Real Estate Term of the Day: Co-Mortgagor CO-MORTGAGOR (aka: co-borrower or co-signer) – one who signs a mortgage contract with another party or parties and is thereby jointly obligated to repay the loan. Generally a co-mortgagor provides some assistance in meeting the requirements of the loan and receives a share of ownership in the encumbered … More Real Estate Term of the Day: Co-Mortgagor
Real Estate Term of the Day: Community Association COMMUNITY ASSOCIATION – general name for any organization of property owners to oversee some common interest. In a condominium or planned unit development (aka: PUD), the association has the responsibility of managing the common elements (see COMMON AREAS) in the project. A homeowner’s association may be established … More Real Estate Term of the Day: Community Association
Real Estate Term of the Day: Common Areas COMMON AREAS – areas of a property [or community] that are used by all owners (Barron’s Dictionary of Real Estate Terms) Below are a few examples of common areas that can be found in neighborhoods around Metro Denver: community pool clubhouse fitness center tennis courts park within … More Real Estate Term of the Day: Common Areas
Real Estate Term of the Day: Commitment Letter COMMITMENT LETTER – an official notification to a borrower from a lender indicating that the borrower’s loan application has been approved and stating the terms of the prospective loan (Barron’s Dictionary of Real Estate Terms) This letter is typically given to the borrower before the loan conditions … More Real Estate Term of the Day: Commitment Letter
LESLIE MONACO REAL ESTATE 