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
Provision in an agreement in which its renewal is a matter of course at the end of its initial term. ...
Agreement between two or more individuals whereby each party agrees to do or not to do some act. The parties have reciprocal obligations of performance or actions. ...
A caveat vendor is a legal principle where the seller is legally responsible for warranting the quality and suitability to task of the item purchased. ...
Scale drawing or diagram illustrating the proposed use of a land plat property. ...
Loan such as a mortgage that the borrower has consistently made payments on when due over many years. The borrower has proven his creditor worthiness. ...
Gift of real property as stipulated in a will. ...
Also called investment property. Real property held by a business for investment potential or in order to earn income by leasing or letting it, rather than for its own use. ...
An interest a landlord has in lease property. ...
Flat irregularly shaped stones, ranging from 1 to 4 inches thick, used for terrace or loan walkways. ...
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