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Laudemium

a particular form of land contract by gift, devise, exchange, or sale. The payment equaled 2% of the purchase money, and was paid to the landowner for acceptance of the successor, Black's Law Dictionary, 7th Edn., p.

Land Drainage Act, 1930

reformed with a view to make the whole administration of the county uniform. See (English) Land Drainage (Compulsory Purchase of Land) Regulations, 1931, S.R. & O., 1931, No. 3; Land Drainage (Form of Rate Book) Regulations, 1931,

Fair

judically defined as meaning 'a periodical concourse of buyers and sellers in a place generally for sale and purchase.... at times or on occasions ordained by custom' (AIR 1969 SC 1100), ITC Ltd. v. Agricultural Produce Market

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Carry over

in the Stock Exchange to denote the process of postponing the completion of a contract, either for the purchase or sale of stocks or shares, to a later date than that originally fixed. When this happens the

Expectant heir

c. 4), repealed and extended by the (English) L.P. Act, 1925, s. 174, providing that no bona fide purchase of a reversion (including an expectancy or possibility) shall be set aside 'merely on the ground of undervalue,'

pre-approval

underwriter. The commitment remains as long as the borrower still meets the qualification requirements at the time of purchase. This does not guaranty a loan until the property has passed inspections underwriting guidelines. Source: U.S. Department of

rehabilitation mortgage

mortgages - like the FHA's 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan. Source: U.S. Department of Housing and Urban Development

redhibitory defect

thing to have a quality he or she knows it does not, is liable for return of the purchase price with interest and for damages, other expenses, and reasonable attorney's fees. The seller may, however, be allowed

redhibition

in the civil law of Louisiana : the rescission of the sale of or a reduction in the purchase price of a thing that has a redhibitory defect ;also : the action for such a rescission or

redeem

right of redemption might redeem property within the set period following a foreclosure sale by paying the new purchaser the purchase price, interest, taxes, and lawful charges. d : to remove the obligation of by payment (as

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