY BY A form of joint ownership of property between husband and wife with the right of survivorship. EXECUTORY CONTRACT A contract in which one or both of the parties has not yet performed. |
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