Certificate of Occupancy - A certificate that states a particular property is suitable to be lived in. Chattel - Personal property. A meeting of all parties involved in a property transaction during which the transaction is consummated. Condominium - The absolute ownership of a unit in a multi unit building. A document issued by a title insurance company that contains the conditions under which a policy of title insurance will be issued.
Independent sources compile the report, which lists the borrower's debts, liabilities and assets.
D Deed - A legal paper which transfers the ownership of a property from one party to another. Down payment - A sum of money paid by buyers out of their own resources when the agreement of sale is issued. Eminent Domain - The right of the government to take over private property for public use, with monetary compensation to be made to the owner. Encumbrance - A lien or other claim against a property. Equity - The current value of a property to its owner, minus outstanding mortgage payments or other debts.