Glossary Of Real Estate Terms

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This refers to the exterior front of a building.
Financing Allowed:
Each co-operative building allows shareholders to finance a certain portion of the purchase price of a co-operative apartment. The percentage is determined by the co-op board of directors.
Fixed Rate:
A type of loan in which the interest rate remains constant over the term of the loan.
Improvements that become part of the real property.
Flip Tax / Transfer Fee:
Is a tax imposed by the co-operative on the sale of a co-operative apartment. The co-operative pre-determines from whom they would like to receive these monies. The determination of who pays this fee can also be negotiated. These monies are used by a building to increase the building's reserve fund.
Floating Rate:
A type of loan in which the interest rate fluctuates with the prevailing rates offered to the lending institutions.
An apartment that occupies an entire floor of a building.
The process by which a lending institution takes back a property.
Full Service Building:
We use this term to describe a building which a full-time doorman and has a live in superintendent.