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PURCHASE AGREEMENT Contract signed by buyer and seller stating the terms and conditions under which a property will be sold. IMPOUND ACCOUNT An account held by the lender to which the borrower pays monthly installments, collected as part of the monthly mortgage payment, for annual expenses such as taxes and insurance. The lender disburses impound account funds on behalf of the borrower when they become due. (Also known as Escrow Account.) CLOSING COSTS Costs for services that must be performed before your loan can be initiated. Examples include title fees, recording fees, appraisal fee, credit report fee, pest inspection, attorney's fees, and surveying fees. LOCUS SIGILLI Latin for "under seal", used in the abbreviated form, "L.S.," at the end of signature line in some formal legal documents; used instead of the actual seal. COURTESY TO BROKERS The practice of sharing commissions with cooperating brokers. EQUAL CREDIT OPPORTUNITY ACT (ECOA) Federal law requiring creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. SPOT LOAN A loan on a particular property, usually a condominium unit, by a lender who has not previously financed that particular condominium building. |
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