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
Legal order for a person to present at a deposition or trial documents in his possession, such as related to a real estate transaction. ...
When a real estate owner wants to know what their property tax liability is, they calculate the assessment ratio for their property. An assessment ration is a relationship between a real ...
Removing a debt by making full payment. A mortgage discharge is a document formally specifying that a mortgage debt have been paid. It is typically recorded in a local property deeds ...
An increase in the income tax basis of a property that is a result of a tax-free exchange. As a result of an inheritance, for example, the basis of the inherited property was stepped up to ...
City apartment building that is overcrowded, poorly constructed or maintained, and generally part of a slum. In law, a tenement also refers to possessions of an individual that are ...
The meaning of a development impact fee or impact fee defines a one-time cost the local government imposes on a brand new or planned development project (regularly on a property developer.) ...
Limited period of time granted by state law to an individual who has had his or her property foreclosed on and sold to regain possession of the property by repaying the debt that was ...
New cost less accumulated depreciation to date. ...
The meaning of the term tort outlines a wrongful act resulting in injury or damages. For example, trespassing on someone’s private property can end up destroying a part of it. ...
Have a question or comment?
We're here to help.