CFR > Title 24 > Subtitle B > Chapter II > Subchapter B > Part 232 > Subpart E – Insurance of Mortgages Covering Existing Projects
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Terms Used In CFR > Title 24 > Subtitle B > Chapter II > Subchapter B > Part 232 > Subpart E - Insurance of Mortgages Covering Existing Projects
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Statute: A law passed by a legislature.