Definition of "Loan"
An agreement by which the owner of property (the lender) and a borrower agree to let the borrower use the property for a particular time period and in return the borrower will pay the lender a payment (usually interest), and return the property (usually cash) at the end of the time period. A loan is usually evidenced by a promissory note. An example is a mortgage loan.
Popular Real Estate Terms
Parcel of land that is totally surrounded by other land parcels not providing access to a highway. ...
Section of the Internal Revenue Code that addresses tax-free exchanges of certain property. The general provisions for a tax-free exchange of real estate are that the properties must be ...
Generation X, also known as Gen X , is the generational extract of Americans that are sandwiched between the Baby Boomer Generation and the Millennial generation (also called ...
Financial institution that channels the savings of its depositors mostly into mortgage and home improvement loans. It concentrates on originating , servicing, and holding mortgage loans. ...
To upgrade a facility by installing up-to-date technology as well as introducing stylistic changes reflecting current patterns. Modernizing a facility can add substantially to its value and ...
Real property located in an excellent area for its designated objective. An example is a restaurant situated near office buildings, on the main boulevard, so it is easy to see, and has ...
Owner-occupied housing. ...
Same as term annuity: Equal period payments or receipts. Examples of an annuity are annual rental receipts from a real estate investment and cash dividends from a real estate firm's ...
A building having one house hold on the first floor and a second household on the second floor. ...
Have a question or comment?
We're here to help.