Taxation.

Taxation.

ADVANCE — Transfer of funds from a lender to a borrower in advance on a loan. ADVANCE COMMITMENT — The institutional investor’s prior agreement to provide long-term financing upon completion of construction; also known as a “take-out” loan commitment. ADVANCE FEES — A fee paid in advance of any services rendered. Sometimes unlawfully charged in connection with that illegal practice of obtaining a fee in advance for the advertising of property or businesses for sale, with no intent to obtain a buyer, by persons representing themselves as real estate licensees, or representatives of licensed real estate firms.