|
Today's Terms
Earnest money
Definition:
Money put down by a potential buyer to show that he or she is serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal.
Condominium
Definition:
A form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex; the owner also shares financial responsibility for common areas.
Delinquency
Definition:
Failure of a borrower to make timely mortgage payments under a loan agreement.
More Real Estate Terms >
|
Did You Know?