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PRO FORMA STATEMENT A projection of future income and expenses. VOIDABLE A contract which appears valid and enforceable on its face, but is subject to rescission by one of the parties who acted under a disability, such as being a minor or being under duress or undue influence; that which may be avoided or adjudged void but which is not, in itself, void. SECOND MORTGAGE An additional mortgage placed on a property that has rights that are subordinate to the first mortgage. REMAINDER ESTATE A future interest in real estate created at the same time and by the same instrument as another estate, and limited to arise immediately upon the termination of the prior estate. PROCURING CAUSE That effort which brings about the desired result, as in producing the buyer for the listed property. BUSINESS DAYS Days of the week excluding Saturdays, Sundays, and holidays; normal working days. MORTGAGOR The one who gives a mortgage as security for a debt; the borrower; usually the landowner; the borrower or debtor who hypothecates or puts up his property as security for an obligation. |
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