Real Estate Terms [18]

Aug 6, 2011     Posted under: Investment






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Commitment:

1)      Title Insurance (which monetarily compensates the policy holder for financial loss due to an error in the property title) term for the preliminary report issued before the actual policy. Said report shows the condition of the title and the steps necessary to complete the transfer of title as contemplated by the buyer and seller

2)      A written promise to make or insure a loan for a specified amount and on specified terms

Commitment To Insure: A promise by a title insurance company to insure any buyer at a specific premium upon purchase

Common Area: The space within a shopping center or other estate or campus-type development which is not intended to be leased. It may include landscaped areas, pedestrian precincts and service facilities

Co-Mortgagor: When more than one person signs a mortgage, they are said to be co-mortgagers. Also refers to the person who guarantees the repayment of the amounts due or who signs the mortgage deed along with the person receiving the money

Comparables: Similar properties to which a property can be compared in order to determine its value

NitiN Kumar Jain

Nitin works in an IT MNC professionally but blogs and owns NKJ Live. He is also the co-owner of a professional start-up ARGHAM BYTES

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