Principle Of Substitution
Definition of "Principle of substitution"
Highest amount a property is worth equal to the amount that would have to be paid to buy equivalent property in the market place.
Popular Real Estate Terms
Taken out on property to replace or repair it if it malfunctions. It covers parts and/or service. An example is a warranty a homeowner takes out on a stove, refrigerator, or dishwasher. It ...
Foreign-born individual not qualifying as a citizen of the country in which he or she resides. ...
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Operating property for business use, such as managing an office complex. ...
Date of the valuation of property, usually contained in a report. ...
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Rezoning of land from a higher density use to a lower density use. ...
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