Certain buildings finance was that closing’ it modify to become a consistent mortgage following the structure is done
Condominium: a kind of ownership in which anybody pick and you can individual a great tool out of houses when you look at the a multi-product state-of-the-art. The proprietor also offers economic responsibility to possess well-known areas.
Compliant loan: antique fund unwritten toward requirements off Freddie Mac and you can/otherwise Fannie mae fund try known as compliant funds.
Contingency: a term in the a buy package describing problems that should be satisfied before deal try performed. One another, consumer or vendor start around contingencies within the a binding agreement, however, both sides need take on the backup.