Definition of "Workout"
- Trying to resolve a problem between two individuals up with some compromise or common ground. It occurs more often during times of poor economic conditions. An example is a creditor offering an accommodation to a borrower to avoid a bankruptcy situation.
- A debt which is in default but which the creditor allows the debtor to rectify by lengthening the time period of the loan, reducing the interest rate, or some other accommodation. An example is a bank that elects not to foreclosure on a mortgage because of the homeowner's nonpayment, but agrees to stretch out the payments.
Popular Real Estate Terms
Any financing agreement excluding a conventional mortgage from a third-person or entity lending institution. This type of financing is more prevalent when the price of real estate is too ...
Act of receiving the rights and privileges of a citizen including property rights. ...
Joint tenancy in which the death of a joint tenant ( one owner ) means the surviving tenant becomes the sole owner of the real property. ...
Occurring two times per year; also called semiannual. On the other hand, biennial means occurring each two years. ...
Initial or senior mortgage on property. It comes before all subsequent mortgages, and the mortgage has precedence in payment if default occurs. ...
The number of units currently occupied in a facility, neighborhood, or city, stated as a percentage of total capacity. For example, a hotel has 80 rooms available for guests. Its average ...
The definition of real estate owned (REO) is known by heart by house flippers or by real estate agents specialized in bank owned properties. These are properties that once used to be in a ...
Percentage of royalties derived from an oil and gas lease payable to someone other than the property lessor. It is a net royalty interest in the oil and gas recovered at the surface free of ...
A four-unit building with four tenants in a condominium type of ownership and management. ...
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