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
Blockbusting is a despicable and illegal racist business practice. Here’s how Blockbusting happens: a real estate agent, or someone posing as one, comes to a homeowner and instills ...
Claim made by a federal or local government agency against a taxpayer's property for delinquent or overdue taxes. The tax lien is effected through tax assessment, demand, and failure to ...
Inspection required in certain types of sales of property to determine if termites are present within a building. ...
A reciprocal transfer of property from one entity to another. A market for securities of a real estate companies, such as the New York Stock Exchange (NYSE) ...
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 ...
Form of real estate organization created by an agreement between two or more individuals who contribute capital and/or their services. Advantages are: it is easily established with minimal ...
Window normally mounted on hinges in a window casing. It swings outward to open. ...
model depicting on paper what a structure physically looks like. The dimensions are draw on a proportionate basis to the real thing. An example is a scale of an existing or proposed office ...
Funds of property bestowed upon a person or an institution. The income is used to serve a specific purpose for which the endowment was intended. ...
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