Life Tenant
The grantee who is the tenant of a life estate. When the tenant dies, the estate goes back to the grantor. For example, President Eisenhower and his wife, Mamie, were life tenants of the Gettysburg farm life estate granted by the U.S. government. Upon their deaths, the property reverted to the U.S. government as a historical site.
Popular Real Estate Terms
Highest amount a property is worth equal to the amount that would have to be paid to buy equivalent property in the market place. ...
Maximum interest rates a borrower might pay for an adjustable rate mortgage. It controls the amount of change in the rate when it adjusts. The first number is the maximum increase allowed ...
An affiliate of the National Association of Real Estate Boards, engaged in educational programs and publications for its members. Its publications include Real Estate Perspectives and Real ...
Prepayment to a landlord for refurbishing the unit beyond what would be anticipated from customary wear and tear. It is like a damage deposit. The security deposit may be refunded at the ...
Fee a borrower is assessed for the right to make a loan payment before the due date. An example is the prepayment charge for paying-off a mortgage early. ...
Partially amortized and requiring a lump sum (balloon) payment at maturity. ...
The amount of rent a property could command in the open market. See also market rent. ...
Right to enter and start construction or furnishing property that is in the process of being purchased. ...
The definition of cooperative housing is well known by real estate agents because they are often involved in the selling process, in most cases. Cooperative housing is a form of ...
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