An accommodation party is an individual who signs an agreement or promissory note without receiving any value in return, for the sole purpose of lending their name to help another person secure a loan or other arrangement.
Creative financing refers to any financial arrangement utilized to purchase real estate that deviates from the traditional mortgage offered by third-party lending institutions.
Preclosing is a process conducted prior to the final closing of a real estate transaction whereby instruments are prepared and signed by some or all parties involved in the contract. This process is especially useful in complex transactions involving multiple parties or arrangements.
