Kiritsis & Associates

 

  • What is an adjustable rate mortgage (ARM)? Kiritsis Law Group 212 922 0005

    By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M Generally, it refers to a type of a mortgage loan where the interest is subject to changes during the term of the loan. With this type of mortgage, the borrower benefits, if the interest rates fall while he will lose if the interest rates rise. Depending on local real estate customs, and jurisdiction, an adjustable rate mortgage may often be referred to as variable rate mortgage and/or tracker mortgage. Generally, the underlying index rate, will be…

  • What is an administrator? Kiritsis Law Group 212 922 0005

    By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M An administrator, often refers to a male (the feminine form is administratrix), who is appointed by a court of proper jurisdiction, to carry the settlement of a person’s estate who has died without a will. Administrators and executors have similar job descriptions, since they are both personal administrators of a dead person’s estate. However, an executor is typically designated by the will, whereas, an administrator is appointed to represent the e…

  • What is adverse possession?   Kiritsis Law Group 212 922 0005

    By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M Generally, it is a real property claim, by a person with no title against a person who has title of the real property. A successful adverse possession claim, usually requires a claimant to establish open, notorious, hostile possession and use of real property to the exclusion of titled owner. However, it is important to note that an adverse possession claim has to meet different requirements depending each different jurisdiction. The party who seek…

  • What is amortization? Kiritsis Law Group 212 922 0005

    By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M It refers to a mortgage payment process, where there is a periodic pay down of a loan principal. Generally, in real estate transactions involving lending, the distribution of loan repayments into several installments of cash flows, is often determined by an amortization table. If a loan is fully amortized, then the last payment would pay off the remaining loan principle and interest. Unlike accounting and tax rules where amortization is associated …

  • What is an amortized loan? Kiritsis Law Group 212 922 0005

    By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M Generally, it is a mortgage loan that is repaid by a series of equal or nearly equal regular payments, with each payment composed of interest and principal. Also, an amortized loan will be without any special balloon payment prior to maturity. There is a key contrast between an amortized loan which has equal payments versus a bullet loan where a large portion of the loan is due at a set maturity date rather than being paid down gradually. The word …


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