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
Any person, company, or legal entity who signs a check or note to borrow money. By signing a payment instrument, the maker assumes full financial responsibility. For example, John is the ...
Typically, the term rider defines a financial concept, implying a written modification applied to an insurance policy, altering its initial clauses and provisions. The rider can update the ...
A narrow passageway between buildings providing secondary rear access. ...
The annuity factor definition is the use of a financial method that shows the value, present or future, of an amount when it is multiplied by a periodic amount. The calculation of an ...
Substance or material used at the top of a chimney at the roof to inhibit the development of moisture and to protect the metal. ...
Short-term loan that is made to bridge the term between the end of one loan and the beginning of another. ...
Also called profit and loss statement. A financial statement depicting a business entity's operating performance and reports the components of net income, including sales of real estate, ...
Environmental element that remains unchanged and strongly influences real estate valuations despite the cost of improvements. ...
The construction of a highway right way over a privately held parcel of land. Property owners are entitled to compensation for the value of the property usurped by a highway easement. See ...
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