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Lead Stories / RM Warehouse

Weekly Word Wizard – RealtyMyths

Weekly Word Wizard - RealtyMyths

Welcome back to RealtyMyths Weekly Word Wizard! Here are some important real estate terms for the week.

Assumption of Mortgage – Buyer takes title to the property by assuming liability for payment of an existing note secured by a mortgage.

Building Restrictions – Limitations on the use of property or the size and location of improvements established by legislation or by covenants in deeds.

Co-Borrower – An additional individual who is both obligated on the loan and is on the title to the property.

Contingency – A condition that must be met before a contract is legally binding.

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