Subrogate
Substituting one party for another in an action giving that party full rights or claims. Foe example, an insurance company pays the insured for a fire loss caused to the home by a third party. After the insurance company reimburses the insured for the loss, the insurance company 'now stands in the insured's shoes"" and sues the third party for the damages.
Popular Real Estate Terms
The accelerated cost recovery system is a depreciation system for tax purposes mandated by the Economic Recovery Tax Act of 1981. In 1986 the Accelerated Cost Recovery System (ACRS) was ...
Determines the ability of soil to absorb and draw down water. A percolation test is essential to determine the location of a drainage field for waste disposal. ...
Standard unit of area that is used to measure a parcel or real estate. Square footage is computed by multiplying the length and width dimensions of a room, building, lot, etc. ...
A map that shows land elevations. ...
Charge by the lender to keep credit available to the potential borrower. Once the loan is made, interest is charged on the amount borrowed. Real estate businesses often need money available ...
Legal action by an owner of property to oust or exclude an individual or business form using the property. ...
An official indicating intensity of land use in a zoned urban area. ...
Within Real Estate, “nuisance” is a term used to describe any disturbance that might affect neighboring houses. Nuisance abatement is the enforcing of policies and codes that ...
Statement made verbally. It is better legally to have a written statement because verbal ones without witnesses may be denied. ...
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