REPLACEMENT RESERVE FUND Definition

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REPLACEMENT RESERVE FUND, in real estate, is a fund set aside for replacement of common property in a condominium, PUD, or cooperative project; particularly that which has a short life expectancy, such as carpeting and furniture.

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ESTATE TAXES are the Federal taxes levied on the transfer of property from the deceased to his or her heirs, legatees or devisees.

DEBIT MEMORANDUM can be either a) a form or document given by the bank to a depositor to notify that the depositors balance is being decreased due to some event other than the payment of depositor originated check, e.g. bank service charges; or b) a form of document used by a seller to notify a buyer that the seller is debiting (increasing) the amount of the buyers accounts payable due to errors or other factors requiring adjustments.

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