Connected to or touching along an unbroken boundary.
In many jurisdictions, any property which has been acquired by a married couple. Or a deficiency that may be very expensive to repair. Economic fluctuations, municipal zoning changes and population shifts can effect the life cycle. The current percentage of vacant properties in a given area, regardless of why they are vacant. Connected to or touching along an unbroken boundary. Any person who gives away ownership of a piece of property. Commonly, the conversion of a rental property such as an apartment complex into a CONDOMINIUM-style complex where each unit is owned rather than leased.
Payment made that reduces the principal balance of a loan before the due date and before the loan has become fully amortized. Often occurs when zoning changes after a property is in use. Insurance that covers against potential lawsuit brought against a property owner for alleged negligence resulting in damage to another party.
The space in a development, outside of the common areas, that can be rented to tenants. Any person who is given ownership of a piece of property. An account, or fund, setup for the replacement of short life items , such as carpeting, in the common areas of a cooperative property. An organization founded in 1956 which promotes standards of professionalism in its members. This also covers a lender should a question of ownership arise.