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Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
The extent to which the existing improvements differ from the highest and best use as-if vacant, reveals the extent of any functional obsolescence. Further, there are three potential actions that can be undertaken regarding the existing improvements: Retention of the existing improvements, modification of the improvements or the development ...
Ameliorative waste is an improvement to an estate that changes its character even if the change increases the land's value. Under English common law , when ameliorative waste occurs, the interested party can recover from the tenant the cost of restoring the land to its original condition.
Real estate is property consisting of land and the buildings on it, along with its natural resources such as growing crops (e.g. timber), minerals or water, and wild animals; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
In a rapidly rising real estate economics housing market, buying off-plan enables investors and homebuyers to buy a property at a lower price than if they wait for the construction of their chosen property to commence or when it eventually is completed. In addition, buying off-plan may be the only way to get a property with a specific location ...
The fundamental tools of a redevelopment agency include the authority to acquire real property, the power of eminent domain, to develop and sell property without bidding and the authority and responsibility of relocating persons who have interests in the property acquired by the agency.
Deferred maintenance is the practice of postponing maintenance activities such as repairs on both real property (i.e. infrastructure) and personal property (i.e. machinery) in order to save costs, meet budget funding levels, or realign available budget monies. The failure to perform needed repairs could lead to asset deterioration and ...
A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g., in the case of conveyance, one party being the seller(s) and the other being the buyer(s). It can often be quite complicated due to the complexity of the property rights being transferred ...