Definition of "Note"
A legally transferable debt instrument by which the issuer agrees to pay the payee within a certain time period. Note usually pay a specified rate of interest tied to the market rate of interest. A person may sign his or her note payable promising to pay money to another party, such as a bank or creditor at a later date. The payment includes principal and interest. For example, a $50,000, one-year, 8% note will have a maturity value of $54,000 ( $50,000 principal + $4,000 interest). The $4,000 equals $50,000*8%. Notes may or may not supported by collateral. Some types of notes in connection with real estate follow:
Collateral note: Note in which real estate is pledged for it. Demand note: Note due on demand by the payee, not on the maturity date. Joint note: Note having two or more people being obligated for it. Mortgage note. Time note: Note payable at a definite time. Unsecured note: Note without security.
Popular Real Estate Terms
When a debtor defaults on a loan for which a deed of trust is given, the trustee is required to have a sale of the real estate security for the benefit of the lender. A deed of trust is ...
Table demonstrating the relationship between the depth of a building lot form the street frontage and its market value. Street frontage is the greatest asset of a land parcel. The ...
Latin for at first sight. Facts assumed to be true unless subsequent evidence disproves it. ...
unfinished access space below the first floor having less height than a full story. An individual must crawl through the crawl hole to gain access. Any interior passage of limited ...
Same as term government rectangular survey: Way in which the U.S. government uses to subdivide public land. Land is designated as either a base line (East-West) or principal meridian line ...
Holding pool of mortgages. It is marketed as a tax exempt mortgage backed security for investors. ...
Individuals, homeowners, and businesses often engage in disputes and conflicts that require fast resolution. However, everybody seeks to avoid legal proceedings. One amicable way to address ...
A clearly stated notice that an owner or operator will not assume responsibility for an inherent risk. For example, at a parking garage, a large notice of nonresponsability clearly states ...
Adobe construction is one of the oldest types of construction that has been used in the Americas, ancient Egypt, and the Middle East to build long-lasting structures that can be seen even ...
Have a question or comment?
We're here to help.