Costs of the purchase, separate from the down payment, associated with closing a property sale. Closing costs are typically grouped into two categories, non-recurring costs and recurring costs. Non-recurring costs are associated with the purchase of the property such as loan costs, title fees, escrow fees, taxes, home inspection fees, and recording fees. Recurring costs are paid at the close of escrow and also throughout the time you own the property. Interest, property taxes, homeowners insurance and mortgage insurance are recurring costs.

A system of ownership of individual units in a multi-unit structure, combined with joint ownership of common areas (e.g. sidewalks, hallways, stairs, etc.).

Wording in a contract that makes it unenforceable if specified conditions are not met. Common examples are clauses that state that the buyer is not obligated to buy property until and unless he or she is able to sell currently owned property, or that the buyer is not obligated to buy property if he or she is unable to get a mortgage loan for a certain amount.

A company that compiles records of a person’s debts and whether these debts were paid as agreed

A legal document in which title to property is transferred to a third-party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary (lender). A deed of trust is similar to a mortgage – the main difference is that it involves three parties.