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For one, a condo mortgage usually comes with higher interest rates, and it can also be more difficult to qualify for, thanks to additional underwriting. What is a condo?
A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.
Passage of the Condominium Act then opened a wave of construction of condominium buildings. [40] The cooperative form can be advantageous as a building mortgage can be carried by the cooperative corporation, leaving less financing to be obtained by each co-op owner. Under condominium ownership only the separate condo owners provide financing.
In real estate, a condominium conversion or condo conversion is the process of entitling an income property or other lands currently held under one title to convert from sole ownership of the entire property (which often already is a multi unit property) into individually sold units as condominiums. Such entitlement is generally derived from ...
If you're a first-time homebuyer, you may be wondering whether owning a condominium is more advantageous than buying a town house or a conventional home with a driveway and a big backyard. Maybe ...
A blanket mortgage, also referred to as a blanket loan, is a mortgage that covers multiple properties, with the group of assets collectively serving as collateral.
This was the mortgage by conveyance (aka mortgage in fee) or, when written, the mortgage by charter and reconveyance [8] and took the form of a feoffment, bargain and sale, or lease and release. Since the lender did not necessarily enter into possession, had rights of action, and covenanted a right of reversion on the borrower, the mortgage was ...
The website includes Q&A sections explaining what the list is, why a condo might be on it and how to get one off. The firms also offer to provide legal help if owners or boards chose to pursue ...