Replacement Reserve
Definition of "Replacement reserve"
Money set aside to buy new assets when the older ones are no longer appropriate for the intended use. An example is when the landlord must replace a deteriorating and malfunctioning air conditioner or refrigerator in the tenant's apartment.
Popular Real Estate Terms
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Document submitted to a governmental agency to extend the time period for a previously approved document. ...
Fluctuation in sales, profits, rat of return, etc. Likelihood of declining value. ...
Room that is fit for living in. the building in which the room is located conforms with the building code and has a certificate of occupancy. Usable for all purposes, but does not include ...
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Right of a party, the assignor, to allocate the benefits of certain insurance policies to a third party, the assignee. Insurance on real estate may assign the policy to protect the property ...
Cancellation of a contract such as when a real estate agreement is deemed illegal. ...
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Lender's written assurance that the borrower has fully paid the obligation. The borrower may then show this instrument to interested parties. ...
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