A judicial or administrative proceeding or process to exercise the power of eminent domain.
Environmental Response, Compensation, and Liability Act (CERCLA) Federal legislation passed in 1980 requiring owners of contaminated properties to bear the cleanup costs.
A method of determining the depreciation of a multi-building property using the average rate at which all the buildings are depreciating.
Persons who are recognized by law as being able to contract with others; usually those of legal age and a sound mind.
(1) The sold properties, listed in an appraisal report, which are substantially equivalent to the subject property. (2) Sellers who want to determine the value of their homes can do the research themselves by getting access to local property records. Or, if they’re savvier about securing this data, they can turn to local real estate […]
A system of property ownership based on the theory that each spouse has an equal interest in the property acquired by the efforts of either spouse during marriage.
A body of law based on custom, usage, and court decisions.
The parts of a property that is necessary or convenient to the existence, maintenance, and safety of a condominium, or that are normally in common use by all of the condominium residents. All condominium owners have an undivided ownership interest in the common elements.
(1) The payment made to a broker for services rendered, such as in the sale or purchase of real property; this is usually a percentage of the selling price of the property. (2) This is the money you’re owed at the very end of deals you close. As noted, this commission comes from the listing agent’s […]
The illegal act of a real estate broker who mixes the money of other people with that of his or her own; brokers are required by law to maintain a separate trust account for other parties’ funds held temporarily by the broker.