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LendingRisk.com Mortage Industry Dictionary

Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.

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Condominium

A property type of "Condominium" indicates that portions of the property are commonly owned and other portions are individually owned. The most common arrangement for condominiums are units in a multi-unit dwelling. Each unit is individually owned and the common areas such as hallways and elevators are jointly owned by all of the unit holders.

See Detached Condominium
See High-rise Condominium
See Mortgage Loan Property Types

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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.