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6 Cards in this Set
- Front
- Back
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Option |
Binding only on the seller. Extends or keeps an offer open for sale of real estate for certain amount of time and price for a buyer |
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Equitable title |
Ownership interest held by one who has no legal title in the property q |
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Condominium resale certificate |
Buyer should receive one from the condo owner association and should not be more than 3 months old |
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Private mortgage insurance |
Insurance insures the lender for the top 20% of loan making it less risky for the lender |
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Ballon mortgage |
Amortized payments constant over period of the loan but leaves an outstanding balance to be paid at the end of the term |
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Police power |
Applies to zoning laws, planning laws, building codes, fire codes, rent control and health codes. Protects public and order |
