|
Condominium
A
building
or
complex
in
which
units
of
property,
such
as
apartments,
are
owned
by
individuals
and
common
parts
of
the
property,
such
as
the
grounds
and
building
structure,
are
owned
jointly
by
the
unit
owners.
Townhouse
A
row
house,
generally
having
two
or
more
floors
plus
a
garage
and
is
attached
to
other
similar
units
via
party
walls.
These
types
of
dwellings
are
found
in
condominiums.
Escrow
a
deed,
a
bond,
money,
or
a
piece
of
property
held
in
trust
by
a
third
party
to
be
turned
over
to
the
grantee
only
upon
fulfillment
of
a
condition.
Title
Insurance
A
type
of
insurance
which
guarantees
the
ownership
and
quality
of
title
to
land.
Appraisal
An
educated
estimate
of
the
value
of
a
property
on
a
certain
date
given
by
a
person,
usually
after
an
inspection
of
the
property.
As
is
Implied
in
most
Agreements
of
Purchase
and
Sale,
suggests
the
buyer
is
accepting
the
property
in
it
present
state
and
relinquishes
and
responsibility
from
the
buyer.
Bankruptcy
a
person
who
has
done
any
of
the
acts
that
by
law
entitle
his
creditors
to
have
his
estate
administered
for
their
benefit
b
:
a
person
judicially
declared
subject
to
having
his
estate
administered
under
the
bankrupt
laws
for
the
benefit
of
his
creditors
c
:
a
person who
becomes
insolvent.
Bid
to
offer
(a
price)
whether
for
payment
or
acceptance.
Property
Tax
a
tax
levied
on
real
or
personal
property
Interest
Rate
the
percentage
usually
on
an
annual
basis
that
is
paid
for
the
use
of
money
borrowed
from
another
Home
Loan
money
lent
at
interest
b
:
something
lent
usually
for
the
borrower's
temporary
use.
Credit
Risk
An
estimate
of
the
amount
of
credit
that
can
be
extended
to
a
company
or
person
without
undue
risk.
Credit
Union
A
cooperative
organization
that
makes
loans
to
its
members
at
low
interest
rates.
Prime
Rate
The
lowest
rate
of
interest
on
bank
loans
at
a
given
time
and
place,
offered
to
preferred
borrowers.
ARM
A
mortgage
whose
interest
rate
is
raised
or
lowered
at
periodic
intervals
according
to
the
prevailing
interest
rates
in
the
market.
Home
Equity
Loan
A
loan
or
credit
line
that
is
secured
by
the
equity
the
borrower
has
in
a
home.
Mortgage
A
temporary,
conditional
pledge
of
property
to
a
creditor
as
security
for
performance
of
an
obligation
or
repayment
of
a
debt.
|
