Manufactured Housing - Notice of Default
Refers to a housing unit that was successfully installed with the use of pre-fabricated components such as the walls, floors, and roof.
Is the amount that is either added to or deducted from say a mortgage interest.
Refers to the actual amount of an asset at the time it was purchased.
Is the amount that any home owner could ask his renters to pay him according to the economic times.
Refers to the suggested price of an asset according to the economic times.
Refers to a real estate property that has a clear title and could be sold anytime.
Is the primary lease of any real estate property.
Refers to the date when a mortgage loan matures, thus, needs to be paid.
Refers to any location within and around the city’s landscape.
Is the lowest amount of cash that a buyer needs to pay in order for a purchase transaction to proceed.
MINIMUM LOT SIZE:
Refers to the minimum size of lot that is allowed in a city or municipality’s zoning ordinance.
Is the minimum amount of cash that a debtor is permitted to pay to a mortgage loan.
MIXED-USE COMMERCIAL PROJECT:
Refers to a land improvement that has been developed in such a way that it is able to accommodate not one but two or more uses of the lot involved.
Is a kind of housing unit that could be transported from one place to another, as it has wheels and an engine.
MOBILE HOME PARK:
Refers to a location where mobile homes come together either permanently or temporarily.
Is a housing unit that a land developer constructed for the purpose of it serving as a replica of the other homes in the subdivision or condominium development, which probable buyers could inspect to be able to get a feel of how the other unfinished houses in the area would look like.
Is a dwelling that is made of pre-fabricated materials.
Refers to a momentary stoppage of goings-on.
Is a kind of loan that has been protected using a real estate property.
Is the same as a “vendor take-back mortgage”, wherein the vendee purchases a property using cash in the payment of a part of the property involved and pays the rest through a structured loan payment scheme.
Refers to a company that provides people with money to be able to buy a real estate property but would sometime ask for financial help from wealthier banks in order that excessive cash requests could be covered.
Is a person that helps borrowers look for reputable lenders.
Refers to a kind of insurance that will make sure that the cash a borrower loans will be paid in case the debtor becomes unable to pay the said loan.
Refers to the estimated value of an asset done so that its owner could loan using the said asset as security.
Is the person whom a debtor borrows cash from.
Is the person who borrows the cash is a mortgage deal.
Refers to a housing unit that can accommodate two or more families in separate units with the same housing unit being owned by only one person.
Is the same as multi-dwelling units.
MULTIPLE LISTING SERVICE (MLS):
Refers to a kind of real estate service that agents and brokers operate to help people looking for properties on sale be able to find what they are looking for.
Refers to the exact location of a real estate property.
Is the term given to any local government unit.
NATURAL VACANCY RATE:
Refers to the normal percentage of unoccupied real estate properties.
Happens when regular payments to a mortgage loan could no longer cover the interest that has accumulated overtime and as a result the mortgage amount has increased.
NEGATIVE AMORTIZATION CAP:
Is the limit allowable in a negative amortization scenario.
NEGATIVE CASH FLOW:
Happens when a commercial entity has cash in its coffers that is less than the amount needed for it to continue its operations.
Refers to a place in a municipality or city that is identified through its common use or atmosphere.
NEW ENGLAND COLONIAL:
Refers to a home that has been constructed in Early American Society, has two and one-half stories, is symmetrically shaped, and has a gable roof made of clapboard siding.
NO MONEY DOWN:
Means that a person could get a hold of a real estate property’s title without having to pay anything.
Refers to a portion in a mortgage contract that disallows a person from transferring a loan to another person without the permission of the mortgage lender.
Happens when a person utilizes a property that is the opposite of how it should be utilized per zoning guidelines and by-laws, which makes the utilization an illegal one.
Refers to a listing of real estate properties that has no known owner.
NOTICE OF DEFAULT:
Is a document in writing that a lender sends a borrower calling his attention on his inability to pay for his loan dues and that there might some legal repercussions in the near future.
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