Functional Deficiency
Negative characteristics about real property which do not meet the needs of the usual occupant. Examples are inadequate lighting in the rooms and a one-car garage when a two-car garage is required.
Popular Real Estate Terms
Taken out on property to replace or repair it if it malfunctions. It covers parts and/or service. An example is a warranty a homeowner takes out on a stove, refrigerator, or dishwasher. It ...
Foreign-born individual not qualifying as a citizen of the country in which he or she resides. ...
To enter illegally. For example, entering property without permission. ...
Operating property for business use, such as managing an office complex. ...
Date of the valuation of property, usually contained in a report. ...
Insurance contract providing coverage for risks primarily associated with negligence and acts of omission associated with third-party injuries or property losses. Property and casualty ...
Corporation having only one person, A corporation sole is primarily used for the purposes of a nonprofit ecclesiastic church related organization. Ina church, the corporation sole is headed ...
The legal requirement of a debtor, obligor, to pay a debt and the legal right of a creditor, obligee, to demand satisfaction of a debt or enforce payment in the event of default. ...
Rezoning of land from a higher density use to a lower density use. ...
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