Terms with Category Real Estate

  • Upside-down Definition,
    • A position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property purchased with the loan. See also "Depreciation."
  • Upzoning Definition,
    • The process, often controversial, of changing the zoning in an area, usually to allow greater density or commercial use. Sometimes the term is used to mean the opposite -- changing the zoning in a broad area to limit growth and density.
  • Useful Life Definition,
    • The number of years depreciable business property is expected to be productive and in use.
  • Valuation Definition,
    • The estimation of a property's price value through an appraisal.
    • The process of finding the worth of an asset or business.
  • Vendor Definition,
    • The seller of a property.
  • Vendor Take Back Definition,
    • Where the seller of the property provides all or some of the financing in order to sell the property.
  • Walk-through Definition,
    • A buyer's final inspection of a property, usually on the day of closing or the day before.
  • Warranty Definition,
    • A guarantee from a dealer or a manufacturer that a vehicle or product will perform as expected or specified. An auto warranty usually covers specified mechanical problems for a set number of kilometers or period.
    • A document certifying clear title to a property.
  • Zoning Definition,
    • Areas within a city limits in which certain types of land uses are allowed. For example, a zoning ordinance might permit houses but not factories in a neighbourhood.
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