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HOMEOWNER'S ASSOCIATION A non-profit association of homeowners organized pursuant to a declaration of restrictions or protective covenants for a subdivision, a PUD, or a condominium. INTERIM FINANCING A short-term loan usually made during the construction phase of a building project; often referred to as the "construction loan." PRE-QUALIFICATION The process of determining how much money a prospective homebuyer will be eligible to borrow prior to application for a loan. Information submitted during pre-qualification is subject to verification at application. CONVENTIONAL LOAN Loans that are not made under any government housing program; they are not subject to the restrictions of government housing programs, such as loan size limits. ENCROACHMENT An unauthorized invasion or intrusion of a fixture or other real property wholly or partly upon another's property, thus reducing the size and value of the invaded property. TIME SHARING A modern approach to communal ownership and use of real estate which permits multiple purchasers to buy undivided interests in real property (which is usually in a resort condominium or hotel) with a right to use the facility for a fixed or variable time period. |
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