Possession
Holding and controlling property. It includes not only custody but also having some legal right. An example is occupying real property and enjoying its benefits.
Popular Real Estate Terms
Claude in a contract, title, or mortgage that is subject to being annulled, repealed, or revoked upon the satisfaction of a claim or completion of a future event. ...
Relationship between individuals or entities whereby rights given to one are returned in kind to the other. An example is where one person has the right to use facilities of another with ...
(1) Craft of one who fabricates fine cabinets, furniture, or woodwork. (2) General term describing interior wood finish work performed by cabinetmakers instead of carpenters. (3) Built-in ...
Certificate usually granted by a jurisdictions building department certifying a specified premise has satisfactorily complied with all zoning and building ordinances. This certification is ...
When we use the term contingent, we typically imply that something is dependent on another factor. Real estate contingencies make home selling, buying, or even inheriting a property ...
Written statement of the lender that the buyer of real estate has paid-off the entire mortgage. ...
Bank financing to a homeowner based on his dollar equity in the home. The interest rate typically fluctuates such as being based on the change in the prime interest rate. Interest expense ...
Tax concept whereby income not actually received is considered to be constructively received by a taxpayer and thus must be reported. ...
Anything that has physical substance and form, such as land and buildings. ...
Have a question or comment?
We're here to help.