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
In an electrical system, the connection box where all the circuit systems are installed with a series of electrical breakers. The major distribution or collection duct in an ...
A federal act requiring potential purchasers and lessees of undeveloped land be provide with all necessary information required to make an informed decision regarding the desirability of ...
A 12-month period used by a real estate company or partnership to account for and report business operations. Typically, the fiscal year ends December 31. ...
A situation where a real estate company spends more money than it receives within a stated period of time. This is an unfavorable situation that may result in financial difficulties. A ...
Keeps something under control, such as water and sand. It blocks natural flow and settling of earth. It performs the same function as a dam would for water. ...
One tenth of a cent. Mills are a common term in expressing tax rates per dollar of assessed valuation. For example, a property is taxed at the rate of 80 mills. If a property were assessed ...
Storage of inactive items, including automobiles, for a certain period. Normally, a storage facility, charging a fee, provides dead storage of items. To prevent deterioration, dead ...
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 ...
To acquit, exonerate, absolve, or discredit allegations. ...
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