Short sale. This is a situation when the lenders agree to accept the proceeds of a sale even though it is less then current mortgage balance and forgive the rest of what is owed. Short sale takes place when the owner cannot make the mortgage payments, and the lender wants to avoid a lengthy and costly foreclosure procedure by letting the owner to pay off the loan for less than what he/she actually owes.

Cooperative housing. A form of real estate ownership where corporation acquires land and building for the purpose of providing the shareholders with housing. Every shareholder receives a stock certificate (evidence of ownership in the corporation) and a proprietary lease (evidence of right of possession of a particular apartment) Number of shares is usually proportional to the amount of space in each apartment. Each party has to pay monthly fee which includes proportionate share of any cooperative mortgage debt, operating expenses, municipal taxes and reserve fund. In case one party doesn't pay monthly fee all other cooperative owners are responsible. If shareholder wants to sell he /she must sell to the cooperative, then shareholders need to agree to convey to the new owner.

Reverse mortgage. A reverse mortgage is a loan available to eligible homeowner 62 or older (a retiree on limited income, such as social security). Generally, with a reverse mortgage, you receive money from a lender while you stay in your home. Payments up to a certain limit are made by mortgagee to the borrower against the equity in his or her home. You don't have to pay the money back for as long as you live there and keep the property in good condition, but the loan and interest must be repaid when you die, sell your home, or move to a different primary residence. The amount you can borrow depends on your home's value, your equity, your age and current interest rate.

Adverse possession. is the occupant's right to acquire legal title to a property held by title holder by deed. This situation is possible when the occupant holds property openly, notoriously, adversely, and without permission for the statutory period.

Mechanic's lien. A legal claim placed on real estate by someone who is owed money for labor or services contributed to the property for the purpose of improving it.

Variance: permission from town to use land in exception to zoning laws.