Tài liệu Real Estate Glossary

Real Estate Glossary
Term Definition
1031 exchange Internal Revenue Code, Section 1031, states that neither gain nor loss is
recognized if property held for investment or for productive use in a trade or
business is exchanged for property held for investment or for use in a trade or
business. There are several types of 1031 exchange methods used today,
including delayed exchanges, simultaneous exchanges, and reverse exchanges.
30-day notice Notice to vacate a premises under a periodic tenancy. Notice must be for the rent
period, but not more than 30 days. (See periodic tenancy)
401(k) retirement
plan
401(k) retirement plans allow an individual to contribute part of their pre-tax
income to an investment account. Pre-tax contributions are not tax-free, they are
tax-deferred, meaning the person does not pay income tax on this money until
they withdraw it from the plan (which should be at retirement). Some companies
offer to match the individual's contribution as an incentive to join the company's
retirement plan. Depending on the provisions of a company's retirement plan, a
person may take a loan from their 401(k) account. Not all plans allow for loans.
The loan is paid back, plus interest (a fixed rate determined at the time of the
loan), through after-tax payroll deductions. As long as the individual repays the
loan on time, they are not subject to withholding taxes or penalties.
abatement 1. A reduction or decrease. 2. The removal of a nuisance.
abatement (rental) A reduction or elimination of rent payments for a specified period of time, usually
granted by the landlord as an inducement to the tenant to enter into or renew a
lease.
abatement (tax) A reduction in real property tax granted by a taxing authority as the result of an
appeal. In some jurisdictions, tax abatements may also be granted as an
inducement for development or to attract or retain job-providing industries.
absorption The net statistical change in occupied space over a period of time (generally year
to year). Positive absorption reflects an increase in occupied space while
negative absorption reflects a decrease.
abstract of
judgment
A full summary by the court of a judgment. It becomes a general lien on all a
debtor's property in the county where it is recorded. (See general lien, judgment)
abstract of title A full summary of all consecutive grants, conveyances, wills, records and judicial
proceedings affecting title to a specific parcel of real estate, together with a
statement of all recorded liens and encumbrances affecting the property and their
present status. The abstract of title does not guarantee or ensure the validity of
the title of the property. Rather, it is a condensed history that merely discloses
those items about the property that are of public record; thus, it does not reveal
such things as encroachments and forgeries. (See abstracter, title insurance
policy, certificate of title)