Used as a measure local market value to help set the current value of a property. Condominium A form of ownership in real property where the owners have title to only of an apartment or townhouse. The common areas and the building exteriors are owned jointly. All owners have generally rights to all common areas. Conversion Usually refers to the process of converting a property from rental to either a condominium or cooperative property.
Tenants generally have a first right of purchase for the unit they occupy.
Construction Loan A loan used to finance construction of a new home and, sometimes, the land for a home. Depending on local custom, a construction loan may a permanent mortgage with funds disbursed as construction proceeds, or may be a short-term loan that must be repaid on completion. Contingency A condition which must be met before a contract is binding. For example, a requirement that an existing lien on the property must be cleared by a certain date. Conventional Mortgage A loose term which generally refers to a fixed-rate conforming loan other than an FHA or VA loan.