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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Actual Age


Synonyms:date, existence
Filed Under: insurance, real-estate
Tags: insurance, realty
 

Definition of actual age

actual age
1. The actual age (usually in years) of a structure since building was complete. This differs from effective age.

Related Terms and Acronyms:

  • attained age   The current age of an insured individual.
  • depreciation   The gradual loss of value of a building or other property because of age or natural wear.
  • distressed property   Property that is in poor condition, or whose owner is in poor financial condition.
  • effective age   An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
  • tear-down condition   A house that is bought so it can be razed to make room for a newer house; usually located in a spectacular setting.

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