A discount in the context of real estate represents the difference between the face amount of an obligation and the amount advanced or received for the loan. It often indicates the sale of a loan or mortgage at less than its face value.
An Environmental Report provides crucial information about the environmental conditions of a property. It assesses potential environmental liabilities and compliance with environmental regulations before any property transaction.
An occupancy agreement, limited, allows a prospective buyer to obtain possession of a property under a temporary arrangement, typically before the official closing of the sale.
An Opinion of Title is a certificate, often provided by an attorney, that attests to the validity of the title to a property being sold. This document plays a crucial role in real estate transactions.
A Purchase Agreement is a legally binding contract between a buyer and a seller outlining the terms and conditions for the sale and purchase of a property. This document details essential aspects such as price, closing date, and contingencies.
The term 'Purchase Price' refers to the dollar amount agreed upon by the buyer and the seller for the sale of a property. This figure is specifically outlined in the sales contract and does not take into account any adjustments for financing, concessions, or seller-paid closing costs.
A wraparound mortgage is an innovative financing tool that includes an existing underlying mortgage within its structure, facilitating real estate transactions by streamlining payment processes. It features a consolidated loan combining both old and new debts, circumventing the traditional need for two separate mortgages.
