Mortgage Insurance
A form of life or disability insurance where a mortgagor insures a mortgage in the event of death or disability. The principal covered by mortgage insurance declines as the mortgage is amortized. Thus, mortgage insurance is a form of decreasing term insurance. For example, John purchased a home for $150,000 and obtained a $100,000 30-year mortgage to finance the purchase. He then obtained a $100,000 mortgage insurance policy with decreasing terms of coverage corresponding to the amortization rate.
Popular Real Estate Terms
Investigation into the causes of death. A post mortem is normally performed by a public coroner. It might be performed to determine the cause of death of an apartment house tenant. ...
Builder's ten-year guarantee that their workmanship, materials, and construction are up to established standards. The HOW provides reimbursement for the cost of remedying specified defects. ...
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Method of construction where part of the structure is supported by a cantilever beam or truss. ...
The term proxy comes from the power of attorney by which the holder of stockholders in a real estate company transfers voting rights to another stockholder. A proxy fight may arise in which ...
Initial user of real estate property, such as the first tenant in a newly constructed apartment building or office building ...
An unpreventable, overwhelming, and irresistible force. It is common to place a force majeure clause in a construction contract to indemnify a construction deadline in the event an act of ...
Same as term mortgage correspondent: Individual having permission to act ob behalf of a bank or other financial institution in a specified locality to attract interest borrowers. ...
In taxation, the excess of total long-term gains minus total long-term losses on the sale of real estate. Long-term classification is for real estate held one year or more. This is reported ...
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