Economic Life
Expected period that property will provide benefits. It is typically less than physical life of the property because the property continues to have physical life regardless of inefficiency and obsolescence. Depreciation is usually based on the economic life.
Popular Real Estate Terms
The largest financial intermediaries directly involved in the financing of real estate. Commercial banks act as lenders for a multitude of loans. While they occasionally provide financing ...
Device that places the ownership of real property with one or more trustees for security until the loan is paid by the debtor. It is used in place of a conventional mortgage contract in ...
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The rent a property commands in a free and open market setting. ...
Nonprofit entity disseminating advice and data on the best utilization of land. The address is 1090 Vermont Avenue, NW, Washington, DC 20005, telephone (202)289-3307. ...
An agreement by which the owner of property (the lender) and a borrower agree to let the borrower use the property for a particular time period and in return the borrower will pay the ...
Structure of prefabricated units. ...
What remains after something is removed, such as substances left after a pollution treatment facility is removed. ...
Named after Sir Robert Torrens, a British administrator in Australia. The torrens system is a state-sponsored system of land title registration, not applicable in states, such as California. ...
Comments for Economic Life
How long is Economic life in NY
Aug 10, 2018 18:28:45Hey Masood,
It really depends on the asset in question.
The calculations to assert the economic life of an asset deals with a lot of things, like the amount of time the asset can be used in production and its replacement cost. Not to mention that in big cities like New York, regulations change a lot, and that can also add weight in the economic life of it. So we suggest you talk with a real estate agent and even a real estate lawyer to help figure out your NY asset's specific economic life.
Aug 13, 2018 14:16:47Have a question or comment?
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