Definition of "Note"
A legally transferable debt instrument by which the issuer agrees to pay the payee within a certain time period. Note usually pay a specified rate of interest tied to the market rate of interest. A person may sign his or her note payable promising to pay money to another party, such as a bank or creditor at a later date. The payment includes principal and interest. For example, a $50,000, one-year, 8% note will have a maturity value of $54,000 ( $50,000 principal + $4,000 interest). The $4,000 equals $50,000*8%. Notes may or may not supported by collateral. Some types of notes in connection with real estate follow:
Collateral note: Note in which real estate is pledged for it. Demand note: Note due on demand by the payee, not on the maturity date. Joint note: Note having two or more people being obligated for it. Mortgage note. Time note: Note payable at a definite time. Unsecured note: Note without security.
Popular Real Estate Terms
A rental contact in which the tenant's rental is tied to a change in the price level, such as the Gross National Price Deflator. ...
A mortgage provides the right to the bank to have a lien on the financed property with the borrower having title to the property. ...
A Construction method of using twice the number of framing members to provide additional structural strength. ...
Index of the costs to construct residential properties. ...
Space that is available to all tenants or owners, such as a courtyard, main entrance, elevator, and pool. ...
Type of material or substance typically made for railings around the outdoor front patio and for both sides of the stairs in the front and rear of house. Other examples are chairs and ...
Goods that are freely substitutable. It is goods of a given class or type, any unit of which is as acceptable as another, and capable of satisfying an obligation expressed in terms of the ...
Permission to do something that differs from the basic zoning requirement. An example is a homeowner receiving special authorization to build a two-family house in a single family zoned ...
Small, early twentieth century, one-story house or cottage. ...
Have a question or comment?
We're here to help.