Common Elements

Property owned and held jointly and equally shared by each spouse. It is purchased during their marriage, regardless of the wage-earning situation of either spouse. A spouse may not make a ...

The term comparables is used to better determine the value an asset has when compared to others, similar to it. Real estate comparables are used in assessments to determine a house’s ...

The cost of property, such as a home owned for tax purposes. For example, a home was purchased for $150,000. capital improvements to it cost $15,000. The house was later sold for $230,000. ...

Tenancy that may be terminated by one party- the tenant or the landlord- at any time. The agreement may be in writing or oral. For example, Jack has an oral agreement to use Christine's ...

Highest amount a property is worth equal to the amount that would have to be paid to buy equivalent property in the market place. ...

Loan with a significant down payment with the balance being paid in equal periodic payments over a short time period. There is no interest charge. An example is when a seller of real ...

Descriptive of a property boundary that follows the course of a river or estuary. For example, a land description may say its boundary follows "the meander of the river" meaning the ...

Certificate issued by the government showing evidence that the veteran is qualified and the amount of guarantee available to maintain a VA loan. It is one of the documents necessary to ...

Buyer agrees to accept the responsibility for the existing mortgage. The seller is not relieved of the obligation unless the lender agrees to release it. Many lenders charge points and ...