Entries for July, 2011

What is an Assessment (for a Condominium)?

An assessment is a unit owner’s share of the amount of money required to pay the common expenses of the association and the condominium.   The assessment may go towards items such as building maintenance, landscape, water, sewer, trash, roof, reserves…etc The assessment is usually paid monthly and it is important to know the amount of [...]

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What is a Proxy?

A proxy is written authorization for one person to act or vote for another at a meeting of the association.

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What is a Quorum?

A Quorum is the number of voting interests or board members of an association who must be present at a meeting in order to legally transact business.

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What is a Special Assessment?

A special assessment is any assessment levied against unit owners other than the regular assessment required by an annual budget.

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What is a Loan Modification?

A loan modification is a change in one or more of the terms of a borrower’s loan.   Loan modifications typically involve the reduction in the interest rate of the loan.    Many Lenders will modify an existing loan to help a borrower who is faced with a financial hardship. For some frequently asked questions, see the [...]

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What is a Deed In Lieu of Foreclosure?

A deed in lieu of foreclosure allows the defaulting Borrower to transfer the property voluntarily to the Lender in exchange for release of the mortgage.   The defaulting Borrower gives the title (the deed) to the Lender to avoid judicial foreclosure.   The Lender may agree to forgive the deficiency that remains after the house is sold. [...]

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What Does Ad Valorem Tax Mean?

A tax based on the assessed value of real estate or personal property.  Ad valorem means according to value.

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What is a Private Lender?

A private lender is an individual that will lend you money to fund your real estate investment.    The private lender will usually lend the money at a higher interest rate than conventional lending institutions like banks.   The loan of their money is secured by the real estate that you will be purchasing.

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