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Property sales and land development can be full of complex legal terms.
At Aileron we try to keep it simple. Here are definitions of some terms that you may run across.

 
 
Acre
An acre of land is equal to 43,560 square feet; or 4840 square yards or 160 square rods.  There are 640 acres in a section of land and 36 sections in a township.

Appraised Value
An opinion of the fair market value of a property as developed by a licensed, certified appraiser following accepted appraisal principles.

Assessment
The valuation of property for taxation. Also, a non-recurring specific charge against property for a definite purpose, such as curbs or sewers.

Bungalow
A one-story home style dating from the early twentieth century often characterized by a low-pitched roof.


 
Capital Expenditure
An outlay of funds designed to improve the income-producing capabilities of an asset or to extend its economic life.

Closing Costs
All appropriate costs generated by the sale of property which the parties must pay to complete the transaction. Costs may include appraisal fees, origination fees, title insurance, taxes and any points negotiated in the agreement.

Conservation Easement
A right that one person has relative to the land of another for the specific purpose or protection of property against loss, misuses, or waste, particularly in the modern sense of the term, natural resources, wildlife, and natural settings in mountains, rivers, lakes, prairies, etc. not inconsistent with general property rights of the owner.


 
 
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