leasehold estate image.

Leasehold Estate Definition

A less than freehold estate (also known as a leasehold estate) is an estate held by one who rents or leases property. The key difference between a leasehold estate and a freehold estate is the limitation of time. As lease …

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freehold estate image

Freehold Estate Definition

So how do estates work, and what are they? Well, estates can be divided into two different sections: freehold estates and leasehold estates. In this article, we will cover freehold estates. A freehold estate is an estate in which you …

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puffing image

Puffing Definition

When you hear agents say, “Check out this beautiful house. It’s MASSIVE,” and it’s actually not. It’s called puffing. What is Puffing? Definition: The term puffing refers to “extravagant claims made by sellers in order to attract buyers.” In plain …

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Economic Obsolescence Definition

If a new highway is built right next to a home, the noise could disincentivize people from wanting to live there. This is an example of Economic Obsolescence. What is Economic Obsolescence? Definition: Refers to the loss of property value …

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functional obsolecence

Functional Obsolescence Definition

Imagine owning a home you are pretty happy with. You have a beautiful two-story house in a lovely fantastic neighborhood, but…. Your home is a bit outdated. In fact, all the new homes in the neighborhood and market have at …

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