This clause mandates that when a property is sold or transferred, the borrower must repay the mortgage in full.
A soft prepayment penalty typically only applies if the borrower refinances the mortgage. It allows them to sell their home without facing any fees.
For qualifying applicants, a single-close loan merges the financing for new construction and the mortgage into one, easing the process of building a home.
An earnout in this context involves a portion of the purchase price being contingent on the future performance of the property. This effectively ties it to predefined financial targets or performance milestones.
Subleasing involves the original tenant leasing the property to a third party, while still maintaining a contractual relationship with the landlord.
Co-signer services in real estate involve a secondary individual who pledges to repay the mortgage if the primary borrower is unable to do so.
Companies like Jetty Rent and Rent Advance enable this flexibility by paying the rent up front and allowing residents to repay in installments.
This document records every financial transaction between a tenant and the landlord or property management, ensuring that all rent payments and financial obligations are accurately tracked.
This term refers to a residential building or complex that contains more than one distinct housing unit.
Property management fees typically range from 7% to 12% of the monthly rental value.
This written notice must include key details such as the tenant's planned move-out date, the lease termination date, and the precise address of the rental property.
A co-applicant shares financial and legal obligations with the primary applicant. They often boost the overall creditworthiness essential for securing a favorable loan.
A CRP is most commonly used for tax purposes, especially in places like Minnesota, where renters can claim property tax refunds or benefits.
A renter's property tax refund allows renters to claim a portion of property taxes they effectively pay through their rent on their individual income tax return, providing potential financial relief.
Ensuring that all parties have aligned investment strategies and clear ownership interests is crucial to a successful TIC agreement.
A tenant is considered a holdover tenant when they remain in a rental unit beyond the end date of their lease agreement without the landlord's approval.
Bonus depreciation allows real estate investors to accelerate the deduction of depreciation for certain improvements and investments.
For residential rental properties, a roof is typically depreciated over 27.5 years, while commercial properties use a 39-year depreciation period.
Pet screening is a detailed evaluation that often requires tenants to provide information about their pet's type, breed, size, age, and behavior traits.
The standard flooring depreciation life is 27.5 years for most types of flooring that are considered permanent fixtures in a rental property, according to IRS guidelines.
This notice serves to legally establish that the tenant has relinquished their rights to the premises, allowing landlords to take necessary steps such as reclaiming the property or seeking a new tenant.
Eviction-approved apartments are rental properties willing to lease to individuals with prior eviction records.
The core objective is to provide much-needed relief to renters and support landlords through federal funding. State, local, and Tribal governments administer this funding.
The real estate depreciation recapture tax rate is typically capped at 25% for real property.
