Line Of Credit
Definition of "Line of credit"
The maximum pre-approved amount that an individual or business can borrow without preparing a new credit request. It is a safety buffer in the event funds are needed for unexpected occurrences or emergencies. Under the line of credit provision, a check may be written whenever funds are needed. Interest is charged only on the amount borrowed. Interest incurred on the first and second homes are deductible for tax purposes.
Popular Real Estate Terms
Foreign-born individual not qualifying as a citizen of the country in which he or she resides. ...
Width of a stair. ...
Physical decline in a property's value caused from use, old age, and environmental factors. ...
A company that is terminated within 3 years. According to the tax law, a gain arising from the sale or liquidation of such a business is considered ordinary income to the individual ...
Approach to determining a capitalization rate for use in valuating property so as to arrive at a suitable purchase price. To the risk free interest rate is added a risk premium to cover the ...
The right of local government to take property when no person are legally entitled to inherit or make claim to a deceased' property. ...
Plywood whose surface is given parallel scratches or grooves in the manufacturing process. It provides, increased bond to adhesives, mortar, plaster, or stucco as well as giving a grain ...
The abstraction method is a valuation procedure used to determine the land value relative to the total market value of the property. The abstraction approach is most often used when there ...
Reconsideration of the value of real property. An example is getting property appraised each year to determine its current value for tax or purposes of determining whether to sell ...
Have a question or comment?
We're here to help.