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INTERIM FINANCING A short-term loan usually made during the construction phase of a building project; often referred to as the "construction loan." WRAP-AROUND MORTGAGE A method of refinancing in which the new mortgage is placed in a secondary or subordinate position. In essence, it is an additional mortgage in which another lender refinances a borrower by lending an amount over the existing first mortgage amount, without cashing out or distributing the existence of the first mortgage. ABSORPTION RATE An estimate of the rate at which a particular classification of space - such as new office space, new housing, new condominium units and the like - will be sold or occupied each year. VENDOR The seller of realty. The seller under an agreement of sale. INDEPENDENT CONTRACTOR One who is retained to perform a certain act, but who is subject to the control and direction of another only as to the end result and not as how he performs the act. The critical feature, and what distinguishes an independent contractor and an employee or agent, is the right to control. PUNCH LIST A discrepancy list showing defects in construction which need some corrective work to bring the building up to standards set by the plans and specifications. 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. |
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