Exclusive-right-to-sell and right-to-buy listings – A written employment agreement by a broker and a prospective buyer of real estate employing and entitling the broker to a fee when property is purchased during the listing period.
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Grant deed – A document used to pass a fee simple interest in real estate from the grantor to another individual, unless a lesser interest is stated, such as an easement, life estate or leasehold interest.
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Lead-based paint hazard – Any condition that causes exposure to lead from lead-contaminated dust, soil or paint which has deteriorated to the point of causing adverse human health effects.
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Installment note – A note calling for periodic payments of principal and interest, or interest only, until the principal is paid in full by amortization or a final/balloon payment.
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Due diligence – the efforts of an agent employed to meet the objectives of their client in exchange for a fee.
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