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TAX IMPOUND Money paid to and held by a lender for annual tax payments. VARIANCE Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws. COLLATERAL Something of value given or pledged as security for a debt or obligation. The collateral for a real estate mortgage loan is the mortgaged property itself, which has been hypothecated. OFFER A promise by one party to act or perform in a specified manner provided the other party will act or perform in the manner requested. PARTITION The dividing of common interests in real property owned jointly by two or more persons. |
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