Welcome back to RealtyMyths weekly word wizard. Here are some real estate terms that you should know.
Collateral – In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust.
Condominium (Ownership) – The individual outright ownership of a single unit in a multi-unit property together with an interest in the common element of the property.
Contingency – A condition that must be met before a contract is legally binding.
Covenant – A clause in a mortgage that obligates or restricts the borrower and that, if violated, can results in foreclosure.