- A property that is purchased for the sole purpose of tearing it down to build a newer house. These types of properties are generally located in desirable locations with spectacular views or amenities.
useless property, not worth keeping
conditional sale, conditionally sold
Related Terms and Acronyms
- Actual Age — Definition,
- The years since a structure was built. Differs from effective age.
- Blighted Area — Definition,
- An ugly, run-down neighbourhood.
- Current Market Value (CMV) — Acronym,
- The estimated price determined by the recent sale of similar properties.
- Demolition Insurance — Definition,
- Insurance that covers demolition costs for an irreparably damaged building.
- Distressed Property — Definition,
- Property that is in poor condition, or whose owner is in poor financial condition.
- Fixer-upper (fxr) — Abbreviation,
- A house that needs a lot of work and which sells for a discount.