Paid by a condominium unit owner to the owners’ association for upkeep of the common areas.
Actual selling price of a property.
Generally accepted as the highest price that a ready, willing, and able buyer will pay and the lowest price a ready, willing, and able seller will accept for a property.
Good and clear title that is free from reasonable doubt as to who the owner is.
Document that converts a parcel of land into a condominium subdivision.
Long-range, comprehensive guide for the physical growth or development of a community.
Date on which principal and interest on a mortgage or other loan must be paid in full.
Legal document that creates a lien on property; it secures the repayment of a loan.
Individual or company that brings borrowers and lenders together; a loan broker.
|Mortgage company or mortgage banker
Financial intermediary that offers mortgages to borrowers, and then resells them to various lending institutions, government agencies, or private investors.
Party or institution that lends money; the creditor.
Party or person that borrows money, giving a lien on the property as security for the loan; the borrower.
Agreement that allows real estate brokers to distribute information on the properties they have listed for sale to other members of a local real estate organization. Allows the widest possible marketing of those properties. Commissions are split by mutual agreement between the listing broker and the selling broker.