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real estate, usually extending the useful life and value of a property. (The replacement of a roof would be considered a capital improvement.) Capital Loss - A loss from the sale of an asset not in the usual course of business. Caveat Emptor - Let the buyer beware. The buyer must examine the goods or property and buy at the buyer’s own risk.
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Below-grade: Any facility or part of a facility located underground or below the surface grade. Breach of Warranty: The failure of the seller of real property to pass title as either expressed or implied by law in the conveyancing document. Buffer: A strip of land. a transition established as between distinct land uses.
Nov 13, 2023 · A clear title, you explain, indicates that there are no liens or encumbrances on the property. It’s also known as a “just title” or “free-and-clear title.”. A title with liens or encumbrances has a “cloudy title.”. Properties can have their titles cleared, but it can take a long time and may even require legal action.
Title Insurance - A policy insuring the owner or mortgagee against loss by reasons of defects in the title (ownership) of a parcel of real estate, other than encumbrances, defects and matters speci cally excluded by the policy. It is also provided as proof of ownership of the property, usually provided by the Seller to a Buyer, which also shows ...
Real Estate Professional: An individual who provides services in buying and selling homes. The real estate profes-sional is paid a percentage of the home sale price by the seller. Unless you’ve specifically contracted with a buyer’s agent, the real estate professional rep-resents the interest of the seller.
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Short-term financing of real estate construction, also referred to as an “end loan,” generally followed by long-term financing. (See also “permanent mortgage;” “piggyback loan.”) Contract of Sale Same or similar to “contract to purchase.” (See also “contract to purchase” under “mortgage.”) Chattel Mortgage
Release Date: April 2017. Download 2017 Terms and Definitions. Commercial real estate is an ever-changing field, and is constantly adding new terms to its lexicon. There can, however, be disagreement about how to define those terms.