Qualifying
Definition of "Qualifying"
- Process determining an individual's financial ability to meet the terms of a loan. When selling real estate, the sales broker must qualify the buyer to make certain he/ she has the financial ability to purchase the property and be eligible to obtain a mortgage.
- In insurance, a period of time during which an individual is eligible to receive benefits until it is determined whether or not fraud or other misrepresentation has occurred. A qualification period is found most frequently in health insurance and pension plans.
Popular Real Estate Terms
(1) Mildly convex arch built into a load bearing beam, girder, or truss to counteract any load bearing stress placed on it. (2) Slight slope designed into a structure such as a drive4way or ...
The logical definition of both words is almost enough to understand what is earnest money. Money is a form of exchange between people to assert value to something and Earnest equals ...
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 ...
Transfer of real estate from one taxpayer to another that are exempt from federal income taxes. An example is an exchange of property in which ownership of transferred real estate is still ...
The direction in which a community is growing. Directional growth is measured over time, and its path strongly influences current and future market values of those properties clearly in ...
A rectangular area bordered on all sides by buildings. Often, a quadrangle is grassy with decorative landscaping. A quadrangle can be found in a central business district or on the site ...
Easement with the objective of keeping scenic beauty or to forbid constructing something else blocking that view. The property is retained in its natural setting. ...
Also called negative leverage. The interest rate on the obligation exceeds the return rate on the real estate investment. As a result losses are magnified. ...
A fully amortized mortgage necessitating periodic payments of both interest and principal. In the early years of the loan, the share of principal is smaller and the interest larger, a ...
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