Real Estate Term of the Day: Down Payment DOWN PAYMENT – the amount one pays for property in addition to the debt incurred (Barron’s Dictionary of Real Estate Terms) The main purpose of a down payment is to ensure that the lending institution can recover the balance due on the loan in the event that … More Real Estate Term of the Day: Down Payment
Real Estate Term of the Day: Department of Housing and Urban Development (HUD) DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (aka: HUD) – a U.S. government agency established to implement certain federal housing and community development programs. This federal agency attempts to assure decent, safe, and sanitary housing for all Americans, and investigates complaints of discrimination … More Real Estate Term of the Day: Department of Housing and Urban Development (HUD)
Real Estate Term of the Day: Delinquent DELINQUENT – past due. The state of having an unpaid amount after the due date and any grace period afforded has passed. Normally, delinquency occurs before a mortgage default is declared (Barron’s Dictionary of Real Estate Terms) Most banks will give a 15 day grace period for your … More Real Estate Term of the Day: Delinquent
Real Estate Term of the Day: Default DEFAULT – failure to fulfill an obligation or promise, or to perform specified acts (Barron’s Dictionary of Real Estate Terms) Two common forms of a default in terms of real estate are: Default by either buyer or seller of the agreed upon purchase agreement. In the State of … More Real Estate Term of the Day: Default
LESLIE MONACO REAL ESTATE 