Buying Contract Home
Buying Contract Home
Buying Contract Home

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Real Estate Terms of the Day for Buying Contract Home



INTEREST
Charge paid for borrowing money, calculated as a percentage of the remaining balance of the amount borrowed.

GROSS AREA
The total floor area of a building measured from the exterior of the walls (excluding those unenclosed).

FIXED-RATE LOANS
Fixed-rate loans have interest rates that do not change over the life of the loan. As a result, monthly payments for principal and interest are also fixed for the life of the loan. Fixed-rate loans typically have 15-year or 30-year terms. With a fixed-rate loan, you will have predictable monthly mortgage payments for as long as you have the loan.

SIMPLE INTEREST
Interest computed on the principal balance only.

DISCLAIMER
A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein."

BUNDLE OF RIGHTS
An ownership concept describing all those legal rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc.

ANCHOR TENANT
Major department or chain stores which are strategically located at shopping centers so as to give maximum exposure to smaller satellite stores.

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