Real Estate Terms


CAM Charge

posted Nov 4, 2010, 4:17 PM by Career Path Academy   [ updated Jul 28, 2020, 12:04 AM ]

CAM Charge    
Common Area Maintenance charges. Charges commercial tenants may be responsible for paying to cover the tenants' share of maintaining the common areas of a property they are renting so all the tenants share the expenses to maintain these areas. Many times landlords also include their main insurance policy for the property and other similar expenses built into the CAM charge and passed on to the tenants, sometimes this can also include waste removal if the tenants aren't allowed to each have their own dumpsters but share them in a common area, landscaping, sewer, etc. often also included.

Building Permit

posted Nov 4, 2010, 4:16 PM by Career Path Academy   [ updated Nov 4, 2010, 4:17 PM ]

Building Permit    
Permission from the local government to erect, alter or remodel improvements to real estate.

Bridge Mortgage

posted Nov 4, 2010, 4:16 PM by Career Path Academy   [ updated Nov 4, 2010, 4:16 PM ]

Bridge Mortgage    
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.

Blanket Mortgage

posted Nov 4, 2010, 4:15 PM by Career Path Academy   [ updated Jul 28, 2020, 12:01 AM ]

Blanket Mortgage    
A type of temporary financing usually not for periods longer than 6 months.
The purpose is for when a home seller has to purchase the new home before selling the current one. Usually we try to arrange coinciding closings but this may not always be possible and a seller may not be able to afford the payment for two properties. This temporary loan will help the seller/buyer bridge the gap until they can sell their current home so they can swing the payment for both loans in the interim. This is why it is also known as a Bridge Loan, Swing Loan or Interim Financing.

Biweekly Mortgage

posted Nov 4, 2010, 4:14 PM by Career Path Academy   [ updated Nov 4, 2010, 4:15 PM ]

Biweekly Mortgage    
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.

Bench Mark

posted Nov 4, 2010, 4:14 PM by Career Path Academy   [ updated Nov 4, 2010, 4:14 PM ]

Bench Mark    
A permanent reference mark used by surveyors in elevation measurements.

Balloon Payment

posted Nov 4, 2010, 4:13 PM by Career Path Academy   [ updated Nov 4, 2010, 4:14 PM ]

Balloon Payment    
The final and considerably larger payment in a balloon mortgage

Balloon Mortgage

posted Nov 4, 2010, 4:12 PM by Career Path Academy   [ updated Nov 4, 2010, 4:13 PM ]

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

Attornment

posted Nov 4, 2010, 4:10 PM by Career Path Academy   [ updated Nov 4, 2010, 4:11 PM ]

Attornment    
A tenant agrees to recognize a new landlord and formally agrees to become the tenant of a new landlord

Attorney General's Memorandum

posted Nov 4, 2010, 4:10 PM by Career Path Academy   [ updated Nov 4, 2010, 4:10 PM ]

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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