Tear-down Condition

Definition

• A property that is purchased for the sole purpose of tearing it down to build a newer house. These types of properties are generally located in desirable locations with spectacular views or amenities.

Synonyms
useless property, not worth keeping

Alternate Spellings
conditionally sold, conditional sale

Related Terms and Acronyms

• Actual Age — Definition,
  • The years since a structure was built. Differs from effective age.
• Blighted Area — Definition,
  • An ugly, run-down neighbourhood.
• Current Market Value (CMV) — Acronym,
  • The estimated price determined by the recent sale of similar properties.
• Demolition Insurance — Definition,
  • Insurance that covers demolition costs for an irreparably damaged building.
• Distressed Property — Definition,
  • Property that is in poor condition, or whose owner is in poor financial condition.
• Fixer-upper (fxr) — Abbreviation,
  • A house that needs a lot of work and which sells for a discount.