Personal Financial Statement
Document showing the financial health of an individual that may be requested for a loan application to buy real estate. A Statement of Financial Condition present assets at estimated current values listed by order of liquidity and maturity. Business interest that represent a significant part of total assets should be presented separately from other investments. A statement of Changes in Net Worth is optional showing the major sources and uses of net worth. Comparative financial statements are also optional. footnote disclosures should be made of the following: individuals covered by the financial statements; major methods used in determining current value; nature of joint ownership of assets including real estate; face amount of life insurance owned; methods and assumptions used to compute estimated income taxes; maturities and interest rates relating to debt; and noncancellable commitments such as operating leases.
Popular Real Estate Terms
A ground lease that includes only the cost of leasing the land for a period of years. Normally, a land lease is valid for an extended period of time anticipating that improvements will be ...
Civil rights acts passed by the U.S. Congress includes those of 1866, 1870, 1871, 1875, 1964, and 1968. The first two acts gave blacks the rights to be treated as citizens in legal actions, ...
An individual's possessions at his residences, such as furniture. A listing of items and their costs is recommended to obtain proper insurance coverage and as support for insurance ...
Compilation of all real estate properties in a given tax district that are subject to real estate taxes. The tax roll indicates the taxable assessed values of all properties in the district ...
Doing business as, or DBA, means an official moniker for your enterprise or company. Regularly, a DBA is a state certificate serving as a registration name and issued under a ...
Extended area of land commonly held for subdividing and development into residential units. ...
Statement made verbally. It is better legally to have a written statement because verbal ones without witnesses may be denied. ...
An unpreventable, overwhelming, and irresistible force. It is common to place a force majeure clause in a construction contract to indemnify a construction deadline in the event an act of ...
Broker employed by and therefore loyal to the buyer. ...
Have a question or comment?
We're here to help.