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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
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50% - Moderately
50% - Moderately
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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