Unit In Place Method
Approach to valuing property based on its replacement cost. The cost of each major element of the property per square foot is added together and multiplied by the total space to estimate what it costs to rebuild the structure. Assume the cost per square foot for the following components of a building: walls - $4.50, ceilings - 1.50, floors - 2.50, other - 8.00 , total $16.50. If the total square feet are 20,000, the property's estimated value is $330,000 ($16,50x20,000).
Popular Real Estate Terms
Legal contract with a property owner empowering a real estate agent in selling, leasing, or mortgaging the principal's property. A listing has a legal description of the property, is valid ...
Time period of an estate based on how long a third party lives. ...
A situation that occurs when borrowed funds cost more than they produce. ...
When a debtor defaults on a loan for which a deed of trust is given, the trustee is required to have a sale of the real estate security for the benefit of the lender. A deed of trust is ...
Used ton convey property of a minor or legally incompetent person. ...
Any of a number of types of covenants agreeing to do or not to do something that is attached to the title and is passed form one owner to the next. See also covenant running with the land. ...
What is the meaning of a story, and what is it good for? The story definition is a floor, level, or deck in a construction or building. What does story mean in real estate? A real ...
Annual rate of inflation of 10% or higher. ...
Lumber of no more than 8 inches wide and 2 inches thick. ...
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