Cash-out refinance

A cash-out refinance, also known as a cash-out refi, is when a homeowner refinances their mortgage for more than it’s worth and withdraws the difference in cash. To be eligible for this kind financing, a borrower usually needs at least 20% in equity.

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Call option

A call option is a contract giving one party the right to buy and another party the right to sell a piece of property at a future time and specific price.

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Cooperative (Co-op)

Where the shareholders of the corporation are the inhabitants of the building. Each shareholder has the right to lease a specific unit. The difference between a co-op and a condo is in a co-op, one owns shares in a corporation; in a condo one owns the unit fee simple.

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Continue to show

When a property is under contract with contingencies, but the seller requests that the property continue to be shown to prospective buyers until contingencies are released.

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Contingency

A provision in a contract requiring certain acts to be completed before the contract is binding. f a property is contingent, or the contract contains a contingency, certain events must transpire or the contract can be considered null. A contingency might be that the home must past an appraisal or receive a clean inspection. The sale […]

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