Real Estate Terms
Common Area Maintenance charges. Charges commercial tenants may be responsible for paying to cover the tenants' share of maintaining the common areas of a building.
Permission from the local government to erect, alter or remodel improvements to real estate.
Used for short-term interim financing allowing the borrower to purchase a replacement property before selling the currently owned property. Also known as a swing loan.
A mortgage in which there is more than one parcel of real estate pledged as security for the debt.
Rather than monthly mortgage payments, a biweekly mortgage calls for smaller payments every two weeks which amortizes the loan quicker and at less total interest costs.
A permanent reference mark used by surveyors in elevation measurements.
The final and considerably larger payment in a balloon mortgage
A mortgage in which the periodic payments are not enough to fully pay off the loan by maturity and the final payment is larger than the previous payments
A tenant agrees to recognize a new landlord and formally agrees to become the tenant of a new landlord
Attorney General's Memorandum
A letter from the New Jersey state attorney general regarding discrimination in real estate transactions. The rules of the New Jersey Real Estate Commission require every licensed broker or salesperson who takes a listing for residential property give the seller or landlord a copy of the Attorney General's Memorandum so they will be aware that it is illegal to discriminate
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