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Condominium conversion
Condominium conversion Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership.
RELATED TERMS--------------------------------------
Ownership
The right to possess and use property to the exclusion of others.
Condominium
Individual ownership of a dwelling unit and an individual interest in the common areas and facilities that serve the multi-unit project.
SIMILAR TERMS--------------------------------------
Condemnation
The process of taking private property, without the consent of the owner, by a governmental agency for public use through the power of eminent domain
Condition precedent
A condition that requires a certain action or a specified event to take place before an estate granted can take effect.
Condition subsequent
A fee simple estate, may be qualified by a condition subsequent.
Conditional commitment
A lenders promise to issue a loan subject to certain conditions. Generally, the lender will not fund the loan until the conditions have been met.
Conditional insurance
The borrower must sign up to one or more insurance policy with the lender in order to take out a specific mortgage.
Conditional offer
An offer to buy a property, but only under certain circumstances (for example, the buyer receives financing or sells her old home first).
Conditional public report
An interim report that allows a subdivider to enter into a binding contract with a buyer prior to the issuance of the final public report.
Conditional sales contract
A contract for the sale of property where the buyer has possession and use, but the seller retains title until the conditions of the contract have been fulfilled.
Conditional-use permit
Written governmental permission allowing a use inconsistent with zoning but necessary for the common good, such as locating an emergency medical facility in a predominantly residential area.
Condominium
Individual ownership of a dwelling unit and an individual interest in the common areas and facilities that serve the multi-unit project.
Condominium (Condo)
Individual ownership of a portion of a building, with common areas shared by all owners.
Condominium hotel
A condominium project that has rental or registration desks, short-term occupancy, food and telephone services, and daily cleaning services and that is operated as a commercial hotel even though the units are individually owned.
Condominium ownership
An estate in real property consisting of an individual interest in an apartment or commercial unit and an undivided common interest in the common areas in the condo project such as the land, parking areas, elevators, stairways, exterior structure and so on.
Conduit
An alliance between mortgage originators and an unaffiliated organization that acts as a funding source by regularly purchasing loans, usually with a goal of pooling and securitizing them
PREVIOUS AND NEXT TERMS--------------------------------------
Conditional public report
An interim report that allows a subdivider to enter into a binding contract with a buyer prior to the issuance of the final public report.
Conditional sales contract
A contract for the sale of property where the buyer has possession and use, but the seller retains title until the conditions of the contract have been fulfilled.
Conditional-use permit
Written governmental permission allowing a use inconsistent with zoning but necessary for the common good, such as locating an emergency medical facility in a predominantly residential area.
Condominium
Individual ownership of a dwelling unit and an individual interest in the common areas and facilities that serve the multi-unit project.
Condominium (Condo)
Individual ownership of a portion of a building, with common areas shared by all owners.
Condominium conversion
Condominium hotel
A condominium project that has rental or registration desks, short-term occupancy, food and telephone services, and daily cleaning services and that is operated as a commercial hotel even though the units are individually owned.
Condominium ownership
An estate in real property consisting of an individual interest in an apartment or commercial unit and an undivided common interest in the common areas in the condo project such as the land, parking areas, elevators, stairways, exterior structure and so on.
Conduit
An alliance between mortgage originators and an unaffiliated organization that acts as a funding source by regularly purchasing loans, usually with a goal of pooling and securitizing them
Confession of judgment clause
Permits judgment to be entered against a debtor without the creditors needing to institute legal proceedings.
Conforming loan
A mortgage loan that meets all Fannie Mae and Freddie Mac underwriting guidelines.
This dictionary contains 6433 terms. |
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