An acre is a unit of land measurement used primarily in the United States and Imperial customary systems, primarily to describe large plots of land.
The term 'adjoining' refers to properties or parcels of land that are contiguous, attaching, or sharing a common border. This is a fundamental term in real estate, urban planning, and property law.
An agreement is a mutual understanding between two or more competent parties that creates a commitment or an obligation, often forming the basis for a contract.
To acquire property, goods, or services in return for money or its equivalent. It can also be used synonymously with bargain.
A capital asset is property of any type held by an individual or business, excluding inventory and certain other types of property. Capital assets can include buildings, land, equipment, vehicles, stocks, and bonds.
A Capital Expense is any expenditure made by a business to acquire, upgrade, and maintain physical assets such as property, industrial buildings, or equipment. These expenses are typically substantial and offer a long-term benefit.
A Capital Investment Budget outlines the funds allocated for significant investments in a company's long-term assets, such as property, plants, and equipment. These investments are typically intended to enhance a company's operational capacity, efficiency, and overall profitability.
A Declaration of Trust is a written statement by a trustee acknowledging that the property is held for the benefit of another party.
Depreciation allowance refers to the total depreciation deducted against property used in a trade or business or held for the production of income, allowing for an annual deduction for wear and tear and diminution of the property's value. It is also known as accumulated depreciation.
A distress sale occurs when assets, such as property, stocks, bonds, mutual funds, or futures positions, are sold urgently, often at a loss, due to immediate financial pressure.
An FHA Mortgage Loan is a mortgage loan insured by the Federal Housing Administration (FHA). Section 203(b) is the most popular program under FHA.
A first mortgage debenture is a type of debenture that holds the first charge over property owned by a company, often utilized by property companies to secure financing.
Fixed-asset investment refers to the expenditure on tangible assets that are likely to have a life of more than one year. These investments are essential for business operations and often include property, machinery, and infrastructure.
Fractional interest involves ownership of some but not all of the rights in real estate, such as easements, hunting rights, and leasehold interests.
A gift is a voluntary transfer of property or assets from one individual to another without receiving anything of value in return. This can have implications for both the donor and the recipient under tax laws.
A lienholder is an individual or entity that has a lien on a particular piece of property or asset, essentially providing them with a right to keep possession of it until a debt owed by the owner is discharged.
A mortgage is a legal agreement by which a sum of money is lent to a borrower for purchasing property, with the property serving as collateral. The borrower is the mortgagor, and the lender is the mortgagee.
A mortgage lien is an encumbrance on property used to secure a loan. The lien holder has a claim to the property in the event of a loan default.
A mortgagor is an individual or entity that borrows money through a mortgage by pledging property as security for the loan.
A 'Parcel' can refer to a piece of property under one ownership, a package sent through a common carrier, or the act of distributing items.
Plant assets, also known as fixed assets, are composed of land, buildings, machinery, furniture, fixtures, and other equipment permanently employed in business operations. In some contexts, the term 'plant' may refer specifically to buildings or land and buildings.
In legal terms, possession refers to having, holding, or detaining property under one's control, and involves both custody and the right to exercise dominion.
Property refers to every valuable right or interest that is subject to ownership, has an exchangeable value, or adds to one's wealth or estate. It includes both physical objects and intangible rights, covering a broad range of items and interests that can be owned, used, and transferred.
Real estate refers to fixed objects that serve as a boundary mark for a tract of land. It includes immoveable property such as land and buildings, along with the natural resources like water, minerals, and crops that are attached to it.
The Real Estate Settlement Procedures Act (RESPA) is a federal law that governs how mortgage lenders must treat applicants for federally-related real estate loans on properties with one to four dwelling units. It aims to provide borrowers with comprehensive knowledge, enabling informed comparison shopping for mortgage money.
Repairs refer to work performed to return a property to its former condition without extending its useful life, distinguishing them from capital improvements. In the context of income property, repairs are an operating expense for accounting and tax purposes.
An overview of the Special Multiperil Policy (SMP), which offers comprehensive insurance coverage for large businesses across property, liability, crime, and boiler/machinery.
Speculation is the purchase of any property or security with the expectation of obtaining a quick profit as a result of price change, possibly without adequate research. It is often compared to gambling but is different from investment.
Tenure is a term that spans diverse fields such as property ownership, employment, and academia. It denotes ownership rights, job security contingent on length of employment, and academic privileges that safeguard freedom of speech and employment continuity.
A town house is a dwelling unit, generally having two or more floors and attached to other similar units via party walls. Town houses are often used in planned unit developments and condominium developments, which provide for clustered or attached housing and common open space.
Undivided interest describes an ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property.
