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TRUST DEED A real property security device (also called a deed of trust) very similar to a mortgage, except that there are three parties, the trustor, the trustee, and the beneficiary (the lender). PROPERTY REPORT A disclosure document required under the federal interstate land sales act where applicable to the interstate sale of subdivided lots. AIR RIGHTS The rights to the use of the open space or vertical plane above a property. Ownership of the land includes the right to all air above the property. MORTGAGE BROKER A person or firm which acts as an intermediary between borrower and lender; one who, for compensation or gain, negotiates, sells or arranges loans and sometimes continues to service the loans. ALLODIAL SYSTEM The free ownership of land by individuals. |
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