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
If you have ever participated in a tricky real estate transaction, you might have encountered the relatively unknown term "deed of confirmation" or "confirmation deed." Read this ...
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partially factory-assembled units designed to be transported in parts to the site. The structure is completed on the actual site. ...
Method of construction where part of the structure is supported by a cantilever beam or truss. ...
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Revised specifications requiring a modification in work. ...
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(1) Agreement where the broker and the seller agree to mutual performance. The broker agrees to advertise the property at the agreed sale terms with the intention of putting together buyer ...
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