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
Permanent structure protruding from the side of a building. In addition to providing shelter, a marquee is often used as an advertising format. For example, a movie theater marquee lists ...
Combination of IRC 1034 and 121 dealing with the sale of a personal residence with the once-in-a-lifetime $125,000 exclusion that may be available for the "over-55" seller. Should the ...
Tax assessed on a transfer of property made without adequate legal consideration. This tax is based on the appraised value of the property at the time of transfer.Also, gifts of property ...
(1) Individual or business that is engaged to do some sort of construction work for another for a fee. There are basically three types of contracting: A general contractor enters into a ...
A certificate of ownership in a real estate company. Pledged assets for a borrowing. An example is an office building serving as collateral for the mortgage. Way of protecting property ...
As a suburban nation with the majority of Americans living in the suburbs, the actual classification of suburbs had long been expected. Still, recently, three academic approaches for ...
Legal record used to create a condominium. It encompasses the description of the property, common elements, ownership units, and acceptable uses of the residence. ...
A property title evidencing ownership such as provided in an abstract of title. There are no contingent liabilities or prior unresolved ownership claims. ...
The term apportionment can be easily applied to many contexts. For example, apportionment in insurance is concerned with how the loss is allocated between two or more insurance companies ...
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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