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
Geographic area that is attractive to prospective tenants. Square footage in an office building or apartment house that may be rented by a tenant. ...
Home loans backed by the Veterans Administration. The veterans Administration issues a 60% loan guaranty for a sum not to exceed $27,500. The mortgaged home must be a principal residence. ...
Physical record card where the date of the last assessment valuation and its results, as well as a property description are kept. ...
Tenant agrees to a replacement landlord. ...
provision in a written agreement allowing the prospective purchaser the right to cancel the contract if occupancy requirements are not satisfied as of a specific date. ...
Offering of new securities of a real estate company to the investing public, after registration requirements have been filed with the SEC. the securities are usually made available to the ...
Additions made to a structure to protect it from damage due to inclement weather. An example is reinforcing the wood surrounding windows. ...
The period for which a tenant has the right of possession; It may be for a fixed period of several years, or a period tenancy, such as month to month. The right or interest to have ...
Room in a building used to collect solar heat. To provide for such collection, a room is generally constructed with a glass roof and walls. ...
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