What Is A Proration?
A proration is the division of certain fees. If the sellers have paid the taxes six months in advance, for example, they may want a portion of that payment back for the months you are living in the house.
Popular Real Estate Glossary Terms
The profit or loss from selling an investment that is held one year or less. Short-term gains are ordinary income, while short-term losses are deducted from current income. Short-term gains ...
Adobe construction is one of the oldest types of construction that has been used in the Americas, ancient Egypt, and the Middle East to build long-lasting structures that can be seen even ...
Negative characteristics about real property which do not meet the needs of the usual occupant. Examples are inadequate lighting in the rooms and a one-car garage when a two-car garage is ...
Contractual agreement between a commercial or industrial rental property owner and an individual or firm who agrees to maintain the property. Management agreements specify the nature of ...
Geographic location by itself with designated boundaries. An example is a district. ...
Fee a borrower is assessed for the right to make a loan payment before the due date. An example is the prepayment charge for paying-off a mortgage early. ...
Construction method where reinforced concrete is used with concrete block and mortar to form an extremely strong building. Reinforced concrete construction is often used in conjunction ...
Rule of thumb approach used to determine how long it takes to double an investment in real estate. Under this approach, dividing the number 72 by the fixed rate of return equals the ...
There’s a lot of confusion regarding the hazard insurance definition. Many people think it’s a synonym for homeowners insurance but they’re wrong. Hazard insurance is ...
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