Second Home

Definition

  • The second property purchased by an individual or entity, often a rental property or a recreational home.

Synonyms
second property

Related Terms and Acronyms

  • Additional Property Definition,
    • A property that is owned by the person that is not being financed.
  • Real Estate (RE) Acronym, Very Important,
    • A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
  • Rental Property (RP) Acronym, Important,
    • Property that is occupied by rent-paying tenants and not the owner.
  • Second Home Mortgage Definition, Important,
    • A mortgage used purchase property, often a vacation or a rental property.
  • Timeshare Definition,
    • A form of multiple ownership of a piece of property in which each owner has access to the property for a period during the year. Most timeshares are vacation homes in resort areas.
  • Type 'A' Property Definition,
    • Residential property that is centrally heated and accessible year-round.
  • Type 'B' Property Definition,
    • Property that may not be centrally heated or may only be seasonally accessible.
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