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Home Buyer and House Plan Terms and Definitions - Part II Balloon - A loan which has a series of monthly payments (often for 5 years or less) with the remaining balance due in a large lump sum payment at the end. Binder - A receipt for a deposit paid to secure the right to purchase a home at terms agreed upon by the buyer and seller. Buydown - A subsidy (usually paid by a builder or developer) to reduce the monthly payments on a mortgage loan. Cap - A limit to the amount an interest rate or a monthly payment can increase for an adjustable rate loan either during an adjustment period or over the life of the loan. Certificate of Occupancy - A document from an official agency stating that the property meets the requirements of local codes, ordinances, and regulations. Closing - A meeting to sign documents which transfer property from a seller to a buyer. (Also called settlement) Closing Costs - Charges paid at settlement for obtaining a mortgage loan and transferring real estate title. Conditions, Covenants, and Restrictions (CC and Rs) - The standards that define how a property may be used and the protections the developer has made for the benefit of all owners in a subdivision. Condominium - A home in a multi-unit complex; each purchaser owns an individual unit, and all the purchasers jointly own the common areas, such as the surrounding land, hallways, etc. Conventional Loan - A mortgage loan not insured by a government agency (such as FHA or VA). [ PART III - Home Buyer and House Plan Terms and Definitions... ] Warning: include() [function.include]: URL file-access is disabled in the server configuration in /home3/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions-partII.php on line 147 Warning: include(http://www.houseplangallery.com/index_files/includes/search_form.php) [function.include]: failed to open stream: no suitable wrapper could be found in /home3/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions-partII.php on line 147 Warning: include() [function.include]: Failed opening 'http://www.houseplangallery.com/index_files/includes/search_form.php' for inclusion (include_path='.:/usr/share/pear') in /home3/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions-partII.php on line 147 Warning: include(/home/housepl/public_html/index_files/home-plan-articles/home-plan-article-footer.php) [function.include]: failed to open stream: No such file or directory in /home3/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions-partII.php on line 150 Warning: include() [function.include]: Failed opening '/home/housepl/public_html/index_files/home-plan-articles/home-plan-article-footer.php' for inclusion (include_path='.:/usr/share/pear') in /home3/housepl1/public_html/index_files/home-plan-articles/home-buyer-and-houseplan-terms-and-definitions-partII.php on line 150 |
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