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
Computer software packages designed to serve mortgage banking functions, such as mortgage loan accounting/servicing, loan origination, loan processing, lease/financial/investment analysis, ...
Not attached to any parcel of land but merely a personal right to use the land of another. ...
Trade group of predominately land developers. ...
Combination of IRC 1034 and 121 dealing with the sale of a personal residence with the once-in-a-lifetime $125,000 exclusion that may be available for the "over-55" seller. Should the ...
A public officer given the right to authenticate a document, accept a person's oath, administer depositions, and to conduct other activities in commercial business. An official seal is used ...
A judicial ruling in which the rights and claims of the parties have been considered. A final ruling on some aspect formed after all the facts have been taken into account. In Real ...
Latin term meaning legal capacity to act on behalf of oneself. ...
State tax based on the value of property received through inheritance. The tax is paid by the recipient not the estate. Tax paid to the government or state upon the death of the taxpayer ...
Privilege granted by a franchiser to a franchisee permitting the latter to operate using the franchiser's name. The franchisee must pay a franchise fee for such right. In addition, the ...
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