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TENANT In general, one who holds or possesses property, such as a life tenant or a tenant for years; commonly used to refer to a lessee under a lease. RECONVEYANCE The transfer of property back to the owner when a mortgage loan is fully repaid. TRIPLE NET LEASE A net, net, net lease, where in addition to the stipulated rent, the lessee assumes payment of all expenses associated with the operation of the property. RAW LAND Unimproved land; land in its unused natural state prior to the construction of improvements such as streets, lighting, sewers, and the like. COURTESY TO BROKERS The practice of sharing commissions with cooperating brokers. LIMITED PARTNERSHIP A partnership formed by two or more persons having as members one or more general partners and one or more limited partners. |
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