WHAT YOU NEED TO KNOW

 REAL ESTATE BROKER OR AGENT
The broker or agent could be an individual or a company and in many countries brokers and agents need to  be licensed to act as an intermediary in order  to execute sales and purchase transactions between two or more parties.

 ADJUSTABLE RATE MORTGAGE (ARM)
When interest rate on a mortgage is not fixed and the lender is allowed to change the rate  following the market index as set by regulators

 AMORTIZATION
Regulated payments of a loan or mortgage through instalments distributed periodically ( Monthly, Bi-Weekly, Weekly etc.. )   and continued for a number of years until full payment of the loan or the mortgage

 LIEN
A claim on a property held to secure payment of debt or mortgage .
The lien holder will hold  interest  in a property  to until the  full payment of the debt

 CLOSING OF A DEAL
The conclusion of a real estate transaction , when the seller delivers  to the buyer the title to the property in  exchange  for an agreed considered value

 CONDOMINIUM
A property with shared ownership between individuals. An individual will own a specific part or piece of the property confined to the air space within the outside walls of the unit. The unit owner has the right to use and access the COMMON AREAS  shared with all the unit owners .
                    
                     COMMON AREAS
The parts of a property which are owned  by all the unit owners  , whether in commercial or residential property . Parts such as the  stairs , the lifts , the outside walls , the corridors and all sections  including those used for common services of the property. The common areas are managed by an  association of the unit owners that owns  the whole  interest in the propert