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
CE Shop has become a widely used and popular term in real estate. But what does it mean? “CE” stands for continuing education, and in the real estate business, it implies a ...
Way of selling real estate in which a syndicator sells equity interests to investors. Examples include a real estate investment trust, limited partnership, and corporation. For example, a ...
Written proposals and acceptances applicable to the aspects of the transaction. The escrow agent must follow the purchase and sale agreement. ...
Sheet metal, often made of aluminum, used to cover a structure's open masonry or wood joints. The purpose of flashing is to prevent the penetration of water as well as to provide a drainage ...
Wood strip on the top of a baseboard. ...
We call a concept ostensible when, at first sight, it appears to be accurate or valid. However, upon closer inspection, it proves to be a half-truth or completely false. For instance, Dale ...
Any structure projecting from a wall or other vertical element for the purpose of providing support for a weight or other object. ...
The United States has a law named “eminent domain” that grants local, state, or federal government the right to take ownership of a private property with or without the consent ...
Insurance coverage for any risk that can cause physical damage to the insured item. ...
Have a question or comment?
We're here to help.