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Required Cash
Categories: Loan and Mortgage,
The total cash required of the home buyer to close the transaction, including down payment, points and fixed dollar charges paid to the lender, any portion of the mortgage insurance premium that is paid up-front, and other settlement charges associated with the transaction such as title insurance, taxes, etc. The total required cash is shown on the good faith estimate of Settlement that every borrower receives.
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Definition / Meaning of
Highest And Best Use
Categories: Real Estate,
Key appraisal and zoning principle employed in valuing any parcel of land or property. Since the value of a property and its use are closely linked, its highest and best use is that which results in the highest present value, and brings in the greatest net return over a given period or the foreseeable future - within the applicable constraints. The value of, and return on, a property are related to its surrounding environment so its use has to be consistent with the neighboring land use. Because a property's value is influenced by the local competitive and political forces, the timing of the property development is another critical factor. And, especially in metropolitan areas, where a property can be put to several different uses, its combination of uses is very important. A highest and best use appraisal must take these four factors into consideration: (1) legal permissibility, (2) physical possibility, (3) financial feasibility, and (4) maximum productive use. However, even the most detailed appraisal is simply a considered opinion of an appraiser, not the final word.
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