Principle Of Substitution | Real Estate Glossary

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.

Fire that spreads substantial destruction. ...

Funds of property bestowed upon a person or an institution. The income is used to serve a specific p ...

Short-term investments, to include the following: commercial paper, interest-bearing balances with b ...

Power of attorney giving permission for a lawyer to represent a client. ...

Geographical area for which a given governmental agency has authority and responsibility. For exampl ...

Offer to buy real estate provided certain conditions are met. ...

A gated community is a community of homes where you must pass through a security gate in order to en ...

Changes in the market conditions, or improvements to the property that increase the value of the pro ...

A lien is a claim against a property. ...

Line of insurance, which included coverages that are designed to protect the insured against a loss ...

A mortgage is a legal document that pledges your property as security (like collateral) for a loan. ...

An overall debt ratio is the percentage of your overall debt (housing payments plus any other long-t ...

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