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
Legal action by an owner of property to oust or exclude an individual or business form using the property. ...
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Value is exchanged by the parties to an agreement involving current or future performance making it legally enforceable. Without reasonable consideration for performance, the contract may ...
The initial lessee of rented property who then leases it to a subtenant. ...
Contractual provision allowing an individual or business to renege on a commitment in certain cases without being penalized. ...
Relationship between individuals or entities out of which exists a mutual interest. An example is a privity of contract among the contracting parties concerning the actions each are to take. ...
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Individual or entity who pays for the professional services of another person or business. ...
Area or county used in the census or other data gathering functions that has a population of 50,000 inhabitants or more. ...
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