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AD VALOREM Latin for "according to valuation," usually referring to a type of tax or assessment. BLUE SKY LAWS State securities laws designed to protect the public from fraudulent practices in the promotion and sale of securities, e.g., through limited partnerships, syndications, bonds. OPERATING EXPENSES Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property. FINANCIAL STATEMENT A formal statement of the financial status and net worth of a person or company, setting forth and classifying assets and liabilities as of a specified date. ESCROW ACCOUNT An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses escrow account funds on behalf of the borrower when they become due. Also known as Impound Account. CONFORMING LOAN A mortgage loan which meets all requirements to be eligible for purchase by federal agencies such as FNMA and FHLMC. The maximum conforming loan amount is $240,000 for a one-unit property. NET INCOME The sum arrived at after deducting from gross income the expenses of a business or investment, including taxes and insurance, and allowances for vacancy and bad debts; what the property will earn in a given year's operation. |
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