Character
Definition of "Character"
Character defines as a set of qualities that set apart a person, place, or object from others. When it comes to people, a character describes moral qualities and personality traits that separate them as individuals. When referring to the character of a place it usually means that there are unique aspects about it that make it stand out.
Character in real estate
In real estate, the term character can be used in multiple scenarios and it can have different meanings. A property with character is a property that has a unique architectural style and design that makes it stand out from the rest. Often, some of the best real estate agents near you have character traits that are essential for success and set them apart from other agents.
In real estate, you will encounter the term character loan. This loan is an unsecured loan made by the lender in good faith that the borrower is going to repay because of his reputation and credit score. It is hard for the lender to recover loaned funds if the borrower is unable to repay the loan in the case of a character loan which is an unsecured loan. On the other hand secured loans, ensure the repayment of funds by securitizing other values that are equivalent to the amount of money involved in the transaction.
Many times you would find the use of the term character in the loan to borrower relationship. The lender needs to recover the money borrowed so he relies on historical records and credit scores as an indicator for good character traits on the borrower’s side. Therefore, good financial decisions and consistently keeping up with payments would generate a good credit score, thus indicating financial discipline, responsibility, and character.
Popular Real Estate Terms
An agreement in which the trustee takes title of the property ( called corpus) owned by the grantor (donor) to protect or conserve it for either the grantor or the trust's beneficiary. The ...
Lessening of work assignments such as when a real estate management firm reduces the number of buildings assigned to each manager. By reducing someone's schedule, he will probably do a ...
Written statement in a deed limiting the number, type, size, and use of property. See also deed covenants. ...
Giving money, a good, or service that is worth something in exchange for another good or service provided by the other party. An example is paying cash for the market price of a home. ...
Same as term closing: legal process of transferring a piece of real estate to a buyer. Typically it occurs in the office of the lender, attorney, or an escrow company. ...
A stated of years. The length of time something is effective, such as a two-year rental. A condition specified in an agreement. An example is that the tenant must not have a cat in ...
Thin layer or slate of baked clay, linoleum, or some other material that is used for covering floors, roofs, or as an ornament in a building. ...
Trying to resolve a problem between two individuals up with some compromise or common ground. It occurs more often during times of poor economic conditions. An example is a creditor ...
Holder of a real estate license who solicits a prospective buyer of property and receives a commission for his efforts. ...
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