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SPECIAL ASSESSMENT A tax or levy customarily imposed against only those specific parcels of realty which will benefit from a proposed public improvement, as opposed to a general tax on the entire community. GRANTOR The person transferring title to, or an interest in, real property. A grantor must be competent to convey; thus, for example, an insane person cannot convey title to real property. DELINQUENCY Failure to make payments as agreed in the loan agreement. SALE AND LEASEBACK A transaction in which, typically, an owner sells his improved property and as part of the same transaction signs a long-term lease and remains in possession. RESTRICTIONS Limitations on the use of property. Private restrictions are created by means of restrictive covenants written into real property instruments, such as deeds and leases. |
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