Package Mortgage
Mortgage on both the purchased real estate and personal property of a durable type. The entire amount financed is considered one mortgage. In residential real estate, a builder might include a stove, refrigerator, dishwasher, or air conditioning in the sale price. For commercial real estate, certain equipment or furniture is often included in the sales price. The advantage to the purchaser is that these items can be financed over a much longer period and at a much lower interest rate than if a separate financial instrument was used. For the builder or seller, these items serve as inducements used in financing the sale.
Popular Real Estate Terms
Claim of a person or business to real property such as by exercising an option. ...
Insurance or maintenance policy taken out by a buyer of real or personal property. ...
Mortgage placed on a property after a previous mortgage. It can be a second, third, etc. mortgage. A junior mortgage is subordinate to the terms of a previous mortgage. Junior mortgages ...
An equity-to-value ratio is an excellent tool for those homebuyers that want to understand how profitable an investment is based on the amount of money invested and the actual value of the ...
group of at least two people or businesses combining to engage in a real estate project that would exceed their individual financial abilities. A syndication allows earning to be ...
Pipes from a structure to a sewer for the purpose of sewage disposal. ...
Layer of material put on the outside wall or foundation to prevent the intrusion of water or humidity into the structure. A moisture barrier is constructed out of plastic, aluminum foil, or ...
transfer of real property by legal means such as through inheritance. ...
Organizational governing group. Either an appointed or elected body overseeing the management of an organization and rendering advice on current issues. Members are legally responsible for ...
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