Definition of "Land"
Real estate held for productive use or investment. Land is recorded at the acquisition price plus incidental costs including real estate commissions attorney's fees, escrow fees, title, and recording fees, delinquent taxes paid by the buyer, surveying costs, draining, and grading of the property. the cost of knocking down an old building to clear the land to construct a new building is charged to the land account. Amounts received from selling materials salvaged from the old building reduces the cost of the land. Land is usually presented under the Property, plant and Equipment section of the balance sheet. However, land bought for investment purposes or as a future plant site is classified under Investments. If land sale, it is shown as inventory. Land is not subject to depreciation because it is not a wasting asset.
Popular Real Estate Terms
Value is exchanged by the parties to an agreement involving current or future performance making it legally enforceable. Without reasonable consideration for performance, the contract may ...
An individual's option to fairly utilize another's property. An example is privileges under an easement. For example, a person receives permission to use a lake on the private property of ...
Assures that the title is free of any legal claims including encumbrances. It includes covenants of seizin, freedom from encumbrance, express warranties of title, right to quiet enjoyment, ...
tenancy having no written lease or contract. A periodic tenancy can be on a month-to-month or week-t-week basis. ...
Raw land in its natural condition which has in no way been improved. ...
Same as term real estate investment trust (REIT): Type of investment company that invests money in mortgages and various types of investment in real estate, in order to earn profits for ...
When a property owner defaults on his or her tax payments, the taxing jurisdiction may force a liquidation of the property or tax sale for the purpose of collecting the owed real estate ...
Same as term spot zoning: Zoning a portion of land in a given area for different purposes than its surrounding functions. For example, a locality may decide to spot zone a vacant lot in a ...
Span of time a rental agreement is free to the occupant. A landlord may offer this as an incentive to stimulate rentals. For example, an owner of an office building may provide a free ...
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