Definition of "Land"
Real estate held for productive use or investment. Land is recorded at the acquisition price plus incidental costs including real estate commissions attorney's fees, escrow fees, title, and recording fees, delinquent taxes paid by the buyer, surveying costs, draining, and grading of the property. the cost of knocking down an old building to clear the land to construct a new building is charged to the land account. Amounts received from selling materials salvaged from the old building reduces the cost of the land. Land is usually presented under the Property, plant and Equipment section of the balance sheet. However, land bought for investment purposes or as a future plant site is classified under Investments. If land sale, it is shown as inventory. Land is not subject to depreciation because it is not a wasting asset.
Popular Real Estate Terms
Used primarily by real estate corporations as a means of restructuring and reorganizing existing debts. Creditors must vote on a debt-paying plan and a judge must give approval. It provides ...
Note having more than one maker, if one or more of the makers default on the note, all makers are sued jointly, rather than just one or all, to make restitution ...
The imposition or collection, usually by legal or governmental authority, of an assessment of a specified amount. An example is a tax assessment on real estate. ...
Heating system generating heat through radiation as opposed to a convection heating system. For example, baseboard heating is a radiant heating system where the heat from circulating hot ...
Amount still unpaid at a particular date on a loan or other financing agreement. ...
A loan indemnified against default by the borrower. Such loans may be a mortgage loan insured by a standard mortgage insurance policy or by FHA mortgage insurance. In the event of the death ...
A unilateral contract is a contract where only one part holds responsibility for whatever the document promises. For instance, an insurance contract is usually a unilateral contract ...
Same as term REIT: Type of investment company that invests money in mortgages and various types of investment in real estate, in order to earn profits for shareholders. Shareholders receive ...
Lessening of work assignments such as when a real estate management firm reduces the number of buildings assigned to each manager. By reducing someone's schedule, he will probably do a ...
Have a question or comment?
We're here to help.