Real Estate Terms  From Condominiums To Deeds Of TrustReal Estate Terms From Condominiums To Deeds Of Trust

When buying or selling a property, it always helps to have a basic understanding of real estate terms. In this on going series of articles, we take a look at definitions starting with ?condominium.?

1) Condominium - A type of ownership in real property where all of the owners in a collection of properties jointly own everything except the interior of each property. Accordingly, the jointly area is run by a homeowner's association, which can assess fees to the owners for improvements, etc.

2) Contract, or Sales Contract, or Contract of Purchase and Sale ? the agreement between buyer and seller. In most jurisdictions it must be in writing in order to be enforceable. It covers such things as the identity of the property, the purchase price, any conditions of the sale, the settlement date or escrow period, when the buyer will occupy the property, etc.

3) Contract for Deed ? a written document which provides that Deed does not pass to the buyer until the final payment has been made. In the event of default by the buyer, the property reverts to the seller. (One sees these occasionally. I've seen them when an owner was financing the sale of raw land for a buyer.)

4) Deposit, or Good Faith Deposit ? an amount of money tendered by the buyer at the time a contract offer is made on real property. The contract spells out who holds it, and circumstances under which the seller gets it, and circumstances under which it's returned to the buyer. Typically, the seller gets it as part of the purchase price at settlement, or as liquidated damages if the buyer defaults. The buyer usually gets it back if a condition of settlement is not met.

5) Deed ? the written document which conveys title to real property. Some states are 'record? states and ownership is defined by the deed's being recorded at the courthouse in which the property lies.

6) Deed of Trust ? the document which allows a third party to act for the lender should the lender need to forclose on real property used as collateral for a loan.

As you can image, there are many real estate terms for which you have a general understanding. In our next article, we continue with the terms starting with ?Easement.?

by Raynor James
References and Bibliography

Raynor James is with - providing FSBO homes for sale by owner. Visit our "sell my home" page at to list and sell your home for free for one month. Visit to see homes for sale by owner.

Rated:NR/0 Votes
Add To My Article Reading List
Add To My Article Reading List
Print Article
More Article By Raynor James
More Article by Raynor James
More Articles From Real Estate
More Articles From Real Estate
Related Articles and Readings
Real Estate and the Lingo Within the Real Estate Industry By: Claude Cross
Many times an industry will use their slang terms in describing things within their industry For this article, we will take a look at a couple of terms used within the real estate ...
Real Estate Terms From Home Inspections to Personal Property By: Raynor James
When buying or selling a property, it always helps to have a basic understanding of real estate terms. In this on going series of articles, we take a look at definitions starting with ?home inspection.?1) Home Inspection ? an inspection of the condition of a home. They are done ...
Real Estate Terms From Appraisals to Comps By: Raynor James
When you're selling your home or other real property on your own, you don't have to know everything about the process. It does help to have a practical knowledge of the terms that come up during the process.Keep in mind, these aren't intended as ?be all, end all, penultimate? definitions. ...
Tips in Finding Real Estate Using the Internet By: William Jake Fischer
Internet has become so wide that you can basically find all the information online Not only you will be able to do your research but using the Internet you can also do so many things like watch videos, read news, interact with your friends from ...
Real Estate Legal Terms - Definition Of Corporate Real Estate By: William Jake Fischer
Do you want to invest your money in the right things Of course everyone want to feel that their hard-earned money is safe and one of the most common venture that people think of is ...
The information provided in this article and/or the comments is the sole responsibility of their respective authors and does not necessarily reflect the opinion of  does not endorse any article and/or comments published by our web users unless otherwise noted. 

Member Panel

login to submit articles and more


  • » Active Categories: 419
  • » Active Articles:252470
  • » Active Authors:32056
  • » Active Members: 38202
  • » Statistics Updated:
    - Wed Jan 15th, 2020 03:31PM EST