Loan Application
A form completed out by a borrower specifying personal and financial data to be considered by the lender in evaluating borrower risk. The information typically includes the following: borrower's name and address, amount and type of loan, description of security, and job and financial history. An application must be completed before a mortgage loan is approved.
Popular Real Estate Terms
The term’s balance sheet definition can be described as a financial statement that a company uses to report its liabilities, assets, and shareholders’ equity at a given time. A ...
If you’re a renter and you own a pet, you might be familiar with the term pet rent. There has been a lot of discussion about the meaning of pet rent and controversy as it isn’t ...
In the real estate industry, several professional designations can be awarded to real estate professionals. These professional designations provide real estate professionals with the ...
The real and personal assets of a person at the date of death. The distribution of the assets to the heirs depends on the provision of the will. If no will exists, the distribution is based ...
Legal obligation stemming from a civil wrong or injury for which a court remedy is justified. A tort liability arises because of a combination of a direct violation of a person's rights, ...
Structure or part thereof, such as a building, that obstructs or overlaps another property. Infringement on the property or rights of another individual or business. ...
Having the intellect to comprehend the terms and conditions of a will and their impact. A testator must understand his or her estate and its eventual disposition and effects in order to ...
The Real Estate Settlement Procedure Act (RESPA) is a piece of law passed by the US Congress in 1974 to protect homebuyers and home sellers against bad settlement practices. The Real ...
Rate of return that is necessary to maintain market value of a real estate project. The cost of capital is used for project evaluation purposes. Under the net present value method, the cost ...
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