Archives: Glossary Terms

A commitment of a definite loan amount for some future unknown purchaser of satisfactory credit standing.

Often called a “fee simple defeasible estate” that is granted subject to a condition subsequent or after transfer of title. The estate is terminates upon the happening of the condition.

A written statement by a lender that funds will be provided if certain terms and conditions are met and therefore permits an owner or developer to begin construction.

A purchase contract that is presented to a seller that demands that one or more items be satisfied before the buyer is obligated to buy.

A term most frequently applied to a sale where-in the seller reserves the title to the goods, though the possession is delivered to the buyer, until the purchase price is paid in full..

See Land contract.

The written governmental permission that allows a use that is inconsistent with current zoning but is necessary for the common good. such as locating an medical facility in a predominantly residential area.

A short name for a condominium.

An estate in real property where there is an undivided interest in common in a portion of real property coupled with a separate interest in space called a unit, the boundaries of which are described on a recorded final map, parcel map or condominium plan. The areas within the boundaries may be filled with air, earth or water or any combination and need not be attached to land except by easements for access and support.

A process by which rental units are turned into individually owned units..