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Seller financing is a loan provided by the seller of a property or business to the purchaser. When used in the context of residential real estate, it is also called " bond-for-title " or " owner financing ."
When the buyer either sells or refinances the property, all mortgages are paid off in full, with the seller entitled to the difference in the payoff of the wrap and any underlying loan payoffs. Typically, the seller also charges a spread. For example, a seller may have a mortgage at 6% and sell the property at a rate of 8% on a wraparound mortgage.
A hard money loan is a specific type of asset-based loan: a financing instrument through which a borrower receives funds secured by real property. Interest rates are typically higher than conventional commercial or residential property loans because of the higher risk and shorter duration of the loan.
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
The language of real estate contracts is typically written to protect buyers. And in many cases, a home seller who reneges on a purchase contract can be sued for breach of contract.
A seller concession is a portion of the buyer’s closing costs or expenses that the seller agrees to pay for, lowering the overall upfront costs for the buyer. Sometimes, buyers ask for ...
Section 341a of the Act (codified in Title 12, U.S. Code, Section 1701j-3) makes the enforceability of due-on-sale provisions a federal issue and provides that if real estate loan documents contain a due-on-sale provision, that provision is enforceable if the property securing the loan is transferred without the lender's consent. Institutional ...
Realtor commissions: The real estate agents involved in the transaction will be owed a commission fee at closing. This typically comes to somewhere between 2.5 and 3 percent of the home’s sale ...