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GOOD FAITH Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not. ACCRUED INTEREST Interest earned but not yet paid. COOPERATIVE OWNERSHIP Cooperative ownership of an apartment unit means that the apartment owner has purchased shares in a corporation which holds title to the entire apartment building. ASSIGNMENT The transfer of the right, title and interest in the property of one person, the assignor, to another, the assignee. In real estate, there are assignments of mortgages, contracts, agreements of sale, leases, and options, among others. INSPECTION A visit to and review of the premises. A prudent purchaser of property always inspects the premises before closing. PROPERTY REPORT A disclosure document required under the federal interstate land sales act where applicable to the interstate sale of subdivided lots. |
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