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
Highest amount a property is worth equal to the amount that would have to be paid to buy equivalent property in the market place. ...
Maximum interest rates a borrower might pay for an adjustable rate mortgage. It controls the amount of change in the rate when it adjusts. The first number is the maximum increase allowed ...
An affiliate of the National Association of Real Estate Boards, engaged in educational programs and publications for its members. Its publications include Real Estate Perspectives and Real ...
Prepayment to a landlord for refurbishing the unit beyond what would be anticipated from customary wear and tear. It is like a damage deposit. The security deposit may be refunded at the ...
Fee a borrower is assessed for the right to make a loan payment before the due date. An example is the prepayment charge for paying-off a mortgage early. ...
Partially amortized and requiring a lump sum (balloon) payment at maturity. ...
The amount of rent a property could command in the open market. See also market rent. ...
Right to enter and start construction or furnishing property that is in the process of being purchased. ...
The definition of cooperative housing is well known by real estate agents because they are often involved in the selling process, in most cases. Cooperative housing is a form of ...
Have a question or comment?
We're here to help.