The following table sets out the requirements when the safety quality is made up of more than one piece of land. Mortgage – A legal document that mortgages the lender of a property as collateral for the payment of a debt. Public Auction – A meeting in a public place advertised to sell real estate, to pay off a mortgage that is late. obtain and verify the credit report, title report, valuation and/or UCC agency, the corresponding regime change and related security agreement, which reflect the terms of the secured loan; Personal property – Any property that is not real estate. Net Cash Flow – The remaining income for an investment property based on monthly operating income is reduced by monthly housing charges, which include capital, interest, taxes and insurance (PITI) for mortgage, homeowners` contributions, lease payments and subordinated financing payments. Unit Development Project (PUD) – A project or subdivision comprising common real estate that is in possession and owned by an association of owners for the utility and use of individual owners of PUD units. Expulsion – the legal eviction of a resident from the property. Evaluation – The process of valuing the value at the property for the strict purpose of taxation. Can also refer to a land tax for specific purposes, such as.
B a pipe control. Some AdTs may be located prior to the adoption of the local zone regulation and may therefore be considered non-compliant with the law. An ADU should always be considered legal when authorized by the current zone code for the property of the subject. Income real estate – Real estate developed or improved to generate income. “The personal property in the sales contract as well as in the seller`s disclosure is sold with the home for the convenience of the seller and has no monetary value.” – The legal document that transfers title to a property. Due-on-Sale-provision – A provision in a mortgage that allows the lender to demand the full repayment when the borrower sells the property that serves as collateral for the mortgage. Real Estate Line of Credit – A mortgage that is generally in a subordinated position that allows the borrower to obtain multiple advances from the loan proceeds at his discretion, up to a certain percentage of the borrower`s equity in a property. Exclusive List – A written contract that gives a licensed real estate agent the exclusive right to sell a property for a period of time, but retains the owner`s right to sell the property alone without the payment of a commission. Pre-agreed refinancing agreement – a formal or informal agreement between a lender and a borrower, under which the lender agrees to propose specific terms (e.g. B a reduction in costs) for a future refinancing of a mortgage that will encourage the borrower to complete the original mortgage transactions. Homeowner`s insurance – Insurance that combines liability insurance with risk insurance coverage for a home and its contents.
First mortgage – A mortgage that is the primary pawn right against a property.