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
The American Institute of Real Estate Appraisers, in short, the AIREA, or the Appraisal Institute as it is known nowadays, is an institute that aims to advance professionalism in the real ...
The gross operating income definition is the total income that a real estate development receives from rentals and services before any costs or expenses are subtracted. Gross operating ...
Amount received by a seller of real property in the form of credit rather than cash. Interest is typically received on the note. If a house is sold for $300,000 of which $100,000 is cash ...
Housing whose rental payments are reduced because of aid granted by the federal, state, or local governments, private enterprises, or individuals. For example, monthly rental payments for ...
Judicially determined minimum selling price for auctioned property. For example, a judge rules that a foreclosed home may be sold for less than $200,000, ...
A life estate right of a widow on the demise of her husband, if he dies intestate, to all his lands and possessions for her and her children's support. If she dissents from his will, the ...
Right of a current stockholder to maintain the percentage ownership in a real estate company by purchasing new shares on a proportionate basis before they are issued to the public. It ...
Amount a manger of real estate receives for his efforts. For example, a manger is to receive 2% of rentals collected as compensation from the landlord to manage the property. If the ...
Proposing or presenting for acceptance a price for a property parcel. Evidence of willingness to enter into a sales agreement. The bid price in a real estate or security ...
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