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
Stigmatized property is a property that home buyers might back off on closing a deal due to factors that are not related to the property’s price, structural/aesthetic conditions and ...
making land more beautiful to look at by adding improvements such as lawns, trees, and bushes. Increases the value of the property. ...
Properties that about and actually touch and share a common border. Properties B and C are contiguous. Property A is adjacent to properties B and C, but it is not contiguous. ...
State laws limiting the interest rate that can be charged to individuals borrowing money in that state. These laws affect all lenders in a state regardless of what federal or state agency ...
Grouping of several columns arranged in intervals supporting an architectural overhang, usually a roof. ...
Pipe or conduit for electrical wiring. Enclosed conduit made of metal or other appropriate materials for transferring low pressure hot or cold air throughout a structure. ...
Form used to record information about a credit applicant's ability to meet his obligations in connection with a real estate purchase. ...
Drilled well where water rises through the opening because of naturally occurring water pressure. ...
One based on the whole body of the law. A lawful right is being exercised. ...
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