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
Term used in the real estate industry describing the price requested by a property owner vs. the price a buyer is willing to pay. Bid is the highest price a purchaser is willing to pay ...
Buying more house than a buyer can afford based on his or her income. ...
The term “a priori” can be pretty puzzling in real estate. Originating from Latin, “a priori” translates to "from the earlier" or "from the former." This concept, ...
Note having more than one maker, if one or more of the makers default on the note, all makers are sued jointly, rather than just one or all, to make restitution ...
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 ...
Oral defamation of the character or reputation of another. It is the basis for a lawsuit. ...
Null or void something; Revoke or destroy; rescind or set aside; abandon; abolish; repeal; surrender; waive; terminate. In real estate, to void a buy or sell order, price, or quantity. The ...
A correlation defines how two variables relate to one another. We can confirm a correlation if an alteration in one variable can change the other’s behavior. Using quantifiable data ...
Pipe or conduit for electrical wiring. Enclosed conduit made of metal or other appropriate materials for transferring low pressure hot or cold air throughout a structure. ...
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