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Condominium ownership
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.
RELATED TERMS--------------------------------------
Estate
The ownership interest of a person in real property, also used to refer to a deceased person's property.
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Interest
Money paid to a lender as compensation for money that is borrowed.
Apartment
An apartment or flat is a self-contained housing unit that occupies part of a building. Apartments may be owned by an owner-occupier or rented by tenants.
Land
The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
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 conversion
Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership.
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.
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-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
Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership.
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
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.
Conformity
The appraisal principle that holds that the greater the similarity among properties in an area, the better they will hold their value.
Consent judgment
A judge's legally binding approval of a written agreement by the parties of a lawsuit.
This dictionary contains 6433 terms. |
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