(1) Type of loan where the final payment is substantially greater than the previous payments; also termed partially amortized loan. A debt agreement might stipulate a balloon payment when future refinancing is expected. (2) Last lease payment for a lease asset. It includes the residual value of the asset, which is often greater than previous rental payments made during the lease period.
Popular Real Estate Terms
The assessment sales ratio is a way of measuring the accuracy of a property’s assessed value when compared to the property’s selling price. This measurement gives the ...
Contractual provision allowing an individual or business to renege on a commitment in certain cases without being penalized. ...
A married partner. Property may be jointly held by spouses. ...
High quality, premium wood to be used in construction such as for home building. ...
If escrow is the legal “moment” where assets are held by a third party (an escrow agent) hired by both the buyer and the seller of goods like real estate and insurance until the ...
Sale that is finalized only in the case of a particular occurrence or eventuality. ...
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Governmental body having the responsibility for planning the future development of a jurisdictional area. A planning commission is responsible for developing and managing a zoning ordinance ...
Present worth of the property which is different than the price paid for it or its book value (cost less accumulated depreciation). The current value may be determined through appraisal. ...
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