Michael Petruccelli asks; What is a condominium?

Michael Petruccelli says;  A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership

Michael Petruccelli asks; What is a condominium conversion?

Michael Petruccelli says;  Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership.

Michael Petruccelli asks; What is a condominium hotel?

Michael Petruccelli says;  A condominium project that has rental or registration desks, short-term occupancy, food and telephone services, and daily cleaning services and that is operated as a commercial hotel even though the units are individually owned. These are often found in resort area.

Michael Petruccelli asks; What is a construction loan?

Michael Petruccelli says;  A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.

Michael Petruccelli asks; What is a contingency?

Michael Petruccelli says;  A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.

Michael Petruccelli asks; What is a conventional mortgage?

Michael Petruccelli says;  Refers to home loans other than government loans (VA and FHA).