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BARGAIN AND SALE DEED A deed which recites a consideration and conveys all of the grantor's interest in the property to the grantee. BASIS The financial interest which IRS attributes to the owner of an asset for purposes of determining annual depreciation and gain or loss on sale of the asset. PARTIAL RELEASE A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money. SALES AGREEMENT Contract signed by buyer and seller stating the terms and conditions under which a property will be sold. ACCRUED INTEREST Interest earned but not yet paid. NET WORTH The value remaining after deducting liabilities from assets. GRADUATED RENTAL LEASE A lease in which the rent payments commence at a fixed, often low rate, but "step up" or increase at set intervals as the lease term matures. |
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