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Substitution
Substitution An appraisal principle that states that the maximum value of a property tends to be set by the cost of purchasing an equally desirable and valuable substitute property, assuming that no costly delay is encountered in making the substitution.
RELATED TERMS--------------------------------------
Appraisal
An expert judgment or estimate of the quality or value of real estate as of a given date.
Value
The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability.
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.
Substitution
An appraisal principle that states that the maximum value of a property tends to be set by the cost of purchasing an equally desirable and valuable substitute property, assuming that no costly delay is encountered in making the substitution.
SIMILAR TERMS--------------------------------------
Subscribe
1) To give, pay, or pledge (a sum of money) as a contribution, investment, etc. 2) To append one's signature or mark to (a document), as in approval or attestation of its contents.
Subscribing witness
The witness to the execution of an instrument who has written his name as proof of seeing such execution.
Substantial performance
Substantial performancerefers to the fulfillment of the obligations agreed to in a contract, with only slight variances from the exact terms and/or unimportant omissions or minor defects.
Substitute of trustee
A document which is recorded to change the trustee under the deed of trust.
Substitution of entitlement
Replaces one eligible veteran with another on an existing Veterans Administration loan.
Subsurface rights
Ownership rights in a parcel of real estate to the water, minerals, gas, oil and so forth that lie beneath the surface of the property.
PREVIOUS AND NEXT TERMS--------------------------------------
Subprime mortgage
A mortgage granted to a borrower considered subprime, that is, a person with a less-than-perfect credit report. Subprime borrowers have either missed payments on a debt or have been late with payments.
Subrogation
The substitution of one creditor for another, with the substituted person succeeding to the legal rights and claims of the original claimant.
Subscribe
1) To give, pay, or pledge (a sum of money) as a contribution, investment, etc. 2) To append one's signature or mark to (a document), as in approval or attestation of its contents.
Subscribing witness
The witness to the execution of an instrument who has written his name as proof of seeing such execution.
Substitute of trustee
A document which is recorded to change the trustee under the deed of trust.
Substitution
Substitution of entitlement
Replaces one eligible veteran with another on an existing Veterans Administration loan.
Subsurface rights
Ownership rights in a parcel of real estate to the water, minerals, gas, oil and so forth that lie beneath the surface of the property.
Subterfuge
A clever trick or strategy used to evade a rule, escape a consequence, hide something, etc.
Subterranean termites
A type of termite that nests underground.
Successors
Those who succeed to or to whom the corporation's rights in the property are transferred.
This dictionary contains 6433 terms. |
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