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REDUCTION CERTIFICATE An instrument which shows the amount of the unpaid balance of a mortgage, the rate of interest and the date of maturity. COMPARABLES Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property. ABSORPTION RATE An estimate of the rate at which a particular classification of space - such as new office space, new housing, new condominium units and the like - will be sold or occupied each year. INTEREST RATE The annual rate of interest on the loan, expressed as a percentage of 100. 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. |
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