Section 1034
Definition of "Section 1034"
Provision in the Internal Revenue Code applicable to the sale of an individual's house. The gain or loss is deferred by adjusting the cost basis of a new house bought within two years of the date of sale of the old house. The replacement cost for the new house must be equal to or greater than the net selling price of the old house. the net selling price equals the gross selling price less expenses associated with the sale such as brokerage fees." section 1221
Popular Real Estate Terms
Probate court approved title issued to the distribute of an individuals intestate estate. ...
Style of architecture introduced into America prior to the Civil War and modeled after Renaissance Country homes in northern Italy. They were usually relatively large brick houses. Italian ...
Legal dictate that must exist for property to be owned as joint tenants. ...
Borrower's right to redeem his property by immediately paying off the loan balance and any related costs. ...
Provision in the insurance policy lapses due to premium nonpayment, all unpaid premiums must be paid, and any additional requirements must be satisfied before reinstatement can take place. ...
Homes with division of ownership or use of a resort unit on the basis of time periods. For example, a resort home may be divided into 25 time shares of two weeks each, with two weeks left ...
Stated rate of interest on the face amount of a loan or installment note. ...
A clause in a document forbidding an individual from selling or transferring the subject property to another. Frequently, nonalienation clauses are used in a trust where the grantor of the ...
Increase in the value of real or personal property. The price may increase because of a number of factors, such as shortage in supply, improved economy , favorable political environment, ...
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