A deposit is, in fact, a deposit that the buyer pays for the house he wants to buy.
When the deposit is exchanged, an agreement is drawn up, which sets out the conditions for the return of the amount.
The deposit can be from 1 to 10% of the sale price, mainly depending on the market interest.
If the buyer violates the terms of the contract, he risks losing his deposit.
“However, there are a number of potentially negotiated contingencies that could protect a buyer from canceling a deal while still keeping all of their deposits.
The 48 Hour Rule refers to the part of the mortgage allocation process related to the purchase and sale of Mortgage Backed Securities (MBS) to be announced (TBA).
A major improvement is a long-term upgrade, adaptation, or improvement to a property that adds value to it, often including structural changes or restoration.
Effective gross income is calculated by adding the potential gross rental income to other income and subtracting the vacancy and loan costs of the rental property.
A land lease is a contract whereby the tenant can develop the property for the duration of the lease, after which it is transferred to the property owner.