Maturity: The date at which the principal balance of a loan becomes due.
Mortgage: A legal document that gives the ownership of a property to the lender as security for payment of a loan.
Mortgagee: The lender.
Mortgager: The borrower.
Note: A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.
Origination Fee: A fee charged by a lender for making a mortgage.
Out Parcel: Typically referred to as a separate parcel of land in front of a shopping center usually offering great visibility and access to the property.
Principal: The loan amount borrowed or still owed.
Rental Increases: Periodic increases in the income of an investment property, often to compensate for inflation.
Sublease: A lease given by a tenant for some or all of a rented property.
Survey: A measurement of land prepared by a registered land surveyor showing the location of the land with reference to known points, its dimensions, and the location and dimensions of any buildings.
Title: A legal document of ownership of property.
Triple Net Lease: A net lease that requires the tenant to pay maintenance, taxes, and insurance. Willis Venture specializes in the area of single-tenant, triple net leases. For a more detailed explanation, please view the Willis Ventures Triple Net Lease webpage.
Underwriting: The process of applying for a loan to determine if it meets the lender’s standards.
Upleg: The property to be exchanged for a 1031 exchange. For a more detailed explanation of 1031 exchanges, please view the 1031 Exchange page on the Willis Ventures website.
Yield: The annual rate of return on an investment expressed as a percentage.
