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).
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