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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. LIS PENDENS A legal document recorded in the Bureau of Conveyances, which gives constructive notice that an action has been filed in either a state or federal court affecting a particular piece of property. "Lis Pendens" is a Latin term which means "action pending" and is in the nature of a quasi-lien. VACANCY FACTOR An allowance or discount for estimated vacancies(unrented units) in a rental project. The vacancy rate is the ratio between the number of vacant units and the total number of units in a specified project or area. AD VALOREM Latin for "according to valuation," usually referring to a type of tax or assessment. OVERIMPROVEMENT An improvement which by reason of excess size or cost is not the highest and best use for the site on which it is placed. BULK TRANSFERS Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise. BORROWER (MORTGAGOR) An individual who applies for and receives funds in the form of a loan and is obligated to repay the loan in full under the terms of the loan. |
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