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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). LINE OF CREDIT A maximum amount of money a bank will lend one of its more reliable and credit worthy customers without need for any formal loan submission. LAND The surface of the earth extending down to the center and upward to the sky, including all natural things thereon such as trees, crops, or water; plus the minerals below the surface and the air rights above. ESCHEAT The reversion of property to the state when a decedent dies intestate and there are no heirs capable of inheriting, or when the property is abandoned. PRE-SALE A pre-construction sale program by a condominium developer who is required to sell a certain percentage of units before a lender will commit to finance construction of the project. |
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