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What is a paid assessment letter?
A paid assessment letter is a letter from a condo association stating the amount of the regular assessment on the…
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What is a special assessment?
Special assessments are fees levied outside of the regular monthly or annual assessments to cover things that the regular assessments…
What is an assessment?
An assessment is a monthly or annual fee levied by a condo association against condo owners. Assessments are used to…
What is negative amortization?
Negative amortization is making regular payments on a loan where each payment is less than the interest accrued since the…
What is amortization?
“Amortization” is making regular payments on a loan where some portion of each payment pays down the amount owed; such…
What is recourse and non-recourse?
A “recourse” loan simply means that the loan requires that one or more persons provide a personal guarantee, effectively backing…
What are sunk costs?
Generally speaking, sunk costs are costs that have already been incurred and cannot be recovered. For a real estate investment,…
What is earnest money?
Earnest money is a deposit that a buyer puts down with a seller upon entering into a contract to purchase…