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
The lessee becomes a lessor by subletting the property to a third party. Typically, the sandwich leaseholder does not own or use the property. ...
A roof having two slopes on each side. The second slope is longer than the first part of the roof and extremely steep. ...
The clause in a deed beginning with the words " to have and to hold" limiting or defining the ownership nature of the estate in the property granted by the deed. Declares the type of ...
Beam that is supported only at one end. ...
Regular rental of property between the lessee and lessor for a fee. An operating lease does not satisfy the criteria for a capital lease. An example is renting an apartment. A lessee ...
A triangular shaped end of a building where a double sloped roof meets at the top of the triangle. A gable begins at the eaves of a roof and terminates at the roof ridge. ...
Commonly, a covenant refers to a legal treaty or agreement between various parties. Explicitly, a stipulation comes into existence and is signed to confine particular financial transactions ...
A closed-end mortgage is a mortgage in which the collateralized property cannot be used as security for another loan. See also open-end mortgage for a better understanding of the ...
Directly enhancing the physical nature of the property such as renovating the building, installing a new driveway and parking lot, and gardening. ...
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