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
Offer to buy real estate provided certain conditions are met. ...
Individual paying a rental fee to the lessor for the right to use real property. The two methods used to account for leases by the lessee are the capital lease and the operating lease. ...
Person who leases rented premises from the initial lessee. The sublease is for a time not exceeding the original lease period. ...
Agreement to exchange real estate upon specific terms. ...
This situation applied in some states when death prevents the seller of property, who has signed a real estate sale agreement, from completing the sale. In this situation , equitable ...
A clause inserted in a mortgage agreement requiring a future buyer of the subject property to obtain the consent of the lending institution prior to assuming the mortgage. In this ...
A testator/testatrix who donates real property. ...
Map within a governmental jurisdiction showing the boundary lines and ownership of all real property. A cadastral program produces the cadastral map. ...
Latitude line selected as a reference in the rectangular survey system. ...
Have a question or comment?
We're here to help.