Partnership
Definition of "Partnership"
Form of real estate organization created by an agreement between two or more individuals who contribute capital and/or their services. Advantages are: it is easily established with minimal organizational effort and costs; and it is free from some of the government regulations. Disadvantages are: it involves unlimited liability for the individual partners; it ceases to exist upon the withdrawal or death of any of the partners; and its ability to raise large amounts of capital is limited. A partnership consists of general partners and limited partners.
Popular Real Estate Terms
Directing the bank not to pay a check when presented at the bank. There is a service charge for this. If a contractor loses the check given to him, he may ask that the payor stop payment ...
Real estate not subject to property tax such as that owned by nonprofit entities including charitable, governmental, religious institutions. ...
(1) Type of loan where the final payment is substantially greater than the previous payments; also termed partially amortized loan. A debt agreement might stipulate a balloon payment when ...
Interest a person pays before it is actually incurred. An example is a one year's interest that a borrower agrees to pay in advance to a bank on a mortgage. This rarely occurs. ...
Land expansion resembling a star. The starts center is the city, and major thoroughfares going away from the city are depicted. ...
Metal hardware within the construction that is typically not visible, such as bolts, nails, and screws. ...
Nationwide group of independent real estate brokers who cooperate together and share information regarding clients who are seeking to relocate from one area of the country to another. The ...
Giving one's approval to another, e.g., a fiduciary, to manage his or her finances. ...
Insurance based on the National Flood Insurance Program, enacted By Congress in 1968. The intent of this legislation is to provide insurance coverage for those people suffering real ...
Have a question or comment?
We're here to help.