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
property having an easement right through another adjoining property. The property through which the easement passes is considered to have the servient tenement. ...
Cubic unit of measure for a board one-foot long, one-foot wide and one inch thick, or 144 cubic inches. These measurements are not actual, since they are stated prior to finishing and ...
Device that places the ownership of real property with one or more trustees for security until the loan is paid by the debtor. It is used in place of a conventional mortgage contract in ...
Potential customer or client in which there is a realistic chance of making the sale for the product or service. An example is a prospective purchaser of real estate that the real estate ...
Under law, a warranty in effect even if not expressly stated. It provides that real property sold is warranted to be appropriate for sale and is in proper condition even if not stated, ...
Written document by an official granting agency and signed by an empowered official certifying that some specific act including the fulfillment of certain requirements has occurred on a ...
Judicially determined minimum selling price for auctioned property. For example, a judge rules that a foreclosed home may be sold for less than $200,000, ...
Rental due on the leased property is formulated as a percentage of sales volume. There is typically a minimum rental specified. An example is a retail store that pays rental based on its ...
Aerial photos are photographs taken by cameras mounted in aircraft or satellites. Aerial photos are more commonly used in the industrial Real Estate Market to get a better feel of a ...
Have a question or comment?
We're here to help.