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
An asset. The term cost is often used when referring to the valuation of acquired property. When it is used in this sense, a cost is an asset. Concepts of cost and expense are often ...
Document submitted to a governmental agency to extend the time period for a previously approved document. ...
A tender has several meanings in everyday discourse. Most generally, tender means a formal offer designed for acceptance with the anticipation of soliciting a response in return. Bidding ...
What is reconciliation in real estate? Both aspiring appraisers and wannabe real estate agents know the definition of reconciliation in real estate. In appraisal, it refers to the process ...
What is a botel?, you ask. You know hotels, right? And the marketing denomination of them to motorists; the "motel”. Well, the best botel definition is “hotel for ...
Having a traditional salt box architecture with clapboard siding, the New England Colonial was enlarged for additional family members by adding extensions, often at the rear of the home. ...
real property located in a metropolitan, heavily populated area. ...
Real estate bought and leased to tenants to obtain rental income. ...
Real estate business owned by one person having all the rights and obligations. ...
Have a question or comment?
We're here to help.