Line Of Credit
Definition of "Line of credit"
The maximum pre-approved amount that an individual or business can borrow without preparing a new credit request. It is a safety buffer in the event funds are needed for unexpected occurrences or emergencies. Under the line of credit provision, a check may be written whenever funds are needed. Interest is charged only on the amount borrowed. Interest incurred on the first and second homes are deductible for tax purposes.
Popular Real Estate Terms
Records maintained as evidence of ownership of the home and any of its contents. ...
Gradual deterioration of land due to nature such as because of floods, hurricanes and storms. Gradual decline in the value of real estate because of poor market and economic conditions. ...
Language commonly used in a fee simple title conveyance. The significance is whether the title is clear and can be passed on to the purchaser's estate including all heirs and those who may ...
A mortgage on which the interest rate is constant, but the payments are structured to increase, so the loan is paid off much earlier. ...
Net return on a real estate investment. It equals the income less the expenses associated with the property. ...
The definition for the gross living area published by the Appraisal Institute’s Dictionary of Real Estate 4th Edition is: “The total area of finished, above-grade residential ...
Platform erected on a roof in some New England homes having a view of the sea. It was said widows of lost seaman would walk on the platform looking out at sea for their husbands to return ...
Appropriateness of the soil for the designated purposes. An example is soil suitable for the growing of vegetables and fruit, or grazing for horses. ...
Income reporting to the Internal Revenue Service using form 1099 stating income earned. For example, An employing real estate broker uses form 1099 to report commissions earned by a real ...
Have a question or comment?
We're here to help.