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
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An account into which payment is made for particular expenses to assure that money will be available. An example is a special account the homeowner's attorney establishes for advance ...
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Device that cuts off an electric circuit when the current becomes to strong. ...
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Return before taxes on the capital invested in real estate property. ...
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