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COMMITMENT A pledge or promise to do a certain act, such as the promise of a lending institution to loan a certain amount of money at a fixed rate of interest to a qualified buyer, provided the loan is obtained on or before a certain date. BROKER One who acts as an intermediary between parties to a transaction. A real estate broker is a properly licensed person who, for a valuable consideration, serves as an agent to others to facilitate the sale or lease of real property. EXECUTORY CONTRACT A contract in which one or both of the parties has not yet performed. PREPAYMENT Full or partial repayment of the principal before the contractual due date. GROSS LEASE A lease of property under which the lessee pays a fixed rent, and the lessor pays the taxes, insurance, and other charges regularly incurred through ownership. FEE SIMPLE Absolute ownership of real property. BULK TRANSFERS Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise. |
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