Section 1034
Definition of "Section 1034"
Provision in the Internal Revenue Code applicable to the sale of an individual's house. The gain or loss is deferred by adjusting the cost basis of a new house bought within two years of the date of sale of the old house. The replacement cost for the new house must be equal to or greater than the net selling price of the old house. the net selling price equals the gross selling price less expenses associated with the sale such as brokerage fees." section 1221
Popular Real Estate Terms
A public officer given the right to authenticate a document, accept a person's oath, administer depositions, and to conduct other activities in commercial business. An official seal is used ...
Statement made verbally. It is better legally to have a written statement because verbal ones without witnesses may be denied. ...
Same as term yield: The income earned on an investment, typically stated as a percentage of the market price ...
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 ...
Giving of a promise or guarantee to the receiver to instill confidence. ...
Amount of money paid for some form of property. In real estate, the price paid for property is usually the market price; however, in the case of a forced sale, as in a foreclosure sale, the ...
Amount of money that must be charged or invested in the initial stage of a business transaction to demonstrate good faith as well as to help offset some expenses. For example, the customary ...
Refurbishing or rebuilding a property, such as a house, back to its original or earlier condition. ...
The units are used as commercial offices. The purchaser of an office condominium owns the title to the individual office unit and not to the property. Maintenance fees are assessed to each ...
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