Contingency A clause in an agreement that must be met before the agreement becomes binding. A person who assumes joint liability for a loan. Credit A measurement of a person's ability to pay bills on time. Several companies track individuals' credit histories by detailing late or missed payments on loans, credit cards and other debts. Credit report Used by lenders to determine a potential borrower's creditworthiness.
Independent sources compile the report, which lists the borrower's debts, liabilities and assets.
A document that transfers real estate from one party to another. Officially recorded in government records. Easement A landowner can grant a second party the right to use land in a certain way. For example, if you need to cross your neighbor's property to access your garage, you would ask your neighbor to grant you an easement. Easements may restrict changes a buyer can make to a property.