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
Court action to order a compulsory sale of real estate owned jointly between two or more owners. A partition action divides the proceeds of a real estate sale among the joint owners rather ...
mortgage being reduced through periodic principal and interest payments. ...
Section of the Internal Revenue Code relating to depreciation. Capital improvements made to real property are depreciable. ...
To create an encumbrance. ...
Expected period that property will provide benefits. It is typically less than physical life of the property because the property continues to have physical life regardless of inefficiency ...
To obtain the right through authorization to act as a legal representative and agent for another. ...
Member Of the American Institute of Real Estate Appraisers. ...
(1) Government seizes private property, but does not provide fair and reasonable compensation for it. (2) Property is seized and the owners rights abolished because of a legal violation. ...
The phrase used for the period in which the escrow agent communicates to both the buyer and the seller as to what documents or moneys have to be deposited with the escrow agent to satisfy ...
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