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
Financial intermediaries who invest in deeds of trust and mortgages, and hold them in their own portfolio. Large financial firm that uses depositors' money to lend to borrowers. ...
The Exclusive Agency Listing is regularly confused with the Exclusive Right to Sell Listing, but they are not the same. True: on both Listings, only 1 Broker or Agent has the right to sell ...
Freestanding residential housing constructed on its own building lot. Detached housing is the typical type of housing found in suburban developments. ...
A projecting window located above the first floor that is supported by brackets. ...
Reconsideration of the value of real property. An example is getting property appraised each year to determine its current value for tax or purposes of determining whether to sell ...
Drawing for the entire structure or part of it that is detailed and in scale so that engineers and construction workers may readily follow it. ...
Typically, the legal term attachment refers to seizing a person’s property, being charged with debt, and giving it to the wronged creditor until the process is in motion. Attachment ...
The term acknowledgement refers to an act, deed, declaration, or an expression of appreciation, but it also refers to accepting or recognizing something. The definition of acknowledgement, ...
To obtain the right through authorization to act as a legal representative and agent for another. ...
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