Welcome back to RealtyMyths weekly word wizard. Here are some terms for the week that you should know.
Condominium Fee: A condominium fee is paid by all property owners of a condominium complex to cover ongoing maintenance costs. The fee is often based on the size of the condo unit and anticipated annual expenses.
Contributory Value: Contributory value is the worth or value that a single component or part provides in relation to the total value of the whole.
Cross Collateralization: Cross Collateralization is the act of using an asset currently used as collateral for an initial loan as collateral for a second loan.
Delinquent: Delinquent describes something or someone that fails to accomplish what is required by law or duty, such as the failure to make a required payment or perform a certain action.