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.
Popular Real Estate Terms
Valuation method for land or improvements to property. It takes into account gross rentals less operating expenses. ...
Pledge of personal property, e.g., furniture, as collateral for a note. If the debt is not paid, the holder of the mortgage will receive the mortgaged property. See also mortgage. ...
“What is Situs?”, you ask.Situs is a word in Latin that basically means the site or location where something exists or originates. Like most words in latin, situs is usually ...
Floor design to provide sound insulation qualities. A floating floor is separated from the building's structure by use of special resilient materials, often fabricated from fiberglass, or ...
Way of valuing real estate that computes the discounted present value of an expected stream of income, including rental income and future capital gains or losses. ...
(1) Method of measurement lumber using the board foot cubic measure. The board measure is used to estimate quantities and prices of lumber materials. (2) Method of estimating lumber ...
Evaluation of the dimensions of a building to determine its ability to meet the needs of the occupants. ...
Borrower's right to cancel, within three business days, a creditor contract in which his or her residence is used as collateral. This right does not apply to first mortgage loans. ...
Degree of completion or accomplishment such as a home that is 70% completed. Condition of real property. Position of an item. Legal standing such as of a case. ...
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