New York Real Estate Glossary B
(Back Taxes - Beneficiary Statement)
A1 | A2
| A3 | A4 | B1 | B2 | B3
| C1 | C2 | C3
| D1 | D2 | E1
| E2 | F1 | F2
| F3 |
G1 | G2 | H1
| H2 | I1 | I2
| J | K | L1
| L2 | L3 | M1
| M2 | M3 | N
| O1 | O2
| P1 | P2 | Q
| R1 | R2 | S1
| S2 | T1 | T2
| U | V1 | V2
| W1 | W2 | X
| Y | Z
Taxes owed from a prior year.
Commission received by a syndicator when real estate is sold and are
typically paid after the investors receive their initial investment
Lender calculations by which debt (principal, interest, property taxes
and insurance + other monthly bills) is compared with gross monthly
Statement of financial condition, which lists assets, liabilities and
stockholder's equity. The net worth of an individual is assets minus
A mortgage in which the monthly payment is not intended to repay the
entire loan. The final payment is a large lump sum of the remaining
The final lump sum payment of a balloon loan.
Balloon Note Mortgage
A loan that is only partial amortized and requiring a lump sum repayment
A legal procedure by which an insolvent debtor can be relieved of repayment
of certain obligations. Bankruptcies remain on a credit rating for 7
to 10 years. This may become a problem in obtaining financing.
Bargain and Sales Deed
The most widely used type of real estate deed, this makes the transfer
of property from one individual to another for a consideration in the
form of a sale.
Wall that supports its weight and the weight of other parts of the structure
and are necessary for the stability of a structure. Bearing walls often
include one or more interior walls, as well as the exterior walls. Openings
cut into bearing walls must be reinforced and a different load path
used through the use of headers carry the loads across the top of the
Soil with solid rock underneath which provides a foundation on which
to construct a building.
Total income prior to deduction of taxes.
A summer house on a height or an upper-story open-roofed gallery designed
to give a view of the scenery.
The lender, who is making a loan, is called either a mortgagee or a
beneficiary. The borrower is the mortgagor.
Lien holder's statement showing the unpaid balance on a trust deed note.