Right Of Access
Same as term access right: The right of a property owner to freely go to and return from an adjoining highway without interference." rollover;"Same as term: Tax-free exchange that allows a seller two years after escrow closes on his former principal personal residence to buy like-kind property and defer taxes. Profits from the sale of a principal residence are not taxed if, essentially, the purchase price of the new residence is equal or greater than the sales price of the old residence. Also, the new residence must be acquired and personally occupied within 24 months before or after the sale of the old residence, for a 48-month period. To accurately set the amount of profit deferred, the net sales price and adjusted sales price of the old residence must be calculated. From these respective figures are derived the actual profit and minimum purchase price of the new residence to fully avoid taxes on the profit. The 24-month sale-to-replacement period offers the homeowner the opportunity to use the net sales proceeds from the old residence for short-term, high-yield money market investments. These investments are liquid and generally more lucrative than real estate acquisitions during periods of high interest rate.
Popular Real Estate Terms
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Nonload bearing layer of brick covering a wall of decorative purposes only. The wall is usually constructed of wood framing or masonry block. ...
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Same as term mortgage correspondent: Individual having permission to act ob behalf of a bank or other financial institution in a specified locality to attract interest borrowers. ...
English-style architecture named after King Gorge I-III and extremely popular in Great Britain and North America during the 18th century. In this style house has two to three stories and is ...
Heating system dependent upon radiators in each room of the structure. The steam goes form the boiler through pipes to the radiators. A two-pipe system should be employed for larger ...
Situation in which very few prospective buyers of real estate are rejected by lenders. This may be due to ample money supply, lower interest rates, and/or relaxed credit standards. See also ...
In valuing real estate, substitution is the principle that the market value of a property can be relatively accurately estimated by determining market value of similar properties in the ...
Loss arising from the partial or complete destruction of property resulting from circumstances of a sudden, unanticipated or unusual nature. For example, fires, storms and floods to real ...
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