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
Provision in an insurance policy that caps the insurer's liability by stipulating that the owner of the property that has experienced damage must have another policy that covers usually at ...
A land property estate contingent upon the occurrence or lack of occurrence of a particular event whereupon it can be created, augmented, or dismantled. ...
Insulation covered on each side by a material, such as metal. ...
Listing of property that is open, meaning there is no one real estate agent who has the sole right to sell the property. ...
Temporary financing meeting a developer's financial difference between a construction loan and a permanent mortgage. ...
Intent to deceive or never to carry out the provisions of an agreement. ...
Loan with a significant down payment with the balance being paid in equal periodic payments over a short time period. There is no interest charge. An example is when a seller of real ...
Analysis of a real estate sales data to appraise real estate values. Sources of real estate sales data used in the market data approach include the official records of deeds and leases ...
Tenant agrees to a replacement landlord. ...
Have a question or comment?
We're here to help.