SAVINGS/WEALTH MANAGEMENT
Construction Loan
Construction Loan A construction loan is a type of loan specifically designed to finance the construction or renovation of a home or commercial property. It is typically provided by banks and other lenders and is secured by the land and the property being built. Key Features of Construction Loans: Interest-only payments: Interest is only paid […]
Encumbrance
Definition: Encumbrance is a legal claim or obligation that restricts the use or disposal of a asset or a property right. It is a burden or restriction on the use or enjoyment of an asset or property. Types of Encumbrances: Mortgage: A security interest in land that secures a loan. Liens: Secured claims against a […]
Appurtenance
Appurtenance Appurtenance is a term in physics that refers to a physical object that is attached to or accompanies another object, usually a larger object, as an integral part of its structure or function. Examples of Appurtenances: Wheels: Wheels are appurtenances to vehicles. They are integral parts of the vehicle’s structure and function, providing locomotion. […]
Automatic Savings Plan
An automatic savings plan is a tool that allows you to save money without even thinking about it. Here’s how it works: Setting up the plan: Choose a savings goal: You might want to save for a down payment on a house, a new car, a specific emergency fund, or anything else. Select the amount: […]
Sweep Account
A sweep account is a type of account that automatically transfers money from one account to another when the first account reaches a certain balance. This is often used to save money for a specific goal or to streamline the process of moving money between accounts. Here are the key features of a sweep account: […]
Land
The word “land” has a variety of meanings depending on the context. Here are the most common definitions: Physical geography: Land refers to any dry surface, such as continents or islands. Real estate: Land refers to property that is not covered by water. This can be subdivided into different types of land, such as residential […]
Vintage
Vintage refers to objects that are at least 20 years old. They often exhibit the design and craftsmanship of the past, while possessing the durability and utility of modern-day items. Here are the key characteristics of vintage items: Age: Vintage items are at least 20 years old. Sometimes, items older than 50 years are considered […]
Attornment
Attornment Attornment is the payment of money or other valuable consideration to induce a person to do or refrain from doing something. Definition: Attornment is a legal term that refers to a payment or other incentive offered to a person in exchange for their consent or agreement to perform a certain action or to refrain […]
Voluntary Retirement Scheme
Voluntary Retirement Scheme (VRS) A voluntary retirement scheme (VRS) is a retirement savings plan that allows employees to contribute their own funds on a voluntary basis. Unlike mandatory retirement savings plans, such as Social Security in the United States, VRSs are not required by law. Key Features of VRS: Voluntary contributions: Employees choose whether or […]
Commercial Property Insurance
Commercial Property Insurance Commercial property insurance is a type of property insurance that provides coverage for business property against loss or damage. It typically includes coverage for the following types of property: Buildings Equipment Furniture Fixtures Inventory Vehicles Electronic equipment Types of Commercial Property Insurance: 1. Named Property Insurance: Covers only the named property listed […]
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