Contract to sell, Contract of sale, Selling Price, Total Contract Price Miscellaneous Fees, Move in скачать в хорошем качестве

Contract to sell, Contract of sale, Selling Price, Total Contract Price Miscellaneous Fees, Move in

Contract to sell, Contract of sale, Selling Price, Total Contract Price Miscellaneous Fees, Move in Fees: OTHER REAL ESTATE TERMINOLOGIES DEFINED: CONTRACT TO SELL - the exclusive privilege to purchase is merely an executory contract in which there is no transfer of ownership CONTRACT OF SALE - a contract whereby the Seller obligates himself to deliver a specific real property to the Buyer who for his part binds himself to pay therefore a sum of money. DEED OF ASBSOLUTE SALE - a document where the sale is not subject to any condition and where the transfer of ownership is complete and irrevocable MORTGAGE - a legal agreement in which a person borrows money to buy property and pays back the money over a number of years ASSUMPTION OF MORTGAGE - To undertake the liability for payment of an existing mortgage for the purpose of owning the mortgaged property DELINQUENT - late or undesirable payment of obligation DEFAULT - the failure to fulfill a duty or promise to discharge an obligation FORFEITURE - The taking back of property as penalty and cancellation of contract due to breach of obligation FORECLOSURE - A legal proceeding that bars or extinguishes a mortgagor’s right to redeem a mortgaged property REDEMPTION – the right to redeem the property during the foreclosure period LOAN RESTRUCTURE – To change or modify the contracted financing scheme for a certain purpose DEFERRED CASH - Short term payment of the total contract price BALOON PAYMENT - a form of payment where the final installment is greater than the preceding installment payments TITLE - proof, evidence, or monument of ownership. TAX DECLARATION - is a property record maintained by government assessors, showing the market and assessed values OCT – Original certificate of title. a title is issued for the first time in pursuance to a decree. TCT – Transfer certificate of title. a certificate of title registered by the Register of Deeds subsequent to the OCT CCT- Condominium certificate of title. a certificate of ownership of a condominium unit. MARKET VALUE – the highest price a property could get a willing buyer without abnormal stimulus or pressure APPRAISAL VALUE– The value determined by an appraiser. Appraisal is the process of estimating the value of real estate property as of a given time and for a specified purpose ASSESSMENT VALUE - The value determined by real estate assessor ZONAL VALUE – the value determined by BIR for payment of tax LOAN VALUE– The value determined by the lending institution such as bank and Pag-ibig 41. DEPRECIATION – loss in value due to physical deterioration, functional obsolescence or economic obsolescence 42. DEED OF RESTRICTIONS - Are limitations written on a deed to restrict or control, the occupancy or use of a property