Does anyone have an interpretation of what this means?

The code is interpreted and enforced, usually by a local building inspector.

At that point the contract will be subject to interpretation and compliance to be enforceable.

Is there precedence for your interpretation, as this is not the advice of our agent?

Here's a start: Scroll down to "Tax Sale Information" section http://www.tennesseetrustee.com/node/142 A lawyer's interpretation of the tax deed procedures in TN: http://www.notestinelaw.com/pdf/property_sales_tax.pdf These ought to get you started. 10% is a decent rate for a year and the prospect of getting title to the property after a year (even with the possible 3 year redemption) is pretty good too.

When I said I that I wanted people to interpret it with a grain of salt.

Trying to interpret the inspection report below.We need to install a baseboard or a radiator in order to make it legal.

@Tim HendersonI do not and there is no further definition so it’s left to interpretation.

HOWEVER, I read this and interpret I am not breaking rules :Link to Quality Sources - Linking to news articles, blog posts, or web pages are great when it adds to a conversation.

However, the NY state brokers application guidelines and the Real Property Law (as best as I interpret it) say that one member of the LLC has to apply and be the primary POC for the company if the company gets its own license.