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NET WORTH The value remaining after deducting liabilities from assets. LAND, TENEMENTS AND HEREDITAMENTS A feudal phrase used to describe all types of immovable realty including the land, buildings and all appurtenant rights thereto. SETTLEMENT COSTS Also known as closing costs, these costs are 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, taxes, and surveying fees. REFINANCE The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another. COLLATERAL Something of value given or pledged as security for a debt or obligation. The collateral for a real estate mortgage loan is the mortgaged property itself, which has been hypothecated. OPEN SPACE Certain portion of the landscape which has not been built upon and which is sought either to be reserved in its natural state or used for agricultural or recreational purposes(such as parks, squares, and the like). ASSESSED VALUATION The value of real property as established by the state government for purposes of computing real property taxes. |
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