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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. ERRORS AND OMISSIONS INSURANCE A form of insurance which covers liabilities for errors, mistakes and negligence in the usual listing and selling activities of a real estate office or escrow company. YIELD The return on an investment or the amount of profit, stated as a percentage of the amount invested. WASTE An improper use or abuse of property by one in possession of land, who holds less than the fee ownership, such as a tenant, life tenant, mortgagor, or vendee. DEFAULT Failure to fulfill a duty or promise or failure to perform any obligation or required act. The most common occurrence of default on the part of a buyer or lessee is non-payment of money. ACCRUED INTEREST Interest earned but not yet paid. MONEY The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of his good faith intention to complete the transaction; called hand money or a binder in some states. INTERIM FINANCING A short-term loan usually made during the construction phase of a building project; often referred to as the "construction loan." |
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