Second Home
Another residence in addition to the main residence where a person or family resides. An example is a second home out of the city used on weekends and during vacations. Interest and real estate taxes on a second home and real deductible for tax purposes.
Popular Real Estate Terms
The number of days that the lender guarantees the loan's rate and terms. Without a written lock-in agreement, the lender is free to change the rate and terms at the time of loan closing. A ...
Arrangement the insured and insurer share on a proportional payment for a loss. ...
That which remains. As applied to real estate, it is the profit derived from rentals after subtracting all operating costs from the gross rental revenue. ...
Buying more house than a buyer can afford based on his or her income. ...
Reformation in real estate means a legal action to straighten out an erroneous deed, a misleading document, an error, a paragraph, or a contract entirely which resulted from an ...
series of rows. townships moving as a row from east to west. It covers a 6-miles area in width. The term is employed under the rectangular survey method. ...
In everyday discourse, the term specifications describe various properties and features. They can be attributed to products, services, objects, and industries, such as real estate. What do ...
Also called financial leverage. The use of borrower funds to magnify return. Trading profitably on the equity, also called favorable financial leverage, means that the borrowed funds ...
Expected period of benefit used to depreciate business property, plant, and equipment. The guidelines may be developed by the industry or Internal Revenue Service (IRS). ...
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