A loan to provide the funds necessary to pay for the construction of buildings or homes. The lender advances funds to the builder at periodic intervals as the work progresses. Contingency A specified condition that must be met before a contract is legally binding. Contract sale or deed A contract between a buyer and a seller which conveys title after certain conditions have been met. It is a form of installment sale.
Conveyance deed A written document that transfers title to the property.
The residents of this type of housing complex own shares in the cooperative corporation that owns the property, and each has the right to occupy a specific dwelling. Credit limit The maximum amount that you can borrow. Credit Report A report documenting the credit history and current status of a borrower's credit standing. If there are debts you owe which you never paid, or times in which you've been delinquent in paying, these items will presumably show up on your credit report and can hurt your chances of getting approved for a loan. If this happens, you can end up losing the house.