Home Improvement Deduction Tax
Home Improvement Deduction Tax
Home Improvement Deduction Tax

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Real Estate Terms of the Day for Home Improvement Deduction Tax



CHAIN OF TITLE
The chronological order of conveyance of a property from the original owner to the present owner.

HABITABLE
Being fit to live in. The residential landlord has an obligation to keep the leased premises in a habitable condition.

NOMINAL CONSIDERATION
A consideration bearing no relation to the real value of the contract. A deed often recites a nominal consideration, such as "ten dollars and other valuable consideration."

LEVEL PAYMENT MORTGAGE
A mortgage which is scheduled to be repaid in equal periodic payments which include both principal and interest.

LIMITED COMMON ELEMENTS
That special class of common elements in a condominium reserved for the use of a certain apartment(s) to the exclusion of other apartments.

LANDSCAPING
Shrubs, bushes, trees and the like, on the grounds surrounding a structure.

MORTGAGOR
The one who gives a mortgage as security for a debt; the borrower; usually the landowner; the borrower or debtor who hypothecates or puts up his property as security for an obligation.

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