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
Estimated price at which a partner in a partnership can buy out another partner. There are several methods for developing a buy-out estimate including market comparisons, appraisals, or ...
A method of purchasing real estate whereby a maximum amount of leverage is used. Normally the seller will finance the down payment necessary to acquire a mortgage. Thus, the purchaser is ...
Point at which a housing development becomes a neighborhood. After an initial housing development is sold and the new owners become established, the neighborhood stage begins. The ...
Sometimes, a perplexing legal term (a genuine headscratcher) emerges when buying or selling a property. You know you should know it, but its precise definition escapes you. Today's special ...
An opening with a hinged cover allowing access from one level to another in a structure. Often installed in a roof or the floor of a building to allow the entrance of people and materials ...
Structure or part thereof, such as a building, that obstructs or overlaps another property. Infringement on the property or rights of another individual or business. ...
In any field, from the corner store or long-term rentals, the potential gross income is the expected revenue earned from a sale or the rendering of services. The potential gross income ...
An agreement by which a mortgage is made subject to a junior mortgage. For example, a loan on a vacant lot is made subject to a subsequent construction loan. ...
A horizontal beam connecting together two rafters supporting the roof. The collar beam is located at the point substantially higher than the wall plate connecting the rafters. The high ...
Have a question or comment?
We're here to help.