Package Mortgage
A mortgage that finances real property together with personal property, such as appliances and furniture, under one loan.
A package mortgage covers both the real estate and certain personal property inside it, such as appliances, furniture, or fixtures, under a single loan. It is common with furnished condominiums.
It differs from a blanket mortgage, which covers multiple parcels of real estate rather than adding personal property.
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- Blanket Mortgage
A single mortgage that covers more than one parcel of land, often with a partial release clause so parcels can be freed as they sell.
- Mortgage
The security instrument that pledges real property as collateral for a debt, creating a lien in favor of the lender.
- Fixture
Personal property that has become permanently attached to real property and is treated as part of the real estate, conveying with it.
This definition is Florida real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.