Character
Character defines as a set of qualities that set apart a person, place, or object from others. When it comes to people, a character describes moral qualities and personality traits that separate them as individuals. When referring to the character of a place it usually means that there are unique aspects about it that make it stand out.
Character in real estate
In real estate, the term character can be used in multiple scenarios and it can have different meanings. A property with character is a property that has a unique architectural style and design that makes it stand out from the rest. Often, some of the best real estate agents near you have character traits that are essential for success and set them apart from other agents.
In real estate, you will encounter the term character loan. This loan is an unsecured loan made by the lender in good faith that the borrower is going to repay because of his reputation and credit score. It is hard for the lender to recover loaned funds if the borrower is unable to repay the loan in the case of a character loan which is an unsecured loan. On the other hand secured loans, ensure the repayment of funds by securitizing other values that are equivalent to the amount of money involved in the transaction.
Many times you would find the use of the term character in the loan to borrower relationship. The lender needs to recover the money borrowed so he relies on historical records and credit scores as an indicator for good character traits on the borrower’s side. Therefore, good financial decisions and consistently keeping up with payments would generate a good credit score, thus indicating financial discipline, responsibility, and character.
Popular Real Estate Terms
Codes are all around us, determining the logical flow of various events and processes. In the cycle of actions and consequences, codes are used as guidelines. The most commonly known codes ...
Gradual and steady increase in the general price level which is bearable in the near term but may result in significant long-term price increases, See also galloping inflation. ...
The result of an act or a fact. ...
Factors affecting the useability and value of property. Important land features would include whether the land was flat or hilly, cleared or uncleared, high or low elevation, dry or swampy, ...
In order to define allotment, we have to take into consideration what it refers to. While generally, it refers to a certain amount of something that is allocated to a particular person, the ...
The prepared form used to specify the terms of the listing contract. Usually a listing form consists of blanks the real estate agent fills in to provide the necessary information needed to ...
(1) Paved roadway constructed above lowlands such as a swamp. (2) Roadway in ancient Egypt connecting the valley temple with a pyramid. ...
Authority given by a municipality to perform specified operations in a certain zoning area. Conditions are sometimes attached by the zoning group. An example is permission to have a ...
(1) Licensed broker employed to represent and match both buyers and sellers. Usually employs several real estate agents in an office. (2) Commission or fee charged to sell real estate or ...
Have a question or comment?
We're here to help.