Principal Residence


Definition of "Principal residence"

Primary residence of an individual. The principal residence can be a single family home, condominium, cooperative, or trailer. A principal residence may qualify for a homestead exemption in those states providing for this designation.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Other Insurance

Presence of other contract (s) covering the same conditions. When more than one policy covers the ex ...

Actuarial Adjustment

Modification in premiums, reserves, and other values to reflect actual loss experience and expenses ...

Nonassessable Policy

Insurance contract under which a policy owner cannot be assessed for adverse loss and expense experi ...

Attorney-at-law

An individual who has been admitted to practice law in his/her state. He or she is approved to repre ...

Hearing

An adversary hearing allows both parties to an issue to present their views. A public procedure ...

Principal

person designating an agent to act for him. Primary individual having full financial liability. ...

Related Real Estate FAQ

What Is A Seller Disclosure?

A seller disclosure is a form required by most states; the seller uses this form to disclose any kno ...

Should I Consolidate My Debt?

Discover your potential monthly savings by combining your bills into a single source. Eliminate high ...

What Is A Private Mortgage?

Private mortgage insurance is insurance that protects mortgage lenders against default on loans by p ...

What Is An Inspection?

An inspection is a close and thorough examination of a house and property. A licensed individual usu ...

What Is An Appraised Value?

An opinion of a properties fair market value, based on an appraisers inspection and analysis of the ...

What Is Homeowners Association (HOA)?

Homeowners association is a nonprofit association that manages the common areas of a condominium or ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

6 Reasons you are not selling properties Getting Ready to Sell? Don't make these DIY Mistakes! What is the Best Time of Year to Buy a Home? 10 Tips for Homebuyers Short Sale Homes

FAQ

What are the benefits of Commercial Auto Insurance? What is a seller takeback? What is Freddie Mac? What is flood insurance? How Much Will My Principal Be?