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The highest and best use of the site is to demolish the house and sell the site as a commercial lot. The market value would be $225,000 ($250,000 site value minus $25,000 demolition cost). However, if the demolition costs rose to $55,000, the highest and best use would be the existing residential use, because the value as a commercial lot (now ...
Liquidation value. Liquidation value is the likely price of an asset when it is allowed insufficient time to sell on the open market, thereby reducing its exposure to potential buyers. Liquidation value is typically lower than fair market value. [1] Unlike cash or other available liquid assets, certain illiquid assets, like real estate, often ...
The District of Columbia defines "lead-based paint" as any "paint, surface coating that contains lead equal to or exceeding 0.7 milligram per square centimeter (0.7 mg/cm2) or 0.5% by weight." [ 9] This is more stringent than the HUD lead-based paint standard of 1.0 mg/cm2) . Some states have adopted this or similar definitions of "lead-based ...
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
As Walmart transitioned from selling items they themselves purchased, to a business model where vendors rented floor space, the need for an outlet store to deal with defective and discontinued items phased out. As a result of this, the Bud's Discount City chain was phased out in 1998. [26] Dot Discount Drugs [27] Helen's Arts and Crafts ...
Closing (real estate) The closing (also called the completion or settlement) is the final step in executing a real estate transaction. It is the last step in purchasing and financing a property. [1] On the closing day, ownership of the property is transferred from the seller to the buyer. In most jurisdictions, ownership is officially ...
Fractional ownership. Fractional ownership is a method in which several unrelated parties can share in, and mitigate the risk of, ownership of a high-value tangible asset, usually a jet, yacht or piece of resort real estate. It can be done for strictly monetary reasons, but typically there is some amount of personal access involved.
Estoppel certificate. An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [ 1] It is used in a variety of countries for commercial and ...