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
Claim of a person or business to real property such as by exercising an option. ...
Combination of two or more real estate brokerages into one, with only one company retaining its identity. Typically, the larger of the two companies is the company whose identity is ...
See ordinary annuity. ...
A loan that is to be replaced by a permanent loan. ...
Principle stating that all joint tenants must acquire their interest from the same deed or will. ...
Founded in 1969 and located in West Palm Beach, FL, NACORE has 3,273 members. Its members consist of anyone managing, administering and/or operating regional real estate departments for ...
Accounting statement at the settlement of a real estate transaction that shows each item charged or credited, to whom, and for how much. ...
Legally proper instrument under seal that transfers title to real property from the seller to buyer. ...
Fund set aside for periodic payments, aimed at reducing a financial obligation taken out to buy real estate, or to accumulate enough funds to buy property or plant expansion. The principal ...
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