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VARIABLE RATE Interest rate that changes periodically in relation to an index. GOOD FAITH Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not. TENANCY BY THE ENTIRETY A special joint tenancy between a lawfully married husband and wife, which places all title to the property into the marital unit, with both spouses having an equal, undivided interest in the whole property. SUBJECT TO MORTGAGE A grantee taking title to real property "subject to mortgage" is not personally liable to the mortgagee for payment of the mortgage note. In the event the grantor-mortgagor defaults in paying the note, the grantee could, however, lose property, and thus his equity, in a foreclosure sale. FEDERAL TRADE COMMISSION (FTC) A federal agency created to investigate and eliminate unfair and deceptive trade practices in business. INTEREST Charge paid for borrowing money, calculated as a percentage of the remaining balance of the amount borrowed. EXECUTORY CONTRACT A contract in which one or both of the parties has not yet performed. |
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