What does null and void mean in real estate?
Michael Hall, Real Estate Agent William Raveis Real Estate. In legal terms, the definition of null and void (“void ab initio”) can describe an agreement that has no force or binding power. Therefore, it’s neither valid nor legally enforceable from the moment of its inception.
What is real estate AVR?
An asset valuation reserve (AVR) is capital required to be set aside to cover a company against unexpected debt. The asset valuation reserve (AVR) serves as a backup for equity and credit losses. A reserve will have capital gains or losses credited or debited against the reserve account.
What is passive in real estate?
What is passive real estate investing? Passive real estate investing is when you give someone your money and they do all the work for you. A real estate investment trust (REIT) or real estate partnership where you don’t play an active role are good examples.
What does it mean when a property is listed as null?
If a property’s definition does not set the default value of a property, its default value is null.
What does null mean in legal terms?
having no legal or binding force
Legal Definition of null : having no legal or binding force : void a null contract.
What is Mao in real estate?
The Maximum Allowable Offer (MAO) is a tried-and-true calculation real estate investors use to determine the price they would like to offer on a particular investment property. It is an equation that ensures investors maintain the desired profit while considering expected fixed and rehab costs.
What is a 70% ARV loan?
When a real estate investor applies for a hard money loan most lenders will lend up to a certain percentage of the ARV. 70% is the standard maximum percentage of the ARV with anything above 70% considered to be too risky for the lender to lend on.
How do passive real estate make money?
One of the most popular ways to generate real estate passive income is through rental properties. Investors who play their cards right can create a steady revenue from rental income, while they also have the option to make improvements to the property and build equity.
How long is a contingent offer good for?
between 30 and 60 days
The buyer and seller must agree on the timeframe in which the buyer needs to secure mortgage approval. A contingency period typically lasts anywhere between 30 and 60 days. If the buyer isn’t able to get a mortgage within the agreed time, then the seller can choose to cancel the contract and find another buyer.
What is a null process?
A null process—which takes its name from the concept of null pointers—is what happens when no formal process is put in place. A pointer in computer programming is an object that points to a location in computer memory with meaningful information; it could point to a number, a letter, or even another pointer.
How do you null a contract?
How to Nullify a Contract
- Evaluate the terms of the contract. Most contracts include clauses that stipulate the terms for ending a contract agreement.
- Consider the benefits to each party.
- Consider the needs of each party.
- Evaluate for breach of contract.
- Evaluate if the contract is fraudulent.
How do I find Mao on my property?
MAO = (ARV x 0.70) – RE – CC
- ARV is the after-repair value.
- RE is the repair estimation.
- CC is the closing costs.