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REFINANCING The process of paying off one loan with the proceeds from a new loan secured by the same property. COVENANTS RUNNING WITH THE LAND Covenants which become part of the property and benefit or bind successive owners of the property. LESSOR The person who rents or leases property to another. In residential leasing, the lessor is often referred to as a landlord. PRIVATE MORTGAGE INSURANCE A special form of insurance designed to permit lenders to increase their loan-to-market-value ratio, often up to 95 percent of the market value of the property. REVERSION A future estate in real property created by operation of law when a grantor conveys a lesser estate than he has. The residue left in the grantor is called a reversion which commences in possession in the future upon the end of a particular estate granted or devised, whether it be freehold or less-than-freehold. BUILDING PERMIT A written permission granted by the County Building Department and required prior to beginning the construction of a new building or other improvement (including fences, fence walls, retaining walls and swimming pools). DEPRECIATION (APPRAISAL) A loss in value due to any cause; any condition which adversely affects the value of an improvement. |
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