The real and personal assets of a person at the date of death. The distribution of the assets to the heirs depends on the provision of the will. If no will exists, the distribution is based on a court order for liquidation. The executor of a will is the person chosen by the decedent during his or her lifetime to satisfy the terms of the will. Some duties of the executor are to manage property, pay creditors, and collect estate assets. The cost to operate, maintain, are manage income-producing property are immediately expensed in the income statement.
Popular Real Estate Terms
Did you invent something recently? Even if it’s the smallest device or idea, such as a fidget spinner, it would be best to submit a patent application for your idea (or seek patent ...
One-story house with a low pitched roof often having an open floor plan. ...
In taxation, the excess of total long-term gains minus total long-term losses on the sale of real estate. Long-term classification is for real estate held one year or more. This is reported ...
Substance or material used at the top of a chimney at the roof to inhibit the development of moisture and to protect the metal. ...
Typically, a waiver means remission or giving up on a particular claim. You can find the term waiver widely used in real life, finance, and real estate terminology. How do waivers work? A ...
Local zoning law or private limitation on how far in feet a structure might be situated from the curb or other appropriate marker. ...
A Construction method of using twice the number of framing members to provide additional structural strength. ...
Amount of money that must be charged or invested in the initial stage of a business transaction to demonstrate good faith as well as to help offset some expenses. For example, the customary ...
Residing in a structure that the individual owns. ...
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