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| Adjustments |
As noted on a settlement statement, these are the portions of property expenses, usually water and land rates that are proportioned and charged to the purchaser at settlement. These are often prepaid by the vendor and therefore the adjustment is made to repay the unused portion. |
| Assessed Value |
The value placed on a piece of real estate by the taxing authority for the purpose of taxation. Also called an assessment. |
| Assets |
What you as an individual or company own. Assets can be in the form of money, or bills owed to you or can be fixed, such as property, or they can be tangible (your good reputation). |
| Assumption of Mortgage |
The purchaser takes over mortgage payments for the balance of the loan, assuming primary liability. Unless specifically released by the lender, the seller remains secondarily liable. |
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