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Also called "settlement."
Condominium: A type of property ownership within a multiunit complex in which the homeowner owns a unit and a proportionate interest in certain common areas, such as the grounds of the complex.
Contingency: A condition that must be met before a contract is legally binding.
Conventional Mortgage: A loan that is not insured or guaranteed by the federal government.
Credit Report: A report from an independent agency that verifies a loan applicant's information on previous debts and liabilities.
Deed: The legal document conveying title to a property.
Down Payment: The part of the purchase price which the buyer pays in cash and does not finance with a mortgage...
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