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COMPARABLES Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property. MORTGAGE NOTE Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument. RISK OF LOSS Responsibility for damages caused to improvements. The risk of loss passes to the vendee when either title or possession passes, and he should protect himself by securing proper insurance. MORTGAGOR The one who gives a mortgage as security for a debt; the borrower; usually the landowner; the borrower or debtor who hypothecates or puts up his property as security for an obligation. RESTRICTIONS Limitations on the use of property. Private restrictions are created by means of restrictive covenants written into real property instruments, such as deeds and leases. |
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