|
REAL ESTATE AND MORTGAGE TERMS:
B
-
- Having a credit report deemed unacceptable by most lending
institutions.
-
-
-
- Mortgage in which the remaining principal balance becomes
fully due and payable at a predetermined time. Most of the time,
balloon loans have level payments unitl the note becomes due
and payable.
- The final payment of a mortgage which is larger than the regular
payment; it usually extinguishes the debt.
- A court action to restructure debt.
- Original cost of property plus value of any improvements put
on by the seller minus the depreciation taken by the seller.
- The lender named on the mortgage note. One entitled to the
proceeds of property held in trust; also proceeds of wills,
insurance policies, or trusts.
- Written agreement transferring personal property from one
person to another.
- Preliminary agreement of sale, usually accompanied by earnest
money (term also used with property insurance).
- A mortgage covering more than one property of the mortgage.
- A debt instrument in the capital markets. The US government,
corporations and municipalities use bonds to raise money. Bonds
can also be backed by real estate loans and the payments from
mortgages.
- A form of an interim loan, generally made between a short
term loan and a long term loan when the borrower needs additional
time before obtaining permanent financing.
- A person that represents another for a fee in real estate
transactions. Real Estate brokers help consumers locate suitable
real estate and are paid a fee for their services.
- Government regulations specifying minimum construction standards.
- Distances from the ends and/or sides of the lot beyond which
construction may not extend. The building line may be established
by a filed plat of subdividion, by restrictive covenants in
deeds or leased, by building codes, or by zoning ordinances.
- An interest rate buydown is the temporary reduction of the
note rate and resulting monthly payments a borrower pays to
the lender. The shortfall between the rate on the note and initial
payment made by the borrower is usually paid by a third party
such as a seller or builder.
- Agent who takes the buyer as a client, and is obligated to
represent their interest above all others, and owes specific
fiduciary duties to the buyer.
GLOSSARY:
|
