Bank Letter
Definition of "Bank letter"
(1) Provided by a commercial or savings bank to the real estate company itself or to another party for documentation purposes. Such a letter may be needed by a prospective condominium owner to document his/her bank balance for a condominium board deciding whether to accept him/her; also a prospective tenant in a forthcoming shopping mall may request the real estate developer to provide such a letter to confirm his/her assertions of financial stability complete the mall. (2) Letter of credit promising the future availability of financing under a line of credit.
Popular Real Estate Terms
Distance from the location of natural ground and water to the actual ground level. ...
Appraisal of a location before the purchase is made of it for potential environmental problems. ...
Rainwater pipe attached to a roof gutter channeling the run off down and away form the building. ...
Incapable of performing duties because of a lack of knowledge and training. The individual may not possess the qualifications and credentials. For example, a prospective buyer of real ...
Timeshare homes is the popular name given to the concept of fractional ownership in real estate, and, in fact, is a better term to explain its meaning.Why?Well, fractional ownership means ...
The right to deviate from the use of land prescribed by an existing zoning ordinance. ...
A statistical procedure using a body of measurable independent variables to compute an equation that successfully measures and forecasts the variance in another variable, the dependent ...
The right to allow livestock to graze on a certain range or grazing lands. Grazing rights can be obtained through a lease or by contractual agreement stipulating the period of time and the ...
When we’re talking about debt service, we refer to the amount of cash required to cover the debt’s repayment of both the interest and the principal for a certain period of time. ...
Have a question or comment?
We're here to help.