Buying Home New York
Buying Home New York
Buying Home New York

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Real Estate Terms of the Day for Buying Home New York



CONCESSIONS
Discounts given by landlords to prospective tenants to induce them to sign a lease.

CONSTRUCTIVE NOTICE
Notice of certain facts which are implied bylaw to a person because he could have discovered the fact by reasonable diligence or by inquiry into public records.

COLLATERAL
Assets (such as your home) pledged as security for a debt.

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."

INCOME PROPERTY
Property purchased primarily for the income to be derived plus certain tax benefits, such as accelerated depreciation. Income property can be commercial, industrial or residential.

BUDGET MORTGAGE
A mortgage with payments set up to cover more than interest and principal reductions.

DEFAULT
Failure to fulfill a duty or promise or failure to perform any obligation or required act. The most common occurrence of default on the part of a buyer or lessee is non-payment of money.

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