Ownership Form
Methods of owning real estate. Ownership form has important consequences for income tax, estate tax, corporate income tax, and survivorship. Real estate may be owned by one or more persons. Methods of ownership include tenancy in common, joint tenancy, a tenancy by the entirety, tenancy in severalty, partnership, limited partnership, and corporation.
Popular Real Estate Terms
Section of the Internal Revenue Code applies to assets used in a trade or business,. In general, gains on section 1231 assets are taxed at capital gains rates, and losses are considered ...
Latin term meaning let the buyer beware. The buyer purchases at his or her risk, in the absence of fraud. This does not obligate the seller to volunteer information. However, legal statutes ...
The net leasable area is all the leasable area of a given building exclusive of non-leasable space such as hallways, building foyers, rooms devoted to heating, air conditioning, elevators, ...
The term ad valorem comes from Latin, and its literal translation is “according to value”, which makes the ad valorem tax definition easy to understand. Defining ad valorem tax ...
Property highly leveraged. An example is when a landlord buys an apartment house paying minimum cash payment down and the balance on mortgage. ...
Degree of completion or accomplishment such as a home that is 70% completed. Condition of real property. Position of an item. Legal standing such as of a case. ...
The handling of an account, as a mortgage serviced by a mortgage banker. The periodic, routine maintenance of household items. ...
A written, legally enforceable document used to transfer title to real estate, See also quit claim deed; warranty deed. ...
Molding forming the top part of a door or window. Any wood or plaster molding on an inside wall just below the ceiling. It is ornamental in purpose giving the wall a finished ...
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