In Lieu Of Taxes
Definition of "In lieu of taxes"
Payment made instead of taxes, For example, a tax-exempt institution, such as a state government complex of buildings, may make an offsetting in lieu of tax contributory payment to the local government to prevent raising the property tax rate on the local citizenry.
Popular Real Estate Terms
Secondary written agreement to purchase real property in the event the initial contract is not signed. ...
Clause in a mortgage that allows the borrower to pay more than the monthly amount and to retire the loan early without a penalty. ...
In real estate, the basis to set an adjustable rate mortgage, such as a 6-month certificate of deposit (CD) rate, cost of funds index, or prime rate. A statistical measure stated as ...
The Department of Veterans Affairs (VA), formerly known as Veterans Administration, issues the Certificate of Reasonable Value (CRV), an appraisal, determining the highest value and loan ...
Right to property depends on some occurrence. ...
Act of obtaining land through condemnation. For example, when in interstate highway must be constructed, the land for the new road is obtained through takings. Usually, the government ...
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Contractual agreement between a commercial or industrial rental property owner and an individual or firm who agrees to maintain the property. Management agreements specify the nature of ...
House design to be easily expandable. ...
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