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Identification period
Identification period The period during which the exchanger must identify replacement property in a 1031 tax deferred exchange. The identification period starts on the day the exchanger transfers the first relinquished property and ends at midnight on the 45th day thereafter.
RELATED TERMS--------------------------------------
Exchanger
The property owner seeking to defer capital gain tax by utilizing an IRS 1031 tax deferred exchange.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Exchange
A transaction in which all or part of the consideration for the purchase of real property is the transfer of property of "like kind".
SIMILAR TERMS--------------------------------------
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Interest-only ARM 3-1
A 3-1 interest-only ARM is an adjustable rate mortgage in which none of the payments go toward retiring principal for the first three years.
Interest-only refinance ARM 3-1
A 3-1 interest-only refinance ARM is an adjustable rate refi in which none of the payments go toward retiring principal for the first five years.
Investment 401(k)
An employer-sponsored investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. 401(k) plans are provided by employers that are private corporations.
Interest-only ARM 5-1
A 5-1 interest-only ARM is an adjustable rate mortgage in which none of the payments go toward retiring principal for the first five years.
Interest-only jumbo refinance ARM 5-1
A 5-1 jumbo interest-only refinance ARM is a jumbo refi with fixed, interest-only payments for the first five years of the loan. After the five years are up, the loan converts to a loan whose payments cover both interest and principal, and which adjusts annually to current interest rates.
Identification period
Illusory contract
An apparent contract that is not a contract because the parties have not agreed to be bound.
Impact fees
Money that local government collects from housing developers to pay for services that residents will need, such as schools, parks, road improvements and sewerage.
Impaired credit
A person with a less-than-perfect credit rating.
Implied agency
An agency agreement created by the actions of the parties, and not a stated (written or verbal) agreement.
Implied agreement-contract
A contract under which the agreement of the parties is demonstrated by their acts and conduct.
This dictionary contains 6433 terms. |
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