Buying Home Question
Buying Home Question
Buying Home Question

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Real Estate Terms of the Day for Buying Home Question



IMPLIED WARRANTY OF HABITABILITY
A legal doctrine imposing on the landlord a duty to make the leased premises acceptable to live in and ready for occupancy and to continue to maintain them in a state of repair throughout the entire term of the lease.

AFFIDAVIT
A sworn statement reduced to writing and made under oath before a Notary Public or other official authorized by law to administer an oath.

TRUST FUND ACCOUNT
An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others.

COOPERATIVE OWNERSHIP
Cooperative ownership of an apartment unit means that the apartment owner has purchased shares in a corporation which holds title to the entire apartment building.

SECONDARY MORTGAGE MARKET
A market for the purchase and sale of existing mortgages, designed to provide greater liquidity for mortgages; also called secondary money market.

FIRST MORTGAGE
A mortgage which is in first lien position, taking priority over all other liens. In the case of a foreclosure, the first mortgage will be repaid before any other mortgages.

ASSESSMENT
A specific levy for a definite purpose, such as adding curbs or sewers in a neighborhood. Individual condominium owners are subject to special assessments benefiting the project as a whole and not funded through regular maintenance charges.

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