Los Angeles Home Loan
Los Angeles Home Loan
Los Angeles Home Loan

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Real Estate Terms of the Day for Los Angeles Home Loan



COMMON ELEMENTS
Parts of the property which are necessary or convenient to the existence, maintenance and safety of the condominium, or are normally in common use by all of the condominium residents.

LATE CHARGE
Penalty paid by a borrower when a payment is made after the due date.

CONDOMINIUM OWNERSHIP
An estate in real property consisting of an individual interest in an apartment or commercial unit, and an undivided common interest in the common areas such as the land, parking areas, elevators, stairways, and the like.

GRANTEE
The person who receives from the grantor a grant of real property.

LESSOR
The person who rents or leases property to another. In residential leasing, the lessor is often referred to as a landlord.

VENDOR
The seller of realty. The seller under an agreement of sale.

TRUST FUND ACCOUNT
An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others.

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