Legal Age
Definition of "Legal age"
The age at which one is legally capable of entering into binding contracts, signing a deed and negotiating business agreements. In most states this is the age of majority. Normally this is the age of 18. However, for certain activities, such as drinking alcoholic beverages, the age could be higher or lower in the case of qualifying to obtain a driver's license. A contract, deed, or business agreement is not valid when signed by a minor.
Popular Real Estate Terms
Insulation covered on each side by a material, such as metal. ...
Insurance coverage provided for an individual having a lease at a favorable rate, one which is less than the market value of the property. The insurance indemnifies the tenant for business ...
(1) Any asset purchased for use in production over long periods of time rather than for resale. It includes land, buildings, plant, and timber reserves. (2) In taxation, property held by a ...
Immediate convertibility of assets into cash without loss. Many types of real property are illiquid. ...
See estoppel. ...
Second home. The interest and real estate taxes on the second home are tax deductible on the family's 1040 tax return. ...
Same as term capitalization rate: Also called cap rate or income yield. A useful way to compute the rate of return on a real estate investment. It equals the net operating income (NOI) for ...
Local regulation on how real property may be used in a particular locality. The county may establish different zoning classifications and restrictions. If the ordinance is violated, ...
Person or business that benefits from the work of another person or business. The recipient has not compensated the other party for this gain. In law, the one being enriched at the ...
Have a question or comment?
We're here to help.