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Incurable defect
Incurable defect A defect in a property that cannot be fixed, such as an adjacent hazardous waste site, or that would cost too much to repair relative to the value of the property.
RELATED TERMS--------------------------------------
Defect
A condition that materially affects the value or use of residential property in an adverse manner.
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.
Fixed
A time period that is fixed for each calendar year, either by date or by calendar weeks; most in numerical sequence 1-52.
Waste
An improper use or an abuse of a property by a possessor who holds less than fee ownership, such as a tenant, life tenant, mortgagor or vendee.
Value
The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability.
SIMILAR TERMS--------------------------------------
PREVIOUS AND NEXT TERMS--------------------------------------
Income ratio
The relationship between a person's total income and the amount needed to make one month's mortgage payment.
Income return
The percentage of the total return that is generated by the income from operations of a property, fund or account
Incompetent
An individual who is unable to handle his own affairs by reason of some medical condition (e.g., insanity, Alzheimer's).
Incorporeal right
A nonpossessory right in real estate; for example, an easement or a right of-way.
Increasing and diminishing returns
The addition of more improvements to land and structures which increases value only to the assets' maximum value. Beyond that point, additional improvements no longer affect a property's value.
Incurable defect
Independent
A brokerage firm operating on-its-own without an affiliation with a regional or national franchise.
Independent bank
A bank that is locally owned and operated, and not associated with a bank holding company.
Independent contractor
One who is retained to perform a certain act, but who is subject to the control and direction of another only as to the end result and not as to how he or she performs the act.
Independent Financial Adviser (IFA)
A qualified professional who is not tied to any company and who can advise you on a range of products including mortgages, insurance and pensions from a range of providers.
Index
A measurement used by lenders to determine changes to the Interest rate charged on an adjustable rate mortgage.
This dictionary contains 6433 terms. |
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