Reduction Certificate
Lender's written statement and accounting for the remaining balance, date of maturity, and interest rate on a mortgage. The lender is certifying this information to the borrower or any other interested parties. The certificate may be issued when the property is sold and the obligation is being assumed by the purchaser.
Popular Real Estate Terms
Last installment payment, substantially greater than the previous installment payments. The unpaid balance of a long-term loan is paid off in a lump sum at the end of the loan term. ...
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Latitude line selected as a reference in the rectangular survey system. ...
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