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
Wood sheeting made from gluing together at lest three layers of veneer. The grain is placed at right angles with each adjoining layer's providing additional strength. ...
Commercial building having several different uses blending together. For example, retail shops are on the first floor, professional offices are on floors two through ten, and a restaurant ...
Interest computations based only on the original principal. For example, the simple interest on a $100,000, 8% loan is $8,000. It is compared with compound interest which is applied to the ...
The amount of inherent risk for a mortgage in granting a mortgage. An operating principle in mortgage risk rating is that the mortgage cannot exceed 2.5 times the mortgagor's annual income, ...
Party that receives part or all of a construction job to do from the general contractor. ...
To approximate the worth or valuation of property To give an appraisal value estimate of property. Property value appraisals are never exact, and are at best approximations of actual ...
report containing financial information about a business or individual. The required financial statements for a real estate company are balance sheet, income statement, and statement of ...
Factor in real estate appraisal. A type of physical depreciation owing the lack of normal upkeep, such as broken glass and doors and discolored paint that negatively impacts the value of ...
The integrity, morals, and principles guiding an individual's or profession's actions. ...
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