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GRADUATED RENTAL LEASE A lease in which the rent payments commence at a fixed, often low rate, but "step up" or increase at set intervals as the lease term matures. DEED A written instrument by which a property owner "grantor" transfers to a "grantee" an ownership in real property. ESCROW The process by which money and/or documents are held by a disinterested third person (a "stakeholder") until the satisfaction of the terms and conditions of the escrow instructions (as prepared by the parties to the escrow). FINANCIAL STATEMENT A formal statement of the financial status and net worth of a person or company, setting forth and classifying assets and liabilities as of a specified date. CONTINGENCY A condition which must be satisfied before a contract is legally binding. |
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