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
Financial interest a developer has in a development. The interest may be a direct investment or a percentage interest in the overall profit. ...
Style of life emphasizing outdoor activities, amenities, and recreation. Example are campers and barbecues. It is usually on a short-term basis. ...
Loan mandating equal periodic payments to pay off the loan subsequent to the last payment. ...
Contractual clause allowing one or both parties to terminate the agreement if a specified occurrence takes places. This is a cancellation clause, which allows the agreement to become null ...
Any property that is part of an estate and is real or personal, material or intangible, having actual worth or is worthless and can be directly willed to an heir. ...
In short, an overage means a surplus or an excess of money. An overage can present itself at a property at an auction where the asset has gone over the asking price. Suppose there’s a ...
Burdens one parcel of land (the servient estate) for the benefit of another parcel (the dominant estate). ...
Modification in the amount of money involved for some justifiable reason. ...
Barrel, reservoir, or tank for storing rain runoff. ...
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