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OPERATING EXPENSES Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property. ADVERSE POSSESSION The acquiring of title to real property owned by someone else, by means of open, notorious and continuous possession for the statutory period of time (20 years in Hawaii). INTEREST RATE CAP Consumer safeguards which limit the amount the interest rate on an ARM loan can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index. MORTGAGOR The borrower in a mortgage loan transaction. COMMON AREAS Land or improvements designated for the use and benefit of all residents, property owners and tenants. MONEY The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of his good faith intention to complete the transaction; called hand money or a binder in some states. DEFAULT Failure to meet legal obligations in a contract, including failure to make payments on a loan. |
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