Package Mortgage
Mortgage on both the purchased real estate and personal property of a durable type. The entire amount financed is considered one mortgage. In residential real estate, a builder might include a stove, refrigerator, dishwasher, or air conditioning in the sale price. For commercial real estate, certain equipment or furniture is often included in the sales price. The advantage to the purchaser is that these items can be financed over a much longer period and at a much lower interest rate than if a separate financial instrument was used. For the builder or seller, these items serve as inducements used in financing the sale.
Popular Real Estate Terms
An agreement in which the trustee takes title of the property ( called corpus) owned by the grantor (donor) to protect or conserve it for either the grantor or the trust's beneficiary. The ...
Debt secured by a lien on property. Commitments related to unfilled contracts for real estate. The purpose of encumbrances is to prevent further expenditure of funds considering the ...
Agreement to exchange real estate upon specific terms. ...
fee for the cost of a loan including interest and points. Points (1 point= 1% of the total loan) are advance charges for a mortgage, whereas interest in charge over the life of the ...
Freestanding residential housing constructed on its own building lot. Detached housing is the typical type of housing found in suburban developments. ...
Person receiving la legacy from a will. Normally a legatee will receive personal property possibly including real property. ...
The definition of puffing in real estate, also known as puffering, is an exaggeration of fact bordering on falsehood. You’ve probably heard a real estate agent make outrageous claims ...
A zero lot line is a term in residential real estate that refers to houses that are either very close to or at the edge of the property line. These houses are also called zero lot line ...
Subdivided acreage with utilities usually situated within or adjacent to established communities. ...
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