Welcome back to RealtyMyths Weekly Word Wizard! Here are some important real estate terms for the week.
Assumption of Mortgage – Buyer takes title to the property by assuming liability for payment of an existing note secured by a mortgage.
Building Restrictions – Limitations on the use of property or the size and location of improvements established by legislation or by covenants in deeds.
Co-Borrower – An additional individual who is both obligated on the loan and is on the title to the property.
Contingency – A condition that must be met before a contract is legally binding.