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
A way to sell and finance property by which the seller keeps title but the buyer takes possession while installment payments are being made. The gain is taxed while the mortgage ...
Loan guaranty program included in the Servicemen's Readjustment Act of 1944. Its provisions cover the compensation to lenders for losses they might sustain in providing financing to ...
Building with large unpartitioned floors areas often used for storage. ...
A capitalized expenditure usually extending the useful life of a building or improving it in some manner over and above the original condition. In contrast, a maintenance or repair expense ...
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A loan indemnified against default by the borrower. Such loans may be a mortgage loan insured by a standard mortgage insurance policy or by FHA mortgage insurance. In the event of the death ...
Map presented to a municipality's planning agency by a real estate developer for consideration and approval. ...
An agreement specified in the lease providing the tenant the option to renew the lease for a given time period upon the expiration of the initial lease. Most lease options include the ...
Periodic expenditures undertaken to preserve or retain a property's operational status for its originally intended use. These expenditures do not improve or extend the life of the property. ...
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