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
A roof having two slopes on each side. The second slope is longer than the first part of the roof and extremely steep. ...
Illegally keeping or holding on to someone else's property. An example is a tenant staying in the apartment after the lease has expired. A court order may be sought to evict the tenant. ...
Stated rate of interest on the face amount of a loan or installment note. ...
(1) The exposed trim and molding surrounding a door or window. (2) Woodwork which encases a pipe or structural member. (3) Method of creating a form for the pouring of concrete. ...
A loan indemnified against default by the borrower. Such loans may be a mortgage loan insured by a standard mortgage insurance policy or by FHA mortgage insurance. In the event of the death ...
Discounted value of net cash receipts to be obtained from a property. The present value calculation includes consideration of annual cash inflows plus the disposal value. ...
Homes with division of ownership or use of a resort unit on the basis of time periods. For example, a resort home may be divided into 25 time shares of two weeks each, with two weeks left ...
If you have been wondering what can cause a market failure, the most common answer is externalities. An externality is an indirect cost or benefit to a neutral third party that comes from ...
Inappropriate and possibly harmful use of land. For example, a factory located on the shore of a river discharges toxic pollutants into the waterway. ...
Have a question or comment?
We're here to help.