Real Estate Term of the Day: Concessions CONCESSIONS (aka: Seller Concessions) – reduction in price (could be credit for closing costs), or other benefit provided to a buyer as an inducement to buy (Barron’s Dictionary of Real Estate Terms) Requests for seller concessions in the form of closing costs are a common negotiating point between … More Real Estate Term of the Day: Concessions
Real Estate Term of the Day: Co-Mortgagor CO-MORTGAGOR (aka: co-borrower or co-signer) – one who signs a mortgage contract with another party or parties and is thereby jointly obligated to repay the loan. Generally a co-mortgagor provides some assistance in meeting the requirements of the loan and receives a share of ownership in the encumbered … More Real Estate Term of the Day: Co-Mortgagor
Real Estate Term of the Day: Commitment Letter COMMITMENT LETTER – an official notification to a borrower from a lender indicating that the borrower’s loan application has been approved and stating the terms of the prospective loan (Barron’s Dictionary of Real Estate Terms) This letter is typically given to the borrower before the loan conditions … More Real Estate Term of the Day: Commitment Letter
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