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PUFFING Exaggerated or superlative comments or opinions not made as representations of fact and thus not a grounds for misrepresentation. A statement such as "the apartment has a fantastic view," is puffing because the prospective buyer can clearly assess the view in each case. PROBATE The formal judicial proceeding to prove or confirm the validity of a will. The will is presented to the probate court, and creditors and interested parties are notified to present their claims or to show cause why the provisions of the will should not be enforced by the court. INJUNCTION A legal action which forbids a party defendant from doing some act; it requires a person to whom it is directed to refrain from doing a particular thing. ARBITRATION The non-judicial submission of a controversy to selected third parties for their determination in the manner provided by agreement or by law. BUILDING PERMIT A written permission granted by the County Building Department and required prior to beginning the construction of a new building or other improvement (including fences, fence walls, retaining walls and swimming pools). HIGHEST AND BEST USE That use which, at the time of appraising the property, is most likely to produce the greatest net return to the land and/or the building over a given period of time. LAND LEASEBACK A creative financing device often used with raw land which a developer wants to improve, in which the developer sells the land to an investor who leases the land back to the developer under a long-term net lease and subordinates his fee ownership to the lender providing development financing. |
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