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
A minimum amount a lender is willing to provide on a commercial loan for a building designed to be tenant occupied. A floor loan is progressively funded as the building moves from the ...
Income derived from a collection of asset investments. Real property investments produce rental and lease payment income. Investments in mortgages and other long term debt instruments ...
The time period a real estate investment is held. The return is tied to the time period of the investment. The period is used for income tax purpose to determine whether a profit earned or ...
Individual who has a legal obligation to pay money to another. ...
The definition of acquisition cost in real estate is the total cost recorded by a company or individual pertinent to the purchasing of a property. This is the entire amount written down in ...
The portion of property income due to the ground value itself. It is used in a few states whereby an individual can own a structure and rent the ground to occupy a plot of land. ...
The transfer of a property deed to the original owner upon the satisfaction of a mortgage. A reconveyance is accomplished through a reconveyance deed. For example, upon making the final ...
The meaning of recordation defines the act of recording deeds and various property documents in a public registry office. Recordation proves ownership claims on a property or other assets. ...
Power of attorney giving permission for a lawyer to represent a client. ...
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