Definition of "Estate"
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
Siding made out of aluminum, plastic derivates, or cement asbestos having ridges and valleys which is attached to the sides of buildings. ...
Occurring two times per year; also called semiannual. On the other hand, biennial means occurring each two years. ...
Details of a contract of sale including a financial statement, legal description, type of deed, place, date and time of closing of title. ...
A real estate broker who lists and sells houses or condominiums, as distinguished from a commercial broker who handles business property. ...
(1) Distribution channel through which originating mortgage lenders distribute mortgages to the Secondary Mortgage Market. Those purchasing mortgages distributed through the conduit ...
The definition of the term right of way is an easement or the right of another person to pass over land owned by someone else to reach a particular destination. An individual is typically ...
Drawing for the entire structure or part of it that is detailed and in scale so that engineers and construction workers may readily follow it. ...
People often need help understanding the difference between offeror vs offeree in real estate. A rhythm sets the stage from the first step in real estate transactions. It's the interaction ...
Millennials – also known as Generation Y, because they come after the so-called Generation X - is a term coined for a generational extract of people born at the end of the first ...
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