A bridge loan is commonly used when a purchaser has not sold his existing home before he closes on his purchase of a new home. The bridge loan is paid off when the old home is sold, out of the proceeds of that sale. Generally, the legal representative or proprietor of the office. Buyer's agent - An agent who represents the buyer and owes fiduciary duties to the buyer. Closing costs - Costs the buyer must pay at the time of the closing in addition to the down payment which may include points, title charges, mortgage insurance premium, prepayments for property taxes, and homeowners insurance.
Closing costs can be as much as three to four percent of the loan amount.
The buyer owns title to his or her unit, shares the common areas with other unit owners, and pays a maintenance fee to the condominium association to pay for needed maintenance, repairs and improvements to the property. Contingency - A condition that must be met before a contract is binding. The buyer owns the shares rather than owning real property. In exchange, he has the right to lease and occupy a co-op unit. Deed - A legal document by which property title is transferred from one owner to another.