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ASSUMPTION A method of selling real estate where the buyer of the property agrees to become responsible for the repayment of an existing loan on the property. TAKE-OUT FINANCING Long-term permanent financing. NONCONFORMING USE A permitted use which was lawfully established and maintained but which no longer conforms to the current use regulations because of a change in the zoning. 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. METES AND BOUNDS A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles. LOAN COMMITMENT A commitment by a lender of the amount he will loan to a qualified borrower on a particular piece of real estate for a specified amount of time under specific terms. AGREEMENT OF SALE Contract signed by buyer and seller stating the terms and conditions under which a property will be sold. |
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