When getting a mortgage, credit scores may either make or break a borrower when it comes to acquiring a home mortgage or getting the best rate. This score is calculated based on an individual's credit history. The better your...
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Equitable Title
In order for a title to be complete, there has to be an equitable title and a legal title. An equitable title is what gives an entity the full use and enjoyment of the property or the beneficial interest in the property.
Easement
This is the property right to utilize or enter the property of another. It is done due to a benefit that is located in the adjoining land such as a public utility easement or the right to cross A to get to B.
Contract for deed
This specifies that the real estate sale wherein the deed of the property is shifted only after full payment has been made. It can also be called the agreement of sale, land contract, installment contract, or conditional sales...
Economic rent
Economic rent is the market value of a property at any given point in time. It may differ from the actual rent.
Guarantor
This is the individual or entity that makes a guaranty in a business transaction.
Escrow agreement
This is an agreement that is made between the parties involved and an escrow agent into a contract that specifies the obligations of the parties, defines the money or things of value that will be deposited into escrow, and...
Flood Control District
This special taxing district is constructed to provide flood control in specified areas of a certain county.
Deficiency judgment
This refers to a court ruling against a debtor that has defaulted on a secured loan. That means the fund from the sale of a property will be used to pay back the loan if it was unable to cover their outstanding debt in full.
DOWNREIT
A DownREIT is similar to an UPREIT, but the REIT operates and owns properties other than its interest in a controlled partnership that operates and owns separate sites. This structure makes it possible for REITs to buy properties...
