Category Archive

The condition or state of a person (individual, partnership, corporation, etc.) who is unable to repay it's debts as they are, or become, due.

A large principal payment that typically becomes due at the conclusion of the loan term. Generally, it reflects a loan amortized over a longer period than that of the term of the loan itself (i.e. payments based on a 25 year amortization with the principal balance due at the end of 5 years). See "Bullet Loan".

To turn over or transfer to another money or goods. To agree to recognize a new owner of a property and to pay him/her rent. In a lease, when the tenant agrees to attorn to the purchaser, the landlord is given the power to subordinate tenant's interest to any first mortgage or deed of trust lien subsequently placed upon the …

A transfer by lessee of lessee's entire estate in the property. Distinguishable from a sublease where the sublessee acquires something less than the lessee's entire interest.

A fee imposed on property, usually to pay for public improvements such as water, sewers, streets, improvement districts, etc.

The acceptance by the tenant of the existing condition of the premises at the time the lease is consummated. This would include any physical defects.

The increased value of an asset.

An estimate of opinion and value based upon a factual analysis of a property by a qualified professional.

The actual cost of borrowing money, expressed in the form of an annual interest rate. It may be higher than the note rate because it represents full disclosure of the interest rate, loan origination fees, loan discount points, and other credit costs paid to the lender.

The major or prime tenant in a shopping center, building, etc.