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EASEMENT A property interest which one person has in land owned by another entitling the holder of the interest to limited use or enjoyment of the other's land. SALE AND LEASEBACK A transaction in which, typically, an owner sells his improved property and as part of the same transaction signs a long-term lease and remains in possession. REFORMATION A legal action to correct or modify a contract or deed which has not accurately reflected the intentions of the parties due to some mechanical error, such as a typo graphical error in the legal description. EXECUTIVE The act of making a document legally valid, such as formalizing a contract by signing, or acknowledging and delivering a deed. DUPLEX A structure that provides housing accommodations for two families by having separate entrances, kitchens, bedrooms, lanais, living rooms and bathrooms. A two-family dwelling. GROSS AREA The total floor area of a building measured from the exterior of the walls (excluding those unenclosed). REBATE A reduction or kickback of a stipulated charge. |
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