This is a four stage transaction in the management process, close is the third stage wherein parties are brought together to consummate an agreement. It is an acronym for contingencies, legal instruments, obstacles, signatures...
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Credit file
Also referred to as a credit report, a credit file is an account of your credit history that is prepared by a credit bureau. It contains your credit history and personal history. Credit history details what you owe and to whom...
Conveyancing
This refers to the process in which a property is transferred between a buyer and a seller. In real estate terms, conveyancing typically involves drawing up and carrying out a contract that specifies the agreed purchase price and...
gross debt service
This is the amount of money needed to pay interest, principal, and taxes. It may sometimes include energy costs. If the building unit is a condominium, a portion or all of the common fees are excluded, but this will depend on...
Floor Plan
This is an architecture scale that shows the layout of the floor in a certain room or floor of a building in two dimensions and is usually depicted from a view above. It exhibits the relationship between spaces, rooms, traffic...
Credit bureau
This is a for-profit private company that gathers and sells information about an individual's credit history. Their clients usually involve credit card companies, mortgage lenders, and banks that in turn use the information to...
income capitalization approach
This is a method that estimates the worth of an income-producing property by translating (NOI) net operating income into a specific value. The NOI is divided by the capitalization rate in order to get the value.
Compounding
This refers to a type of calculation wherein interest earned is reinvested, therefore earning additional interest. Over time, it will generate even more interest. Experts describe it as a "snowball effect" because as your wealth...
Housing and Urban Development, Department of (HUD)
This is the agency accountable for enforcing the federal Fair Housing Act.
Common Area Maintenance (CAM)
This is the additional rent charged to the tenant in addition to the base rent. It is used for the upkeep of common areas on the property shared by the tenants from which they all benefit. Some services included in this are...
