Business / Real Estate / Consideration: An act or the promise thereof, which is offered by one party to induce another to enter into a contract, that which is given in exchange for something from another, also the promise to refrain from doing a certain act, like filing a justifiable lawsuit (the forbearance of a right). Consideration, which distinguishes a contractual obligation from a gift, is usually something of value, such as the purchase price in and paid for a promise or it may be a return promise. Thus, the mere promise to pay money is sufficient consideration, so an earnest money deposit is not necessary for purposes of creating a binding contract.
Consideration Noun Synonyms: regard, concern, attentiveness, solicitude, thoughtfulness, compassion, kindness, kindliness, kind-heartedness, considerateness, respect, caring, care
Business / Finance / Purchase-Money Mortgage: A mortgage given by a buyer in lieu of cash when the buyer is unable to borrow commercially for the purchase of property. MORE
Business / Real Estate / Front-End Qualification: When qualifying a prospective buyer for financing, the ratio of the borrowers income to monthly debt obligation is a primary consideration. MORE