Legal Age
Definition of "Legal age"
The age at which one is legally capable of entering into binding contracts, signing a deed and negotiating business agreements. In most states this is the age of majority. Normally this is the age of 18. However, for certain activities, such as drinking alcoholic beverages, the age could be higher or lower in the case of qualifying to obtain a driver's license. A contract, deed, or business agreement is not valid when signed by a minor.
Popular Real Estate Terms
A collection of packaged residential mortgage loans for sale in the secondary mortgage market to investors. Companies with mortgage pools expect to earn a short-term profit and use the ...
lender who charges an exorbitant interest rate, which is typically illegal because it exceeds the interest rate allowed in the state. A borrower may go to a loan shark if he cannot obtain ...
Accelerated method in which a fixed percentage factor of two times the straight-line rate is multiplied each year by the declining balance of the fixed assets book value. ...
Property used consistently for many years by someone without challenge from the owner. Easement resulting from law such as the reasonable expectation that a purchaser of one or two ...
Same as term landlocked: Parcel of land that is totally surrounded by other land parcels not providing access to a highway. ...
(1) Distribution channel through which originating mortgage lenders distribute mortgages to the Secondary Mortgage Market. Those purchasing mortgages distributed through the conduit ...
Certification granted by the Realtors National Marketing Institute, which is affiliated with the National Association of Realtors. ...
Interest rate on a loan that varies periodically based on some related measure. If interest rates are currently high and a prospective buyer of a home believes future interest rates will be ...
Insulation covered on each side by a material, such as metal. ...
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