Money of Account: A List of Financial Instruments Considered ‘Money of Account’
Here is a list of financial instruments related to real estate, credit cards, car loans, and insurance premiums. An extensive array of money of account in various sectors:
Money of Account
1. Home Equity Loans: Loans where the borrower uses their home equity as collateral. The amount is based on the home’s market value minus the mortgage balance.
2. Construction Loans: Short-term loans to finance property building or renovation, converting into a traditional mortgage upon completion.
3. Bridge Loans: Short-term loans for immediate cash flow, used in real estate for financing new property purchases before selling existing property.
4. Commercial Paper: Short-term, unsecured promissory notes by property developers or REITs for quick funding.
5. Real Estate Options: Contracts giving the right to buy or sell property at a specified price within a certain period.
6. Seller Financing Agreements: The seller provides financing to the buyer, often in the form of a mortgage or land contract.
7. Property Tax Liens: Legal claims against a property for unpaid property taxes.
8. Reverse Mortgages: Loans allowing seniors to convert part of their home equity into cash.
9. Balloon Loans: Mortgages with a large “balloon payment” at the end, covering the remaining principal balance.
10. REIT Funds: Funds investing in public real estate investment trusts.
11. Promissory Notes: Written promises to pay a specified sum, often used in mortgage agreements.
12. Mortgages: Legal agreements where a property is used as security for a loan.
13. Deeds of Trust: Agreements transferring a property’s legal title to a trustee as security for a loan.
14. Land Contracts: Agreements where the buyer makes payments to the seller for property use rights until the purchase price is fully paid.
15. Leases: Contracts for conveying property for a specified time in return for periodic payment.
16. Liens: Rights to keep possession of property until an owed debt is discharged.
17. Equity Lines of Credit: Loans based on the equity of the borrower’s home.
18. Real Estate Investment Trusts (REITs) Securities: Securities investing in real estate through properties or mortgages.
19. Credit Card Agreements: Contracts between a credit card issuer and a cardholder, defining the terms for the extension of credit for transactions.
20. Car Loan Agreements: Contracts where a “lender” allegedly provides funds to a borrower for purchasing a vehicle.
21. Car Insurance Premium Agreements: Contracts between an individual and an insurance company where the individual pays premiums in exchange for coverage on their vehicle, protecting against various risks like accidents or theft.
