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DEFAULT Failure to fulfill a duty or promise or failure to perform any obligation or required act. The most common occurrence of default on the part of a buyer or lessee is non-payment of money. 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. VENDEE The purchaser of realty; the buyer. The buyer under an agreement of sale. CHATTEL Personal property which is tangible and moveable. BENCH MARK A mark affixed to a permanent reference or monument, such as an iron post or a brass marker (usually embedded in a cement sidewalk), used to establish elevations and altitudes over a surveyed area. 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. ACKNOWLEDGEMENT A formal declaration made before a duly authorized officer, usually a Notary Public, by a person who has signed a document. |
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