This is typically referring to the air space owned in a condominium building. An apartment building world not typically use this term.
Category: Real Estate Glossary
A proxy who holds/controls a property for the benefit of another individual/company.
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.
An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) or variable rate plans. In the United States, it is based on the results of auctions that the U.S. Treasury holds for its Treasury bills…
State/provincial or local tax payable when there are changes in ownership.
Any time the title of a property (ownership) has changed, transfer of ownership is the term used. These transfers can refer to any of the following situations: the purchase or assumption of a property “subject to” the mortgage, and any…