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
Monies set aside in the event unexpected repairs are needed to a building or apartment. It may be in the form of an escrow account in which the seller of the property puts funds away if ...
Trading of two or more properties containing separate descriptions and separate financial statements. ...
In taxation losses that can offset ordinary income. Assume john owns and operates an apartment house. Minor tenant damage to the property is used to offset rental income. ...
Wondering what a Judgment Lien is?Well, a Lien can be consensual or non-consensual, right? Meaning it can be forced or agreed upon by way of a bilateral contract. When we say ...
Deterioration in property resulting from its ordinary use and from the aging process. An examples an apartment building that physically deteriorates over the years. ...
Removing a debt by making full payment. A mortgage discharge is a document formally specifying that a mortgage debt have been paid. It is typically recorded in a local property deeds ...
Nonprofit entity disseminating advice and data on the best utilization of land. The address is 1090 Vermont Avenue, NW, Washington, DC 20005, telephone (202)289-3307. ...
Geographical area for which a given governmental agency has authority and responsibility. For example, the jurisdiction of a county court is the county in which it is located. ...
Molding used in corners simulating a quarter of a circle. ...
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