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| You
will find this Glossary useful in understanding words or terms used in Real
Estate transactions. However, there are some factors that may affect the
following definitions: |
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1.
Terms are defined as commonly understood in the mortgage and real estate
industry. The same terms may have different meanings in other context.
2. The definitions are intentionally short and non-technical. They do
not include all possible meanings that a term may acquire in legal
use.
3. State laws may modify or change the meanings of certain terms defined. |
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Real
Estate Broker
A middle man or agent who buys and sells real estate for a company, firm,
or individual on a commission basis. The broker does not have title to
the property, but generally represents the owner.
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Refinancing
The process of the same mortgagor paying off one loan with the proceeds
from another loan.
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Restrictive
Covenants
Private restrictions limiting the use of real property. Restrictive covenants
are created by deed and may "run with the land," binding all
subsequent purchasers of the land, or may be "personal" and
binding only between the original seller and buyer. The determination
whether a covenant runs with the land or is personal is governed by the
language of the covenant, the intent of the parties, and the law in the
State where the land is situated. Restrictive covenants that run with
the land are encumbrances and may affect the value and marketability of
title. Restrictive covenants may limit the density of buildings per acre,
regulate size, style or price range of buildings to be erected, or prevent
particular businesses from operating or minority groups from owning or
occupying homes in a given area. (This latter discriminatory covenant
is unconstitutional and has been declared unenforceable by the U.S. Supreme
Court.)
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