An appraiser is a person qualified to estimate the value of a business, real property, or personal property. The profession requires knowledge, expertise, and, often, certification.
In the context of real, personal, or intangible assets, appreciated property refers to assets that have a fair market value greater than their original cost, adjusted tax basis, or book value.
Business property refers to any property used in a trade or business that is not classified as a capital asset. This could include inventory, property held for sale, trade receivables, depreciable property, real property, and intangible assets like copyrights or trademarks.
A Certificate of Title is a legal document that officially indicates ownership of a particular asset, such as a motor vehicle or real property. It serves as proof of ownership and outlines any liens or legal encumbrances associated with the asset.
Chattel refers to tangible, movable personal property, as opposed to real property, which is immovable. Examples of chattel include goods, vehicles, and furniture.
A cooperative, commonly known as a co-op, is a type of corporate ownership of real property where stockholders of the corporation are entitled to use a certain dwelling unit or other units of space. It can also be an organization for the production or marketing of goods owned collectively by members who share the benefits.
Depreciation Recapture refers to the portion of taxable capital gain from the sale of an asset, which represents the depreciation previously deducted for that asset.
Method of acquiring property, usually real property, through the laws of descent and distribution from a decedent without the use of a will.
A devise is a testamentary gift of real property made by a will. In modern usage, the term may also refer to gifts of personal property made through a will.
Ejectment is a legal action to regain possession of real property from someone who is unlawfully occupying it. It is not applicable in cases where the possession is pursuant to a lease. Ejectment actions are typically used by property owners or those with a superior claim to the title to remove occupants or trespassers who do not have the right to remain on the property.
An encumbrance is any right to, interest in, or legal liability upon real property that doesn't prohibit passing title to the land but diminishes its value. Encumbrances include easements, licenses, leases, timber privileges, homestead privileges, mortgages, and judgment liens.
The term 'Estate' broadly encompasses all that a person owns, covering both real property and personal property. It can refer to the collection of assets left behind after death or the nature and extent of a person's interest in or ownership of land.
A fee can refer to complete ownership in real property or the cost of professional services.
Fee Simple (or Fee Simple Absolute) refers to the absolute ownership of real property where the owner has unrestricted powers to dispose of the property during their lifetime, and upon death, the property passes to designated heirs. This ownership can only be overridden by eminent domain.
A fixture is an item that was initially personal property but has become real property due to its attachment to a building or land in such a way that removal would damage the property.
A type of estate in land where ownership is held in fee simple, giving the owner complete and indefinite ownership of the property.
A freehold estate is an estate in land of uncertain duration, encompassing both estate in fee and a life estate. This term describes rights in land ownership that are free from any rent or leasehold obligations.
Future Interest refers to an individual’s legal right to possess or enjoy property or assets in the future, usually upon the occurrence of a specified event or the fulfillment of certain conditions.
A General Warranty Deed is a legal document used in the transfer of ownership of real property, where the grantor guarantees the grantee a clear title free from any claims or encumbrances, both during and before the grantor's ownership.
An Income Tax Lien is a legal claim imposed by a government entity against a noncompliant taxpayer's property due to unpaid income taxes. This lien can pertain to both real and personal property.
Incorporeal property refers to legal interests in real property that do not include the right of possession. Examples include easements and licenses, which grant specific, limited rights without conferring ownership or possession of the land.
Inheritance refers to real or personal property that is received by heirs. It generally includes property passed by will, and while the estate itself may be subject to federal estate tax, the recipient typically does not owe federal income tax on the inheritance.
Investment refers to the purchase of assets such as stocks, bonds, mutual fund shares, real property, collectibles, or annuities, with the expectation of obtaining income, capital gain, or both in the future. Investment tends to be longer term and less risky than speculation.
Land refers to the earth's surface, encompassing areas that can be owned, developed or transferred through legal means. It is a fundamental component in real estate and economic interests, often including all permanent structures affixed to it.
A land trust is a legal arrangement in which a trustee or trustor holds the title or ownership of real property on behalf of a beneficiary, providing an efficient way to manage, develop, and preserve property interests.
The mid-month convention in taxation concerns the depreciation of residential and nonresidential real property, attributing service or disposal to the midpoint of the month in which these events occur.
A package mortgage is an arrangement whereby the principal amount loaned is increased because personalty, such as appliances, as well as realty, serve as collateral.
Pride of ownership refers to the sense of well-being and pleasure that some people derive from owning a home or other real property, encompassing intangible benefits such as social status, financial accomplishment, and community commitment.
The real estate market refers to the potential buyers and sellers of real property at the current time, as well as the current transaction activity for real property. This includes markets for various property types, such as housing market, office market, condominium market, land market.
Real property encompasses land and anything permanently attached to it, including buildings, trees, and certain rights issuing out of, annexed to, and exercisable within or about the land. It forms an essential part of property law.
Recording refers to the act of entering a transaction in a book of public records, particularly those affecting the title to real property. This process gives public notice of the facts recorded.
The Registry of Deeds is an officially maintained book that provides a place and mechanism for registering evidences of conveyances of interests in real property, so that constructive notice may be available to all third parties that there has been a change in the ownership of property effected by a conveyance of that property.
A payment made for the use of land or property, usually, but not necessarily, based on a lease agreement. Rent is typically paid on a periodic basis and provides tenants the right to temporary use and occupancy of certain real property.
A transaction based on a security agreement that concerns a security interest, whereby personal or real property is pledged as collateral for performance or for a debt.
A Security Interest represents a legal claim or right granted to a lender or secured party over the borrower's property (collateral) which secures the payment or performance of an obligation.
Specific performance is a legal remedy in contract law, requiring the breaching party to fulfill their obligations under the contract, typically enforced when the subject matter is unique.
Tenancy refers to the right of possession or occupancy of real property, either through lease or title. It encompasses various forms of holding property, including landlord-tenant relationships and co-ownership arrangements.
A tract, or parcel, of land is a defined area of real estate, typically held for the purpose of subdividing into smaller plots for development or sale.
A violation refers to an act or condition that is contrary to law or the permissible use of real property. It often leads to penalties such as fines and legal actions.
