What does unqualified property mean?
UNQUALIFIED PROPERTY means the Property comprising a Multifamily Residential Property the fee simple interest in which is not 100% owned or leased, directly or indirectly, by the Borrower and/or its Wholly Owned Subsidiaries.
What is a nominal sale in real estate?
A Nominal Buyer of Real Estate Had a Contract With the real Owner – Why This Owner Could Not Rescind the Contract, But Was Entitled to Damages. … Nonetheless, California real estate attorneys usually encounter these situations where the agreement between the parties is oral, and there is no documentation.
What does BAS mean on property?
November 9, 2015 / yzhao. In our recent industry survey and white paper on building and energy management, we found out that many building professionals use the terms Building Automation/Management Systems (BAS/BMS) and Energy Management Software (EMS) interchangeably.
What does WD q mean in real estate?
The general warranty deed is the most common and preferred type of instrument used to transfer real estate titles in the United States. Both the general and special warranty deeds identify: The name of the seller—the grantor. The name of the buyer—the grantee.
Why do deeds say $1?
Usually this means the property was a gift. The deed normally has to show consideration so the drafter inserts a nominal figure, usually $1.00. This means nothing about the value of the property.
Why do houses sell for $1?
“When a house is being sold for a dollar, it means that the local real estate market has cratered,” says David Reiss, professor of law at Brooklyn Law School who focuses on real estate issues and community development. “Land has no value.
Can my mother sell me her house for 1 dollar?
The short answer is yes. You can sell property to anyone you like at any price if you own it. But do you really want to? The Internal Revenue Service takes the position that you’re making a $199,999 gift if you sell for $1 and the home’s fair market value is $200,000, even if you sell to your child.
What does LT mean on a deed?
A life estate is a legal arrangement to transfer property automatically upon a person’s death. One person is given an interest in the property for his or her lifetime. This person is called a life tenant (LT). … Both the LT and the remaindermen have real interests in the property.
What does r s mean on a deed?
Taking title as joint tenants with right of survivorship (JTWROS) allows two or more people to own the same property, each with full interest in the property. Upon the death of one of the joint tenants, the ownership interest passes to the remaining joint tenants that have right of survivorship.
What is parcel number of property?
A parcel number is assigned by your local tax assessment office and is used to help identify your property for tax, title, deed and property line reasons. … The parcel number is used as an identifier on your local parcel maps and it has a unique format.