FIND THE DEFINITION FOR ANY REAL ESTATE
Click on the letters above for terms beginning with that
letter, and then click on the term below.
Dont see a term here?
Feel free to ask us. (Unfortunately, however, we cannot give you
real estate or legal advice.)
A one and a half story house with a high gabled roof to allow
for rooms upstairs, sometimes with dormer windows extending
out from the roof.
The profit made from selling a property or other investment.
CAPITAL GAINS TAX
The federal tax on capital gains from the sale of real estate.
If a property has been an owners primary residence for
the two of the last five years, the owner may be excluded from
paying tax on a certain amount of profit. Married couples filing jointly can take an
exclusion up to $500,000 in profit.
Single taxpayers may take an exclusion up to $250,000.
A mathematical process for estimating the value of a property.
The value would be found
by taking the yearly Net Operating Income and dividing it by
the accepted capitalization rate for the area.
OF TITLE The line of succession of ownership, transactions
and documents for a particular piece of property.
Additional money required at settlement, aside from money
to cover the purchase price.
May be owed by a buyer or seller.
A two or two and a half-story house which is basically symmetrical
in design, usually with a gabled roof. Also what agents call a house when they dont
know what else to call it.
SOURCE INFORMATION COMPANY Generally referring to a
MULTIPLE LISTING SERVICE. Utilized
by real estate agents to allow them to cooperate with other
real estate companies in the purchase and sale of property.
The process through which the government exercises the right
of eminent domain.
A condition in a contract, which, if not met, would terminate
the contract. If conditions
are not met, through no fault of either party, all deposit monies
would be returned, and all obligations would be ended.
A voluntary agreement between competent parties (sound mind
and legal age), to do or not to do, some legal act or acts,
within a timed period, for a legal consideration (compensation).
LOAN A loan that is not insured or guaranteed by the
Funds or monies that a buyer or seller receives at settlement.
Listed by item on a settlement sheet.
A party that a debt is owed to.
B C D E F G H I J K L M N O P Q R S T U V W X Y Z