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INVENTORY An itemized list of property. Many brokers recommend that their clients attach to the sales contract an inventory of property to be included in the sale of a residential property, including a condominium dwelling. 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. COMMON WALL A wall separating two living units. MORTGAGE A legal document by which real property is pledged as security for the repayment of a loan. DEFICIENCY JUDGEMENT A judgment against a borrower, endorser, or guarantor for the balance of the debt issued when the security for a loan is insufficient to satisfy the debt. EXECUTORY CONTRACT A contract in which one or both of the parties has not yet performed. MALL A landscaped public area set aside for pedestrian traffic. |
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