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Insurance Binder

A document that states that insurance is temporarily in effect. Because the coverage will expire by a specified date, a permanent policy...

Condominium Conversion

Changing the ownership of an existing building (usually a rental project) to the condominium form of...

Condemnation

The determination that a building is not fit for use or is dangerous and must be destroyed; the taking of private property for a public...

Cooperative Corporation

A business trust entity that holds title to a cooperative project and grants occupancy rights to particular apartments or units to...

Lock-In Period

The time period during which the lender has guaranteed an interest rate to a borrower. See...

Warranty Deed

A deed where the grantor (seller) fully warrants he or she holds clear title to a piece of real estate. The guarantee is not limited to the...

Bond

An interest-bearing certificate of debt with a maturity date. An obligation of a government or business corporation. A real estate bond is...

Leasehold Estate

A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on...

Exclusive Listing

A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time, but reserving the...

Additional Principal Payment

A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the...