Definition of "Paper"
Amount received by a seller of real property in the form of credit rather than cash. Interest is typically received on the note. If a house is sold for $300,000 of which $100,000 is cash and the balance in a mortgage, $200,000 of paper has been received. It may be risk for the seller to take paper if the buyer has significant financial problems which prevent him from getting a mortgage at the bank.
Popular Real Estate Terms
Taken out on property to replace or repair it if it malfunctions. It covers parts and/or service. An example is a warranty a homeowner takes out on a stove, refrigerator, or dishwasher. It ...
Same as term trust; An agreement in which the trustee takes title of the property ( called corpus) owned by the grantor (donor) to protect or conserve it for either the grantor or the ...
Geographic area that is attractive to prospective tenants. Square footage in an office building or apartment house that may be rented by a tenant. ...
City apartment building that is overcrowded, poorly constructed or maintained, and generally part of a slum. In law, a tenement also refers to possessions of an individual that are ...
(1) Written statement by a responsible individual or entity of the correctness and reliability of something. (2) Written permission to do something, such as receiving a real estate ...
If you’re an owner of a property that needs to be accounted for in your return on investment or used to calculate your capital gains and losses, then the cost basis will help you ...
Land and any existing tenements that are part of a conveyance. For example, upon closing a real estate sale. The seller deeds the premises to the purchaser. ...
The accelerated cost recovery system is a depreciation system for tax purposes mandated by the Economic Recovery Tax Act of 1981. In 1986 the Accelerated Cost Recovery System (ACRS) was ...
Number of small holes in a wall allowing water to drain from it. This makes the walls able to withstand water pressure. ...
Comments for Paper
What form the seller signs when he refuses on an offer?
Feb 25, 2020 08:47:43Hey, Deborah! Are you referring to the RPI Form 184? If an offer is submitted to the agent’s client (the seller) and the offer is rejected and no counteroffer will be made, the agent fills the RPI Form 184. This form is a written rejection of the offer stating that no counteroffer will be forthcoming. We also have an article that points out some of the reasons home offers get rejected, if your interested to find out more about turned down offers.
Apr 08, 2020 11:03:51Have a question or comment?
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