Mortgage Instrument
Definition of "Mortgage instrument"
A written mortgage document. A mortgage instrument states the terms of the mortgage including the interest rates, length of payments, payment dates, and remedies the bank is entitled to in the event of the mortgagor's failure to pay as required including late charges.
Popular Real Estate Terms
Amount the taxpayer gets back when he or she files the tax return at the end of the reporting year because taxes were overpaid for that year. The tax overpayment equals the tax payments ...
Clause in a percentage lease permitting the landlord to cancel a lease and recover the property if the tenant's sales fall below a specified level. Clause in a lease permitting the ...
Individual with legal privileges and obligations. The legal term is sometimes used for a corporation. ...
The lessee becomes a lessor by subletting the property to a third party. Typically, the sandwich leaseholder does not own or use the property. ...
A judicially approved plan in which a persons obligations are paid over three years. It is an arrangement for the repayment of debts which permits a credit user in severe financial straits ...
Agreement in which the contract price to build something is equal to the total costs incurred plus a predetermined profit. The profit may be based on a percentage of cost (e.g., 20% of ...
The unadjusted basis of assets is the actual price paid for purchasing an asset without any reductions from depreciation deductions. In order words, the unadjusted basis is an asset’s ...
Approving or permitting an action to occur. ...
Aerial photos are photographs taken by cameras mounted in aircraft or satellites. Aerial photos are more commonly used in the industrial Real Estate Market to get a better feel of a ...
Have a question or comment?
We're here to help.