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
Directing the bank not to pay a check when presented at the bank. There is a service charge for this. If a contractor loses the check given to him, he may ask that the payor stop payment ...
Real estate not subject to property tax such as that owned by nonprofit entities including charitable, governmental, religious institutions. ...
(1) Type of loan where the final payment is substantially greater than the previous payments; also termed partially amortized loan. A debt agreement might stipulate a balloon payment when ...
Interest a person pays before it is actually incurred. An example is a one year's interest that a borrower agrees to pay in advance to a bank on a mortgage. This rarely occurs. ...
Land expansion resembling a star. The starts center is the city, and major thoroughfares going away from the city are depicted. ...
Metal hardware within the construction that is typically not visible, such as bolts, nails, and screws. ...
Nationwide group of independent real estate brokers who cooperate together and share information regarding clients who are seeking to relocate from one area of the country to another. The ...
Giving one's approval to another, e.g., a fiduciary, to manage his or her finances. ...
Insurance based on the National Flood Insurance Program, enacted By Congress in 1968. The intent of this legislation is to provide insurance coverage for those people suffering real ...
Have a question or comment?
We're here to help.