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QUANTITY SURVEY A method of estimating construction cost or reproduction cost; a highly technical process used in arriving at the cost estimate of new construction and sometimes referred to in the building trade as the price take-off method. GRANDFATHER CLAUSE Common expression used to convey the idea that something which was once permissible continues to be permissible despite changes in the controlling law. QUITCLAIM DEED A deed of conveyance which operates, in effect, as a release of whatever interest the grantor has in the property; sometimes called a release deed. PREPAID INTEREST Interest that is paid in advance of when it is due. Typically charged to a borrower at closing to cover interest on the loan between the closing date and the first payment date. MORTGAGEE The lender in a mortgage loan transaction. |
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