(1) Owner financing (also known as seller financing) takes place when a borrower finances the purchase of a home through the seller, bypassing conventional mortgage lenders and financial institutions. (2) It may sound strange — even a bit backward — for a home seller to offer to finance a buyer’s purchase of their property, but this type […]
The fee a borrower pays a lender to cover the costs of processing their loan application.
The original principal balance is the amount owed on a mortgage before the first payment has been made.
When a listing that is on market is available to the public for viewings and showings.
A walking or driving tour by a real estate sales office of listings represented by agents in the office. Usually held on a set day and time.
When a buyer proposes certain terms and presents these terms to the seller.
A property listing that has been removed from the sale inventory in a market. A property can be temporarily or permanently off market.
Land which has not had improvements such as buildings and other structures added to it. Such land is often left in a subdivision by a developer or stipulated by a local authority for recreational use or for personal use by the owner.
Certificate issued by the local development authority certifying that all necessary works have been completed as per the sanctioned plans for the said property and it is fit for occupation. OC is issued after obtaining clearance from the water, electricity, sewerage, fire fighting authorities etc.
The exclusive right to hold, possess or control, and dispose of a tangible or intangible thing. Ownerships may be held by a person, corporation, or governmental entity.