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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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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