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Real estate can be valued or devalued based on the amount of environmental degradation that has occurred. Environmental degradation can cause extreme health and safety risks. There is a growing demand for the use of site assessments (ESAs) when valuing a property for both private and commercial real estate. [17]
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 ...
A property abstract is a summary of the legal documents that chronicle transactions associated with a particular parcel of land.Generally included are references to deeds, mortgages, wills, probate records, court litigations, and tax sales—basically, any legal document that affects the property.
Owner-occupancy or home-ownership is a form of housing tenure in which a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which they live. [1] The home can be a house , such as a single-family house , an apartment , condominium , or a housing cooperative .
In property law of the United Kingdom and the United States and other common law countries, a remainder is a future interest given to a person (who is referred to as the transferee or remainderman) that is capable of becoming possessory upon the natural end of a prior estate created by the same instrument. [1]
In real estate, stigmatized property is property that buyers or tenants may shun for reasons that are unrelated to its physical condition or features. [1] These can include death of an occupant, [1] [2] murder, [1] [2] suicide, [2] previous illicit activities, and even the belief that a house is haunted. [3]
If such a condition does occur, the property reverts to the grantor, or a remainder interest is passed on to a third party. Fee tail: An estate which, upon the death of the tenant, is transferred to his or her heirs. Life estate: An estate lasting for the natural life of the grantee, called a "life tenant". If a life estate can be sold, a sale ...
In real estate business and law, a title search or property title search is the process of examining public records and retrieving documents on the history of a piece of real property to determine and confirm property's legal ownership, and find out what claims or liens are on the property. [1]