- The second property purchased by an individual or entity, often a rental property or a recreational home.
Related Terms and Acronyms
- Additional Property — Definition,
- A property that is owned by the person that is not being financed.
- Real Estate (RE) — Acronym, Very Important,
- A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
- Rental Property (RP) — Acronym, Important,
- Property that is occupied by rent-paying tenants and not the owner.
- Second Home Mortgage — Definition, Important,
- A mortgage used purchase property, often a vacation or a rental property.
- Timeshare — Definition,
- A form of multiple ownership of a piece of property in which each owner has access to the property for a period during the year. Most timeshares are vacation homes in resort areas.
- Type 'A' Property — Definition,
- Residential property that is centrally heated and accessible year-round.
- Type 'B' Property — Definition,
- Property that may not be centrally heated or may only be seasonally accessible.