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
Substance or material used at the top of a chimney at the roof to inhibit the development of moisture and to protect the metal. ...
Financial statement with amounts or other information that are completely or partially assumed. The assumptions supporting the amounts are usually provided. The statement may be prepared in ...
Accruals make up the basis of the accrual accounting method together with deferrals. The accrual method definition explains how the company’s accountant makes modifications for gained ...
Principle stating that all joint tenants must acquire their interest from the same deed or will. ...
Agreement by a lender to lend money to a borrower. A loan commitment typically includes the amount of money to be lent, the interest rate, and the period of the loan. ...
New cost less accumulated depreciation to date. ...
Same as term trust; An agreement in which the trustee takes title of the property ( called corpus) owned by the grantor (donor) to protect or conserve it for either the grantor or the ...
(1) Qualifications applying to an estate occurring when the estate is feated or enlarged. (2) Restrictions in a deed. See also condition precedent; condition subsequent. ...
Past action of a property owner or tenant. ...
Have a question or comment?
We're here to help.