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
A style of architecture originating in Europe in the 1920s. The international architecture design was very functional and emphasized buildings constructed of steel, reinforced concrete, and ...
One who sells real estate or other products. ...
The smallest lot area required for building under the municipal zoning code. For example, a municipal zoning code requires all building lots to have a minimum lot area of 1/4 of an acre in ...
Law of the state establishing guidelines and requirements for constructing buildings. The standard may differ between the states. ...
Fund set aside for periodic payments, aimed at reducing a financial obligation taken out to buy real estate, or to accumulate enough funds to buy property or plant expansion. The principal ...
Water/plaster mix used as a surface for walls and ceilings. ...
A lease contract extending ten years or more. ...
Subdivided acreage with utilities usually situated within or adjacent to established communities. ...
The American Real Estate and Urban Economics Association (AREUEA) is a non-profit association founded in 1964, during the Allied Social Science Association located in Chicago. Important to ...
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