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Philadelphila,Pa Real Estate trends

Posted at Ask a Realtor by John Loughlin

Mar. 26, 2008

Tagged with: buying, family, flip, friends, pa, phila, real estate, selling, taxes

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Dry Mortgage

A mortgage or deed of trust in which the lender looks solely to the real property for recovery of the debt in case of default; that is, there is no personal liability for any deficiency upon foreclosure; a nonrecourse mortgage.

This "Word of the day" is excerpted from The Language of Real Estate, 6th Edition by John Reilly (published by Dearborn Real Estate Education, 2006 copyright). To purchase the complete book, with over 2800 key terms and definitions, or to browse through Dearborn's hundreds of other professional real estate titles, including Real Estate Technology Guide by Klein, Barnett, Reilly, click here.

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