SOURCE: Mortgage News Feed
Reform is defined as both changing and improving something by correcting its faults. In the real estate business, faults are considered those traits which prevent a property or company from performing adequately the function for which it is used. When examining such faults it can be helpful to categorize them in a fashion that makes the decision of whether or not to reform clearer. Faults related to design, or obsolescence, require a different response than those related to, for example, depreciation or the natural ‘wear and tear’ a business or house experiences over its useful lifetime.
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