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
The basic home inspection definition is well-known for everyone, right?However, when it comes to real estate, the term “inspection” can serve a bunch of purposes – but the ...
Legal suit in which the plaintiff sues the defendant for some reason. A counterclaim of litigation is to exercise one's legal rights. There are many causes for litigation including damages ...
The definition of alienation clause is the transfer or sale of a particular property or asset that can be applied once the owner has no more financial obligations to said property or asset. ...
Property highly leveraged. An example is when a landlord buys an apartment house paying minimum cash payment down and the balance on mortgage. ...
Similar property. Comparing like property. properties that are side by side but do not meet. They are in the same direction with a constant distance. ...
Outside layer or covering for a structure. It may be a coating of material for protection against inclement weather. ...
the loan rate stated on the face of the loan note. The nominal loan rate is not the same as the effective interest rate. For example, if points are charged to secure a loan, the effective ...
A binding judicial determination of the rights and standing of litigants. A declaratory judgment does not result in any relief for the action brought before the court. It merely ...
Agreement to exchange real estate upon specific terms. ...
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