(CC&Rs) The basic rules establishing the rights and obligations of owners (and their successors in interest) of real property within a subdivision or other tract of land in relation to other owners within the same subdivision or tract and in relation to an association of owners organized for the purpose of operating and maintaining property commonly owned by the individual owners
Any financing arrangement other than a traditional mortgage from a third-parry lending institution. Creative financing devices include: loans from the seller; Balloon payment loans; Wraparound mortgage Mortgage assumption; Sale-leaseback; Land contract; Alternative mortgage instrument.
1. In lending, the power of an individual to secure money or obtain goods on time, in consequence of the favorable opinion held by the community or by the particular lender, as to his or her solvency and reliability; a debt considered from the creditor’s standpoint or that which is to be incoming or due to one. 2. In accounting, a bookkeeping entry on the right side of a bookkeeping account that records the reduction or the elimination of an asset or an expense or the creation of or addition to a liability or item of equity or revenue.
An evaluation of a person’s history or capacity of debt repayment which is generally available for individuals from a retail credit associations and to which individuals have access and for businesses by companies such as Dunn & Bradstreet and for publicly held bonds by Moody’s, Standard & Poors.
In mortgages, the process of evaluating and rating a loan applicant according to the quality of his or her credit worthiness based on past use of credit, current indebtedness and frequency of application for credit and where a person’s score may determine whether he or she is eligible for conventional loan standard terms or must obtain a sub-prime loan with less favorable terms
An item of physical deterioration or functional obsolescence which customarily gets corrected by repair or replacement by a prudent property owner and is thus considered to be “cured.”
An asset such as cash, accounts receivable and merchandise inventories that are liquid or can easily be sold.
In an adjustable rate mortgage, it is the current value of an easily-recognized index that is calculated and published nationally or regionally. The current index value changes periodically and is used in calculating the new note rate as of each rate adjustment date.
A short-term debt that is generally a debt due within one year.
A measurement of investment returns based on the percentage relationship of annual cash income to the investment cost whose formula is current income divided by investment cost equals current yield.
