Any fact or condition that could adversely affect the title . Commission In real estate, the broker or salesperson's fee for assisting the transaction, usually expressed as a percentage of the total paid by the buyer. A formal offer by a lender stating the approved terms for lending money to a home buyer. A levy against individual unit owners in a condominium or planned unit development to pay for upkeep, repairs and improvements to the property's common areas, such as corridors, elevators, parking lots, swimming pools and tennis courts. Comps are recently sold properties that are similar in size, location and amenities to the home for sale.
Comps help an appraiser determine the fair market value of a property.
Condominium A real estate project in which each unit owner has title to a unit of the project, and sometimes an undivided interest in the common areas. Conforming loan A loan that conforms to the standard rules for purchase by Freddie Mac or Fannie Mae . Contiguous Adjoining or touching. Contingency A condition that must be met before a contract is legally binding. For example, home buyers often include a contingency that specifies that the contract is not binding until after a satisfactory report from a qualified home inspector.