Contractor
Definition of "Contractor"
(1) Individual or business that is engaged to do some sort of construction work for another for a fee. There are basically three types of contracting: A general contractor enters into a direct contractual agreement with the property owner for the entire construction activity. A subcontractor is employed by the general contractor to do part of the work. An independent contractor is directly engaged by the property owner to do a portion of the construction activity (a specific item). The independent contractor controls how the work is performed.
Popular Real Estate Terms
Generally speaking, the meaning of warehousing refers to the act of storing assets and keeping a physical inventory expecting a sale or distribution of goods at a later date. Warehousing is ...
An accounting methodology for separately depreciating individual parts or elements of a building or improvement qualifying as business use or a depreciable asset under the IRS tax code. ...
Privilege granted by a franchiser to a franchisee permitting the latter to operate using the franchiser's name. The franchisee must pay a franchise fee for such right. In addition, the ...
Time period for which one expects to keep property such as a real estate investment. ...
payment of a debt before its due such as a mortgage payment or insurance premiums. ...
The definition of alienation clause is the transfer or sale of a particular property or asset that can be applied once the owner has no more financial obligations to said property or asset. ...
Arrangement the insured and insurer share on a proportional payment for a loss. ...
Apartment building in which each resident owns a percentage share of the corporation that owns the building. ...
Real estate business owned by one person having all the rights and obligations. ...
Have a question or comment?
We're here to help.