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The highest and best use of the site is to demolish the house and sell the site as a commercial lot. The market value would be $225,000 ($250,000 site value minus $25,000 demolition cost). However, if the demolition costs rose to $55,000, the highest and best use would be the existing residential use, because the value as a commercial lot (now ...
Latent defect. In the law of the sale of property (both real estate and personal property or chattels) a latent defect is a fault in the property that could not have been discovered by a reasonably thorough inspection before the sale. In relation to a construction contract, a latent defect is a fault in the property or its underlying site which ...
Mechanic's lien. A mechanic's lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property. The lien exists for both real property and personal property. In the realm of real property, it is called by various names, including, generically, construction lien.
Graduate real estate education is the study of real estate development at the graduate school level. It has taken many forms, giving rise to various educational models in different countries. The decision for individuals pursuing higher education in this field often comes down to choosing between a traditional degree with a focus on real estate ...
The Contracting Officer's Technical Representative is responsible for monitoring the contractor's progress in fulfilling the technical requirements specified in the contract. Should the contractor fail to fulfill the contractual requirements, the COTR must inform the CO of such failure. The COTR maintains administration records, approves ...
The District of Columbia defines "lead-based paint" as any "paint, surface coating that contains lead equal to or exceeding 0.7 milligram per square centimeter (0.7 mg/cm2) or 0.5% by weight." [9] This is more stringent than the HUD lead-based paint standard of 1.0 mg/cm2) . Some states have adopted this or similar definitions of "lead-based ...
In real estate business and law, a title search or property title search is the process of examining public records and retrieving documents on the history of a piece of real property to determine and confirm property's legal ownership, and find out what claims or liens are on the property. [1] A title search is also performed when an owner ...
Loaded 0%. The price tag of a starter home is now over $1 million in more than 100 cities and towns across the country, according to new data from Zillow, another sign of the ongoing affordability ...
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