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FEE SIMPLE Absolute ownership of real property. MEANDER LINE An artificial line used by the surveyors to measure the natural, uneven, winding property line formed by rivers, streams and other watercourses bordering a property. EQUITY The difference between the current market value of a property and the total debt obligations against the property. On a new mortgage loan, the down payment represents the equity in the property. ABANDONMENT The voluntary surrender or relinquishment of possession of real property with the intention of terminating one's possession or interest, but without vesting this interest in any other person. TAX IMPOUND Money paid to and held by a lender for annual tax payments. |
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