Ohio Mortgage Rate
Ohio Mortgage Rate
Ohio Mortgage Rate

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Real Estate Terms of the Day for Ohio Mortgage Rate



PROMISSORY NOTE
An unconditional written promise of one person to pay a certain sum of money to another, or order, or bearer, at a future specified time.

ZONING ORDINANCES (OR ZONING REGULATIONS)
Local law establishing building codes and usage regulations for properties in a specified area.

HIGH RISE
A popular expression for a condominium or apartment building generally higher than six stories.

WARRANTY
A guaranty by the seller, covering the title as well as the physical condition of the property.

ASSESSMENT
A specific levy for a definite purpose, such as adding curbs or sewers in a neighborhood. Individual condominium owners are subject to special assessments benefiting the project as a whole and not funded through regular maintenance charges.

JUDICIAL FORECLOSURE
A method of foreclosing upon real property by means of a court supervised sale. After an appraisal, the court determines an upset price below which no bids to purchase will be accepted.

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