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
A rental contact in which the tenant's rental is tied to a change in the price level, such as the Gross National Price Deflator. ...
A mortgage provides the right to the bank to have a lien on the financed property with the borrower having title to the property. ...
A Construction method of using twice the number of framing members to provide additional structural strength. ...
Index of the costs to construct residential properties. ...
Space that is available to all tenants or owners, such as a courtyard, main entrance, elevator, and pool. ...
Type of material or substance typically made for railings around the outdoor front patio and for both sides of the stairs in the front and rear of house. Other examples are chairs and ...
Goods that are freely substitutable. It is goods of a given class or type, any unit of which is as acceptable as another, and capable of satisfying an obligation expressed in terms of the ...
Permission to do something that differs from the basic zoning requirement. An example is a homeowner receiving special authorization to build a two-family house in a single family zoned ...
Small, early twentieth century, one-story house or cottage. ...
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