Definition of "Workout"
- Trying to resolve a problem between two individuals up with some compromise or common ground. It occurs more often during times of poor economic conditions. An example is a creditor offering an accommodation to a borrower to avoid a bankruptcy situation.
- A debt which is in default but which the creditor allows the debtor to rectify by lengthening the time period of the loan, reducing the interest rate, or some other accommodation. An example is a bank that elects not to foreclosure on a mortgage because of the homeowner's nonpayment, but agrees to stretch out the payments.
Popular Real Estate Terms
Same as term appraisal: Valuation assessment of real property by an expert third party for the following purposes: developing a realistic market price. setting a market value at the time ...
The modified accrual method is defined as an alternative accounting method that combines the two basic methods of accounting, the accrual method and the cash method. While the accrual ...
Representative house, apartment, or cooperative used as a sales tool to show how the actual unit bought will probably appear in design and construction. An example is a model apartment. ...
Expert in real estate who has an education in real estate appraisal as well as having significant professional experience. A recognized license may be obtained from the Member Appraisal ...
Transfer of both real and personal property. An example is the sale of a home with personal belongings. Putting together a group of property to be sold together, perhaps at a discount ...
Local regulation on how real property may be used in a particular locality. The county may establish different zoning classifications and restrictions. If the ordinance is violated, ...
Property having an easement right through another adjoining property. The property through which the easement passes is considered to have the servant tenement. ...
(1) That portion of exposed beach formed by waves depositing sand as they dissipate on the beach. The size of the berm commonly varies with the season. In the summer, the waves move sand ...
fee to use a bridge or tunnel. Fee assessed to use someone else's property. ...
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