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ANNUAL PERCENTAGE RATE (APR) The cost of credit expressed as a yearly rate. The annual percentage rate is often not the same as the interest rate. It is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan. 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. PARTITION The dividing of common interests in real property owned jointly by two or more persons. BILATERAL CONTRACT A contract in which each party promises to perform an act in exchange for the other party's promise to perform. PRE-APPROVAL The process of determining how much money a prospective homebuyer or refinancer will be eligible to borrow prior to application for a loan. A pre-approval includes a preliminary screening of a borrower's credit history. Information submitted during pre-approval is subject to verification at application. DEDICATION The application of privately owned land to the public for no consideration, with the intent that the land will be accepted and used for public purposes. CONSIDERATION An act or forbearance, or the promise thereof, which is offered by one party to induce another to enter into a contract; that which is given in exchange for something from another. |
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