Real Estate Glossary

Another name for the mortgage.

Usually, chattels are personal effects, which you take with you when you move. Examples are: furniture, art work, etc.

The date on which the sale of a property becomes final and the new owner takes possession. (It is the real estate transaction's completion, when the parties involved agree that all legal and financial obligations have been met, and the deed to the property is transferred from the seller to the buyer.)

Those areas in a condominium development that are enjoyed by all residents.

A residential structure in which apartments or townhouses (units) are individually owned as pieces of real estate while the land and common facilities are jointly owned.

Operates the condominium and the land.

A first mortgage issued for up to 80% of the property's appraised value or purchase price, whichever is lower.

One party's written response to the other party's offer during purchase negotiations between buyer and seller.