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
(1) Mildly convex arch built into a load bearing beam, girder, or truss to counteract any load bearing stress placed on it. (2) Slight slope designed into a structure such as a drive4way or ...
Agreement by a lender to lend money to a borrower. A loan commitment typically includes the amount of money to be lent, the interest rate, and the period of the loan. ...
'Disputable' presumption that is subject to rebuttal based on evidence. However, the presumption prevails until it is rebutted. ...
Principle stating that the joint tenants must have equal rights to possession of the whole property. ...
Individual or entity who pays for the professional services of another person or business. ...
Land expansion resembling a star. The starts center is the city, and major thoroughfares going away from the city are depicted. ...
The term assessed value is used to define the dollar value of a property for the applicable taxes. The evaluator, a tax assessor, determines the property’s assessed value for tax ...
Each payment made by the borrower is equal each period, usually monthly. Each payment is comprised of principal and interest. Interest is based on the beginning balance. The cash paid less ...
Unlimited interest in property. A freehold estate may be a fee simple or file estate. Freehold estate includes freehold in deed, a fee simple estate; freehold in law, an inheritable estate; ...
Have a question or comment?
We're here to help.