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RIGHT OF SURVIVORSHIP The distinctive characteristic of a joint tenancy (also tenancy by entirety) by which the surviving joint tenant(s) succeeds to all right, title and interest of the deceased joint tenant without the need for probate proceedings. STATUTE OF LIMITATIONS That law pertaining to the period of time within which certain actions must be brought to court. ORIGINATION FEE The finance fee charged by a lender for placing a mortgage, which covers initial costs such as preparation of documents and credit, inspection and appraisal fees. CERTIFIED PROPERTY MANAGER A professional property manager who has qualified for membership in and is a member of the Institute of Real Estate Management, and is designated a CPM. CUSTOMER TRUST FUND (CTF) An impound account maintained for the purpose of setting up a reserve to pay certain periodic obligations such as real property taxes, insurance premiums, lease rent, and maintenance fees. MARGIN A specified percentage that is added to your chosen financial index to determine your new interest rate at the time of adjustment for ARM loans. QUANTITY SURVEY A method of estimating construction cost or reproduction cost; a highly technical process used in arriving at the cost estimate of new construction and sometimes referred to in the building trade as the price take-off method. |
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