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DURESS Unlawful constraint or action exercised upon a person whereby he is forced to perform some act against his will. A contract entered into under duress is void. EMINENT DOMAIN The right of government, both state and federal, to take private property for a necessary public use, with just compensation paid to the owner. DEVELOPER One who attempts to put land to its most profitable use by the construction of improvements. CUSTOMER TRUST FUND (CTF) An impound account maintained for the purpose of setting up a reserve to pay certain periodic obligations such as real property taxes, insurance premiums, lease rent, and maintenance fees. HABITABLE Being fit to live in. The residential landlord has an obligation to keep the leased premises in a habitable condition. 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. HEIR A person who inherits under a will or a person who succeeds to property by the laws of descent if the decedent dies without a will (intestate). |
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