Building permit is mandatory approval document from municipalities for construction. Permit is legally binding under Zoning Law No. 3194. Construction without permit is illegal and constitutes legal crime
Title deeds document property ownership history since registration. Contains property history, mortgages, conveyances, wills and lease information. Property burdens include maintenance, building restrictions and business rights. Now digital, historically recorded on paper by solicitors
Foreclosure occurs when homeowners fail to make mortgage payments. Process takes an average of 922 days from start to finish. Lenders take ownership and sell property after 120 days delinquency
Single-family homes are most popular, with 82% of homeowners living in them. Townhouses share walls with neighbors and typically have two-three stories. Row houses are low-rise homes arranged along city streets. Mansions are super-sized houses over 5,000 square feet
DTI measures monthly debt payments as percentage of gross income. Calculated by dividing total minimum payments by gross income. Example: $990 monthly debt payments divided by $4,000 gross income equals 25% DTI
Title is a countable noun meaning book, play, film, or music name. Word originates from Latin titulus, meaning inscription or label