This week will be the term, “Mortgage”.  Since we are in the field of Real Estate, let’s define Mortgage.

*MORTGAGE: debt instrument by which the borrower (mortgagor) gives the lender (mortgagee) a lien on property as security for the repayment of a loan.  The borrower has use of the property, and the lien is removed when the obligation is fully paid.  A mortgage normally involves real estate. For personal property, such as machines, equipment, or tools, the lien is called a chattel mortgage.

*Barron’s Financial Guide Dictionary of Finance and Investment Terms, Seventh Edition, pg. 434

Have a great weekend and if you see anything for sale, anywhere, by ANYONE, please call, text or email me and I will work at getting you the information you request.

If you would like to see if you qualify for a mortgage loan, please contact Amanda Dusenberry at 931-980-3999 and mention our Blog.

Blessings~

In the wonderful world of Real Estate there is a dictionary of terms.  I am going to dedicate Thursday as being the day to learn something new in our vocabulary.

For our first post, we are going to look at the term Contract.

CONTRACT – An agreement between competent parties to do or not to do certain things for a CONSIDERATION.

Example: To have a valid contract for the sale of real estate there must be:

1. An offer
2. An acceptance
3. Competent parties
4. Consideration
5. Legal Purpose
6. Written documentation
7. Description of the property
8. Signatures by principals or their attorney-in-fact.

Check back next week for the Thursday Term.  To get these posts directly to your email, click here.

Is there anything that you are wondering about when it comes to Real Estate? Contact me today for the answer.

Come out to Governors Square Mall any Monday!

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Governors Square Mall

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