Hattiesburg Real Estate Glossary - An Overview

Realty Executives, The Executive Team, Inc.
118 Lamar Blvd #10, Hattiesburg, MS 39402, USA
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COVENANTS AND Ailments - Covenants are promises contained in contracts, the breach of which might entitle a person to damages. Disorders, on the other hand, are contingencies, skills or occurrences upon which an estate or residence suitable could well be acquired or lost.

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CONSTRUCTIVE EVICTION - Functions accomplished by a landlord which so materially disturb or impair the tenant's satisfaction in the leased premises that a tenant is correctly compelled to move out and terminate the lease without having legal responsibility for almost any even more lease.

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BULK TRANSFERS - Any transfer in bulk, rather than while in the normal class of the seller's organization, of An important Portion of the components, stock or provides of an company.

Price range MORTGAGE - A mortgage with payments put in place to cover a lot more than interest and principal reductions.

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SECONDARY MORTGAGE Marketplace - A market for the purchase and sale of present mortgages, built to give bigger liquidity for mortgages; also referred to as secondary cash industry.

Existing Price of A person Greenback - A doctrine which happens to be based upon The point that income provides a time worth. The present really worth of the payment to generally be received at a while in the future is the level of the payment considerably less the loss of desire.

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2nd MORTGAGE - A mortgage that's junior or subordinate to a first mortgage; normally, yet another mortgage imposed on top of the main mortgage, which can be taken out when the borrower requires more cash.

Topic TO MORTGAGE - A grantee using title to real property "issue to mortgage" is not Individually liable on the mortgagee for payment on the mortgage Take note.

PUFFING - Exaggerated or superlative reviews or thoughts not built as representations of truth and so not a grounds for misrepresentation. A press release such as "the condominium has an excellent view," is puffing as the possible buyer can clearly evaluate the see in Each individual case.

PARTICIPATION MORTGAGE - A mortgage where the lender participates inside the money Check Out Your URL on the mortgaged enterprise past a fixed return, or receives a generate to the personal loan Besides the straight curiosity amount.

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