Individual ownership of a portion of a building, with common areas shared by all owners. Maintenance fees called “assessments” are paid to the condominium association to maintain, repair, or improve the property.
A written standard of ethical conduct embraced by the NATIONAL ASSOCIATION OF REALTORS®, a trade organization of more than 700,000 members representing all branches of the real estate industry.
The point at which real estate formally changes ownership. Closing costs are fees paid for services associated with a home’s closing such as title insurance, surveying fees, recording fees, deeds, and affidavits.