Category: Real Estate Term of The Day

Real Estate Term of the Day: Conforming Loan & Non-Conforming Loan

January 31, 2012

Real Estate Term of the Day: Conforming Loan & Non-Conforming Loan CONFORMING LOAN – a mortgage loan that is eligible for purchase by the FNMA (Federal National Mortgage Association commonly known as Fannie Mae) or the FHLMC (Federal Home Loan Mortgage Corporation commonly known as Freddie Mac)(Barron’s Dictionary of Real Estate Terms) NON-CONFORMING LOAN – … More Real Estate Term of the Day: Conforming Loan & Non-Conforming Loan

Real Estate Term of the Day: Condominium

January 30, 2012

Real Estate Term of the Day: Condominium CONDOMINIUM – a system of ownership of individual units in a multi-unit structure, combined with join ownership of commonly used property (sidewalks, hallways, stairs, and other COMMON AREAS) (Barron’s Dictionary of Real Estate Terms) A condominium complex can offer a more affordable housing opportunity in highly dense areas … More Real Estate Term of the Day: Condominium

Real Estate Term of the Day: Conditions, Covenants & Restrictions

January 29, 2012

Real Estate Term of the Day: Conditions, Covenants & Restrictions CONDITIONS, COVENANTS & RESTRICTIONS (aka: CCRs) – often found in a condominium or a subdivision, these are rules, written into the deeds or bylaws, that define how property may be used.  They prevent property owners from making changes to their individual properties that could result … More Real Estate Term of the Day: Conditions, Covenants & Restrictions

Real Estate Term of the Day: Conditional Offer

January 28, 2012

Real Estate Term of the Day: Conditional Offer CONDITIONAL OFFER (aka: Contingency Offer) – purchase contract tendered to the seller that stipulates one or more requirement to be satisfied before the purchaser is obligated to buy (Barron’s Dictionary of Real Estate Terms) The most common form of contingency offer is referred to an offer that … More Real Estate Term of the Day: Conditional Offer