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
The spouse's legal right, upon the death of his wife (or her husband), to a life estate in all lands she (or he) owned. ...
The legal requirement of a debtor, obligor, to pay a debt and the legal right of a creditor, obligee, to demand satisfaction of a debt or enforce payment in the event of default. ...
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Investments, usually in limited partnership, that can protect of defer shelter) part of the income from current taxes. Under current law, passive leases can be applied up to passive income. ...
Generally speaking, an affidavit is a written statement or declaration, made under oath before a licensed individual, such as a notary public or even a Judge. You’ve probably heard ...
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One to whom a gift or bequest is made. ...
Molding used in corners simulating a quarter of a circle. ...
Same as term prospectus: Document that must accompany a new issue of securities for a real estate company or partnership. It includes the same information in the registration statement, ...
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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