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
The term collusion may make you think about colluding from the start, and you wouldn’t be far from the truth. The definition of collusion is a secret, non-competitive, and, at times, ...
Request of a local government's planning body to alter the zoning requirements based on a justifiable reason. ...
An interest in property with the right o possession being postponed into the future until a certain even occurs. There are several possibilities where a future interest in property could ...
Tax deduction permitted upon the transfer of property from one spouse to another. The deduction is allowed under the federal gift tax for lifetime transfers or under the federal estate tax ...
Receipt given for a partial payment made on the sale of property. It shows the buyer has made a down payment. ...
Obtaining money and/or property from a deceased person whether by will or not. ...
Situation in which an owner of property sells the property to an investor and then leases the property back, usually for a 20- or 30- year term. ...
A contract not in writing. Oral contracts are legally enforceable except for those applicable to the sale of real estate. ...
Structure that has the same blue print and design as all the other homes in a given development; the opposite of custom built. ...
Have a question or comment?
We're here to help.