Prohab Property Grp

Real Estate Investing Company

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Party Wall - A wall erected on the boundary line that separates two parcels of land and intended to be used by both parties #partywall

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Networking: Building relationships with other people in the real estate industry in order to gain contacts and potential deals #networking

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Mortgagee - The lender in a mortgage transaction; the one who receives the mortgage #mortgage #mortgagee

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Lists – A database of potential clients that include foreclosures, distressed houses, bankruptcy, and filter sources #lists #database

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Liquidated Damages - A pre-determined sum of money specified in a contract to be forfeited in the event a breach occurs #liquidateddamages

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Limited Liability Company (LLC) – Flexible legal structure of a business that combines features of a partnership and a corporation #llc

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Dedication: The voluntary appropriation of land by its owner to some public use, and the acceptance for such use by the government authority

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Declining Balance Method: A method of calculating depreciation for tax purposes #taxes #depreciation

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Zoning - A municipality's use of its police power in controlling the use of real property within its jurisdiction #zoning #ordinance

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Zoning Map: Map that details the division of a municipality into different zones, with a list of permitted uses of the property in each zone

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Redlining: The illegal practice of lending institutions refusing to lend money in certain geographical areas or neighborhoods #redlining

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Real Property: Ownership rights in land; real estate

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Quantity Survey: Valuing the replacement cost of a building by estimating the value of all the raw materials that went into it #survey

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Principal: 1. The party who is represented by an agent. 2. The amount of debt upon
which interest is calculated #principal

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PITI: Stands for principal, interest, taxes and insurance which are primary components of a mortgage payment

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Performance Bond: A bond, usually supplied by a contractor, used to guarantee the completion of the project he was hired to perform #bond

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Parcel: A tract or plot of land #parcel #land #tract

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Non-Judicial Foreclosure - Foreclosure proceedings conducted by the lender and not requiring a court order #foreclosure #nonjudicial

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Mortgagor - The borrower in a mortgage transaction; the one who gives the mortgage #mortgagor #mortgage

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Mill: Used to compute property taxes. It is the equivalent to one-tenth of 1 cent #mill #propertytaxes