Real Estate Terms From Condominiums to Deeds of Trust

Real Estate Terms From Condominiums to Deeds of Trust

When buying or selling a property, it always helps to have a basic understanding of real estate terms. In this on going series of articles, we take a look at definitions starting with condominium.

1) Condominium – A type of ownership in real property where all of the owners in a collection of properties jointly own everything except the interior of each property. Accordingly, the jointly area is run by a homeowners association, which can assess fees to the owners for improvements, etc.

2) Contract, or Sales Contract, or Contract of Purchase and Sale the agreement between buyer and seller. In most jurisdictions it must be in writing in order to be enforceable. It covers such things as the identity of the property, the purchase price, any conditions of the sale, the settlement date or escrow period, when the buyer will occupy the property, etc.

3) Contract for Deed a written document which provides that Deed does not pass to the buyer until the final payment has been made. In the event of default by the buyer, the property reverts to the seller. (One sees these occasionally. Ive...