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CLOSING STATEMENT A detailed cash accounting of a real estate transaction prepared by an escrow officer or other person designated to process the mechanics of the sale, showing all cash that was received, all charges and credits which were made, and all cash that was paid out in the transaction; also called a settlement statement. CO-TENANCY A form of concurrent property ownership in which two or more persons own an undivided interest in the same property. MASTER PLAN A comprehensive plan to guide the long-term physical development of a particular area. ABSTRACT OF TITLE A concise, summarized history of the title to a specific parcel of real property, together with a statement of all liens and encumbrances affecting the property. The abstract of title does not guarantee or assure the validity of the title of the property. It merely discloses those items about the property which are of public record, and thus does not reveal such things as encroachments, forgeries, and the like. SWEAT EQUITY Value added to a property in the form of labor or services of the owner rather than cash. INTESTATE To die without a valid will. COMPOUND INTEREST Interest which is computed upon the principal sum plus accrued interest. |
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