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Real Estate Glossary
For your convenience, we've compiled a list of words and phrases to help you understand Real Estate better.
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Items of value owned by an individual.
s that can be quickly converted into cash are considered "liquid
s." These include bank accounts, stocks, bonds, mutual funds, and so on. Other
s include real estate, personal property, and debts owed to an individual by others.
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By filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities. Bankruptcies are of various types, but the most common for an individual seem to be a "Chapter 7 No
" bankruptcy which relieves the borrower of most types of debts. A borrower cannot usually qualify for an "A" paper loan for a period of two years after the bankruptcy has been discharged and requires the re-establishment of an ability to repay debt.
A decline in the value of property; the opposite of appreciation. Depreciation is also an accounting term which shows the declining monetary value of an
and is used as an expense to reduce taxable income. Since this is not a true expense where money is actually paid, lenders will add back depreciation expense for self-employed borrowers and count it as income.
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