Homeownership Terms

• 10/1 ARMAn adjustable-rate mortgage, also known as an ARM, allows the homebuyer to keep the same interest rate for a certain amount of time.
• 2/28 Adjustable-Rate MortgageA 2/28 adjustable-rate mortgage (ARM) is a loan product that combines a short fixed rate period with a much longer adjustable term.
• 3/1 Adjustable-Rate MortgageA 3/1 adjustable-rate mortgage (ARM) is a 30-year mortgage product that carries a fixed interest rate for the first three years and a(...)
• 3/27 Adjustable-Rate MortgageA 3/27 adjustable-rate mortgage is a 30-year loan product that has a fixed introductory rate for the first three years.
• 4 Point InspectionFour (4) point inspections are the tools that insurance underwriters and insurance companies use to determine risk. As you might have(...)
• 40-Year Fixed-Rate MortgageA 40-year, fixed-rate mortgage is a loan product that permits the homebuyer to buy a home and make fixed, equal monthly payments over(...)
• 401(k) planA 401(k) plan is an employer-sponsored savings account specifically for retirement savings.
• 403(b) PlanA 403(b) plan is similar to a 401(k) plan. It is designed to help people who work for nonprofits or public organizations to save for(...)
• 5/1 ARMA 5/1 adjustable-rate mortgage, or ARM, is a mortgage loan that has a fixed rate for the first five years, and then switches to an(...)
• 529 Plan529 plan is a tax-advantaged savings plan that allows you to pay for education expenses.
• 7/1 ARMA 7/1 ARM is an adjustable-rate mortgage that carries a fixed interest rate for the first seven years of its term, along with fixed(...)
• 80/10/10 LoanAn 80/10/10 loan is a mortgage product that combines a first mortgage, a home equity loan (also referred to as a second mortgage), and(...)
• Abstract of TitleAn abstract of title is the written history of a piece of land to document all transactions associated with that land from the time(...)
• Active SolarActive solar systems are those which collect solar radiation and convert it in the form of heat to water, air, or some other fluid.(...)
• Actual Cash ValueActual cash value, commonly known by the acronym ACV, and also referred to as market value, is a term used in the insurance industry(...)
• Ad Valorem TaxAn ad valorem tax is a form of taxation based on the value of a transaction or a property, either real estate or personal property. It(...)
• AddendumAn addendum is a change to an existing contract. After signing a valid legal contract, parties use addenda to alter the terms of the(...)
• AdemptionAdemption occurs when property gifted in a will is not in the estate’s possession at the time of the testator’s death. This occurs(...)
• Adjustable-Rate MortgageAn adjustable-rate mortgage, or ARM, is a mortgage with an interest rate that can be increased or decreased from time to time,(...)
• Adjusted BasisAdjusted basis refers to how much you lose or gain when you sell property. Before you can determine your profit or loss from the sale(...)
• Administrator's DeedA document that transfers real estate from an intestate person (a person who dies without having a will) to his or her heirs. This(...)
• Aerobic Septicis a small scale sewage treatment system similar to a septic tank system, but which uses an aerobic process for digestion rather than(...)
• AES 256-bit EncryptionThe first and only publicly accessible cipher approved by the US National Security Agency (NSA) for protecting top secret information(...)
• Agreement of SaleAn agreement of sale is a legal document that outlines the terms of a real estate transaction. It lists the price and other details of(...)
• AI - Artificial IntelligenceIntelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans.
• Air/Development RightsUnused rights that allow developers to make changes to their property within the limitations imposed by state or local law. An example(...)
• AlgorithmA process or set of rules to be followed in calculations or other problem-solving operations, especially by a computer.
• Alternative MortgageAn alternative mortgage is a home loan with terms that differ from conventional, fixed-rate mortgages and may come with higher(...)
• AmortizationAmortization is the process of paying off debt with regular payments made over time. The fixed payments cover both the principal and(...)
• Amortization TableWhether you are buying a new car, funding your education or buying property, it’s essential to understand the terms of your loan.(...)
• Annual Percentage Rate (APR)Annual percentage rate, or APR, is a way of measuring the full cost a lender charges per year for funds. Typically associated with(...)
• Apartment StyleAn apartment is a rental property that is usually owned (not just managed) by a property management company, located in a residential(...)
• AppraisalReal estate appraisal, property valuation or land valuation is the process of developing an opinion of value, for real property. Real(...)
• Appraised ValueThe appraised value of a home is the value at a specific point in time as determined by a licensed appraiser. An appraisal is usually(...)
• AppreciationAppreciation, or capital appreciation, is an increase in the price or value of an asset. Appreciation occurs when the market value of(...)
• Architectural FeesArchitectural fees are a form of compensation paid to an individual or entity that designs buildings or structures.
• Architectural StyleAn architectural style is characterized by the features that make a building or other structure notable or historically identifiable.
• Asking PriceThe asking price is the amount a home seller wants a buyer to pay to purchase his home. The asking price is generally part of the(...)
• AssessmentAn assessment establishes the value of an asset, such as a home or a vehicle, for taxation purposes. In some cases, an assessment is(...)
• Assessment RollAn assessment roll is a public record containing the information about property and individual pieces of land within the taxing(...)
• AssetsAssets are anything with monetary value owned by individuals, governments, and companies. Assets are acquired through a transaction or(...)
• Assumable MortgageAn assumable mortgage is a home loan that a buyer can take over from a seller, generally with lender approval. The buyer agrees to(...)
• Assumption ClauseAn assumption clause is a provision in a mortgage contract that allows the homebuyer to take over the loan from the seller. It occurs(...)
• AuditAn audit refers to the process of examining some aspect of an individual or company, be it financial or non-financial. When conducted(...)
• Avigation EasementAn avigation easement, also called an aviation easement, is an agreement that compels property owners to cede air rights over their(...)
• Balloon MortgageA balloon mortgage is a loan that features consistent payment amounts with a large payoff, known as a balloon payment, due at the end(...)
• Balloon PaymentA balloon payment is an installment payment due at the end of a loan term. Such loans don’t amortize at the end of the term, but(...)
• Bargain and Sale DeedThis type of deed typically involves real estate sales or court seized properties. This deed transfers ownership much like the quit(...)
• Bargain SaleA bargain sale refers to the selling of a good or service for an amount less than the fair market value. It can be considered a(...)
• Base Flood ElevationThe computed elevation to which the flood is anticipated to rise during the base flood.
• Basis PointA basis point represents the smallest unit of measurement for interest rates and other financial instruments. One basis point is equal(...)
• Bathroom 1/2A bathroom consisting of a sink and toilet
• Bathroom 3/4A bathroom consisting of sink, shower, toilet
• Bathroom FullA bathroom consisting of a sink, tub, toilet and sometimes a shower
• Batts InsulationInsulation batts and blankets are sold in bundles or rolls. When the insulation is cut into 4-ft. or 8-ft. lengths and sold in a(...)
• Bill of SaleA bill of sale comprises written documentation of the sale or transfer of goods or property from one party to another. A bill of sale(...)
• Biweekly MortgageA biweekly mortgage is a home loan for which the buyer makes payments every two weeks instead of once a month. The amount paid is(...)
• Blanket InsuranceBlanket insurance is a type of insurance policy that insures the common areas of a condominium or townhome. It also covers the common(...)
• Blanket MortgageA blanket mortgage is a financial product used to fund the purchase of two or more pieces of property. It is a common option used to(...)
• BlockchainA growing list of records called blocks, that are linked creating an unchangeable ledger. Each block contains a secret digital(...)
• Blown-In Insulationrefers to blowing or spraying insulation product into wall cavities, attics, and floors.
• Board & Batten Sidingdescribes a type of exterior siding or interior paneling that has alternating wide boards and narrow wooden strips, called "battens."(...)
• Board of EqualizationA board of equalization is a government body or agency responsible for hearing appeals from local citizens concerning property taxes.(...)
• Bonnett RoofBonnet roofs are like a reverse Mansard roof. The lower slope hangs over the side of the house creating and excellent overhang for an(...)
• Breach of ContractIn contract law, breach of contract, also called breach of agreement, refers to the violation of any term or condition of a binding(...)
• Breach of CovenantBreach of covenant is the violation of an agreement or promise made in a written contract or property deed. It can refer to an express(...)
• Breach of WarrantyIn real estate terms, a breach of warranty occurs when the transfer of title to a piece of property, sold by the seller to the buyer,(...)
• Breakfast RoomA “breakfast room”, also known as a breakfast nook, is designed to be in close proximity to the kitchen. ... Typically, a breakfast(...)
• Bridge LoanA bridge loan, also called a swing loan or gap financing, is a short-term loan used to buy assets or covers obligations until(...)
• BrokerA broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A(...)
• Builder's WarrantyA home builders warranty covers the major structural elements of a new home from physical damage that may occur. A builder warranty(...)
• Building CodeA building code is a set of regulations written by city or county officials with the help of construction pros that governs the(...)
• Building InspectorA building inspector is a government employee who reviews plans and visits construction sites to ensure all local and national(...)
• Building PermitBuilding permits are written authorizations issued by a city or county to construct a project. They are required for most construction(...)
• Bundle of RightsBundle of rights is a term used to describe the various interests and rights that a real estate title holder has in regard to(...)
• Bungalow StyleA Bungalow is a low house, with a broad front porch, having either no upper floor or upper rooms set in the roof, typically with(...)
• Butterfly RoofA Butterfly roof is angled up on the outside creating a V-shape which the two pieces meet in a valley in the midsection. Popular for(...)
• Buyer BrokerBrokers are legally responsible for the actions of their agents, are licensed by the state to collect fees and to oversee negotiations(...)
• Buyer’s AgentA buyer’s agent represents only the buyer in a real estate deal. When you buy a home, your buyer’s agent focuses his or her energy on(...)
• Buyer’s MarketA buyer’s market occurs when there are more homes on the market than there are buyers. In a buyer’s market, buyers have more(...)
• BylawsBylaws are the written rules that govern an organization. These guidelines control how the organization will operate and outline what(...)
• California Consumer Privacy Act (CCPA) CompliantA state statute intended to enhance privacy rights and consumer protection for residents of California, United States.
• CapA cap, also referred to as an interest rate cap, is a risk management tool that provides protection against increasing interest rates(...)
• Cape Cod StyleA Cape Cod house is a low, broad, single-story frame building with a moderately steep pitched gabled roof, a large central chimney,(...)
• Capital AssetA capital asset is an item that you own for investment or personal purposes, such as stocks, bonds or stamp collections. When you sell(...)
• Capital ExpenditureCapital expenditure, abbreviated as CAPEX, is any funds used by a company to upgrade or acquire physical assets, including equipment(...)
• Capital GainsCapital gains are profits made from the sale of real estate, investments and personal property. The Internal Revenue Service (IRS)(...)
• Capital ImprovementCapital improvement is any permanent structure or other asset added to a property that adds to its value.
• Capital LossA capital loss occurs when you sell a security or investment for less than the original purchase price or its adjusted basis.(...)
• CapitalizationCapitalization has multiple meanings. In accounting, capitalization refers to the process of expensing the costs of attaining an asset(...)
• Capitalization RateCapitalization rate is the estimated percentage rate of return that a property will produce on the owner’s investment.
• Capitalized Cap CostCapitalized cap cost is the sales price of a car being financed with a lease. It includes the car’s negotiated price plus any(...)
• Cash FlowCash flow represents the money coming in and going out of a company or organization during a specific accounting period.
• Cash-out RefinanceA cash-out refinance, or “cash-out refi,” is when a mortgage is refinanced for more than what is owed and the borrower takes out the(...)
• Casualty and Theft LossA casualty and theft loss is one caused by a hurricane, earthquake, fire, flood, theft or similar event that is sudden, unexpected or(...)
• Certificate of OccupancyA certificate of occupancy is a document issued by the local government that gives permission for tenants to live in a building that(...)
• Certificate of SaleA certificate of sale is issued to a buyer when she purchases a foreclosed property. Although it doesn’t signify the buyer’s ownership(...)
• Certificate of TitleA certificate of title is a statement provided by a title company or attorney stating that the title to the real estate or vehicle is(...)
• Certified Passive HousePassive house is a voluntary standard for energy efficiency in a building, which reduces the building's ecological footprint.
• Cesspoolan underground container for the temporary storage of liquid waste and sewage.
• Chain of TitleThe chain of title is a real estate records search that lists the successive owners of a home or property. The purpose of a chain of(...)
• Change FrequencyThe change frequency refers to how often a payment and/or interest rate changes in an adjustable-rate mortgage, or ARM. Also known as(...)
• Change OrderA change order is a document that states and defines alterations to a construction plan. The change order acts as an amendment to the(...)
• Chapter 11Chapter 11 refers to the bankruptcy code that is used to provide corporate or partnership reorganizations. A Chapter 11 debtor(...)
• Chapter 12Chapter 12 is a special type of bankruptcy intended specifically for someone meeting the definition of “family farmer” or “family(...)
• Chapter 13Chapter 13 bankruptcy allows private individuals to keep your property but must pay back a portion or the entirety of their debt over(...)
• Chapter 7Chapter 7 refers to a chapter of the bankruptcy code that provides for “liquidation.” Under Chapter 7, your debt is discharged, but(...)
• Chapter 9Chapter 9 is a chapter in the bankruptcy code that specifically addresses the debts of a municipality, such as a city or town. The(...)
• Clapboarda long, thin, flat piece of wood with edges horizontally overlapping in series, used to cover the outer walls of buildings.
• Clear TitleA clear title is one in which the owner owns the property outright and without any restrictions, such as liens or levies. With a clear(...)
• ClosingClosing is one of the final components to the homebuying process in which the sale of the property takes place. A buyer signs lender(...)
• Closing CostsClosing costs are the fees a seller and buyer pay to complete a real estate transaction. The costs paid at closing usually equal(...)
• Closing StatementA closing statement, also called a HUD-1 statement or settlement sheet, is a form used in real estate transactions with an itemized(...)
• Cloud on TitleA cloud on title is any unresolved claim, lien or other encumbrance on a property that may prevent transfer of ownership from one(...)
• Co-housingA co-housing community is a community in which residents have their own private homes, typically built in a cluster, but share certain(...)
• COAA COA is specific to owners of condominiums. Owners that are a part of these associations own their specific condominium and then(...)
• COFI MortgageA COFI mortgage is a type of mortgage on which interest is calculated based on the cost of funds index, or COFI. These mortgages have(...)
• CollateralCollateral describes the personal property or assets that a borrower offers to a lender to secure a loan. As part of the loan(...)
• Colonial StyleColonial-style homes normally have a square or rectangle shape, with the door located in the exact center and the same number of(...)
• Combination RoofUsing various roof designs on one home is called a Combination roof which adds interesting architectural appeal. This style is(...)
• Combined Loan-to-Value RatioCombined loan-to-value ratio, or CLTV, is a borrower’s overall mortgage debt load, expressed as a percentage of the home’s fair market(...)
• Commercial Real EstateCommercial real estate is land on which a business can be run. As opposed to residential real estate, which can only be used for(...)
• CommissionA commission is the fee paid to someone as part of the sale of a particular product. One of the best known commissions involves the(...)
• Commitment FeeA commitment fee is a fee that a lender may charge a borrower to whom it has agreed to extend credit. Generally charged for lines of(...)
• Common Area AssessmentA common-area assessment is a cost that members of condominium associations and homeowners associations must pay to maintain common(...)
• Common AreasCommon areas are elements of a property available for use for all tenants or owners. Common areas can include hallways, sidewalks,(...)
• Common-interest DevelopmentA common-interest development (CID) is a housing area in which residents are members of a homeowners association, which allows them to(...)
• Community Apartmenta collection of apartment buildings on adjoining pieces of land, generally owned by one entity. The buildings often share common(...)
• Community Development TaxThe Community Development Corporation (CDC) Tax Credit program rewards local businesses that contribute to economic development(...)
• Comp ValueA comp, which is an abbreviation for comparable sale, is a recently sold home in your area that’s similar to your home in location,(...)
• Comparable ValueComparable value is the dollar amount that the seller or retailer considers property or merchandise to be worth. This is a highly(...)
• Comparables (Comps)Comparables, sometimes referred to as “comps,” are properties used for comparison in the real estate appraisal process. When a house(...)
• Comparative Market Analysis (CMA)Comparative market analysis, or CMA, is the examination, often in the form of a report, of various price points of similar properties(...)
• CondemnationCondemnation occurs when a public authority, such as the local government, seizes a piece of private property for public use. The(...)
• Conditional CommitmentWhen applying for a mortgage, a homebuyer may receive notice of a conditional commitment. This means the lender is willing to finance(...)
• CondominiumA condominium is a building that contains multiple units available for owner occupancy. Each unit in the building has an owner, but(...)
• Condominium ConversionCondominium conversion is the process of converting rental apartments, which are leased by the occupants, into condominium units,(...)
• Condominium StyleA condominium is a large property complex divided into individual units and sold. Ownership usually includes a nonexclusive interest(...)
• Conforming MortgageA conforming mortgage is a one that follows the guidelines of Fannie Mae and Freddie Mac, the two government-sponsored enterprises(...)
• ConsiderationIn contract law, consideration refers to an item of value that the parties negotiate as a part of a contract. Consideration is a(...)
• Constitutions and BylawsIn most organizations, the constitution describes the purpose of the organization, its principals and its key organizational(...)
• Construction BudgetThe construction budget is the amount of money allotted for a specific building or remodeling project. Construction budgets are used(...)
• Construction LoanA construction loan is a short-term, interim loan to pay for building a house. As work progresses, the lender pays out the money in(...)
• Construction to Permanent LoanA construction to permanent loan is a loan used to finance the construction of a home. When the home is complete, it converts into a(...)
• Consumer BankruptcyIf you’ve accumulated debt on personal expenses, then you have consumer debt. Consumer bankruptcy refers to the type of personal(...)
• Contemporary StyleThe Contemporary style includes simple, clean lines with large windows devoid of decorative trim. The exteriors are a mixture of(...)
• Contiguous LotsContiguous lots are pieces of real estate that are adjoined or adjacent to each other. Contiguous lots share a common boundary, so(...)
• ContractAny real estate transaction requires a contract, which can be either written or verbal but must spell out every aspect of the(...)
• Contract for DeedA contract for deed is a legal agreement for the sale of property in which a buyer takes possession and makes payments directly to the(...)
• Contractual LienThere are many kinds of liens (tax liens, mechanic’s liens, judgment liens and statutory liens, for example), and indeed most of them(...)
• Conventional MortgageA conventional mortgage or conventional loan is a plain-vanilla home loan that’s ideal for borrowers with good or excellent credit.(...)
• Conventional Style"Conventional" styling simply means that it fits the norms that are well-established in most of the Western world. For the most part,(...)
• Conversion ClauseA conversion clause is a provision that may appear in an adjustable-rate mortgage, allowing the loan to be changed to a fixed-interest(...)
• Convertible MortgageA convertible mortgage is an adjustable-rate loan that gives the borrower the option to convert the loan to a fixed-rate mortgage.(...)
• Conveyance TaxConveyance tax is levied on the transfer of real property at the county, municipal or state level. It is computed as a sale price(...)
• CooktopA “cooktop” is a cooking appliance that sits on top of your countertops. It offers the same functions as the range, however, a wall(...)
• CooperativeA housing cooperative, commonly referred to as a co-op, is a corporation formed to share ownership in a single property among multiple(...)
• Cooperative MortgageA cooperative mortgage is a type of loan that allows the borrower to purchase shares of a cooperative housing project. In this type of(...)
• Corrective WorkCorrective work consists of any maintenance or repairs a buyer requests to be completed before closing on a house or building.
• Cost BasisYour adjusted basis is generally your cost in acquiring your home plus the cost of any capital property improvements that add value or(...)
• Cost-plus ContractA cost-plus contract is an agreement that specifies the client will pay the contractor for construction expenses detailed in the(...)
• CounterofferA counteroffer is an offer made in response to an initial offer with unfavorable terms. It’s part of the negotiating process and(...)
• County Property ReportThe Property Detail report is a comprehensive report that summarizes all the information related to the property, including owner,(...)
• Court Order DeedThese deeds include sheriff’s deeds, master deeds, or any other type of deed being created without the consent of the seller.(...)
• CovenantA covenant is a promise on the part of businesses that borrow money to uphold certain conditions stated in its loan agreement. They’re(...)
• Covenant Lite LoanA covenant lite loan is a loan agreement that has fewer covenants to protect the lender and fewer restrictions on the borrower(...)
• Covenants, Conditions and RestrictionsCovenants, conditions and restrictions (commonly referred to as CCRs) are the written rules and restrictions pertaining to the use of(...)
• Covered ExpensesCovered expenses refer to what an insurance provider includes as part of its coverage. Every insurance provider outlines specific(...)
• Crawl SpaceThe primary purpose of a crawl space is to promote air circulation through the home and also allow easy access to plumbing, electrical(...)
• Creative FinancingCreative financing is an innovative or unusual way of structuring a loan that allows a person to buy a home, land or some other major item.
• CreditCredit is issued to people who want to obtain something now, but who can’t or don’t want to necessarily pay for it now, based on that(...)
• Credit AgreementA credit agreement is a legally binding contract made between a person who borrows money and the lender. It is agreed upon by both(...)
• Credit BureauA credit bureau tracks the credit history of borrowers in order to generate credit reports and credit scores. Financial companies buy(...)
• Credit HistoryA credit history is the record of how a person has managed his or her credit in the past, including total debt load, number of credit(...)
• Credit InsuranceCredit insurance is an insurance policy that pays off an outstanding debt in the event of the policy holder’s death, disability, or(...)
• Credit LineA credit line is a flexible loan option offered by financial institutions to individuals and corporate entities. A credit line always(...)
• Credit Monitoring ServiceA credit monitoring service tracks your credit for any significant changes such as new accounts or a dramatic increase in your balances.
• Credit RatingA credit rating is a measurement of a person or business entity’s ability to repay a financial obligation based on income and past(...)
• Credit ScoreA credit score is a number that represents a person’s creditworthiness. Credit scores are based on a variety of personal financial(...)
• Credit Scoring SystemLenders use a credit scoring system, or a numerical system, to measure how likely it is that a borrower will make payments on the(...)
• Credit UtilizationCredit utilization refers to the amount of credit you have used compared with how much credit you have been extended by a lender. It(...)
• Curved RoofThe Curved roof is very modern and creates a unique roof design. The curve can vary from a slight curve to an arch shape and is(...)
• Custom BuilderA custom builder constructs one-of-a-kind homes based on the client’s specifications, instead of building a home and then selling it.(...)
• Custom HomeA custom home is a house designed specifically for you by a hired architect. It’s built to your specifications rather than to a(...)
• CyberspaceCyberspace is a term used to describe the environment in which all electronic communications and communications via computer networks(...)
• Days on the MarketThe term “days on the market” refers to the number of days between the day a house is listed on the market and the day it is sold.
• Debit Bureau A debit bureau is an agency that collects and reports information on bank accounts, such as checking and savings. A debit bureau(...)
• Debt ConsolidationDebt consolidation is a refinancing tactic in which someone takes out new loans to pay off her existing debt. The new loan combines(...)
• Debt-to-Available-Credit RatioDebt-to-available-credit, also called your credit utilization ratio, refers to how much of your available credit you’re using. The(...)
• Debt-to-Equity RatioThe debt-to-equity ratio is the relationship between a company’s total debt and its total equity. The debt-to-equity ratio is a key(...)
• Debt-to-Income RatioDebt-to-income ratio refers to how much of a borrower’s monthly income is eaten up by debt. Creditors, especially mortgage lenders,(...)
• Declarations PageA declarations page is the part of an insurance policy that identifies the people and property covered by the policy and the length of(...)
• DeductibleA deductible is the amount a person with insurance pays toward her claim before the insurance company pays the remainder.
• DeedA deed is a legal document used to transfer rights to an asset or a real property from one person to another. A deed is distinct from(...)
• Deed in Lieu of ForeclosureWhen a property owner surrenders the deed to the property to their lender in exchange for being relieved of the mortgage debt.
• Deed of TrustA Deed of Trust is a type of secured real-estate transaction that some states use instead of mortgages. Also called Reconveyance Deed(...)
• DefermentDeferment is an agreement between a lender and a borrower to temporarily suspend debt payments.
• Delinquent MortgageA mortgage becomes delinquent when the borrower doesn’t make the required payments. If the borrower continues to fall behind, the(...)
• DenA “Den” is a small living room. A “Study” is an office without a computer, an “Office” is a study with a computer and just a place(...)
• DepreciationDepreciation is a decrease in the price or value of an asset. Depreciation occurs when the market value of an asset is lower than the(...)
• Designated AgencyA designated agency is one that represents both buyers’ and sellers’ interests. One agent, working for the broker or agency,(...)
• Disaster LossDisaster loss occurs when resident incur a loss in an area that the president has declared as a national disaster area. Phenomena(...)
• Disclosed Dual AgencyDisclosed dual agency is a term indicating that the dual agency relationship in a real estate transaction has been fully disclosed to(...)
• Discount PointA discount point is a sum of money paid by the borrower or home buyer to the lender of the mortgage to decrease the interest rate of a(...)
• Distressed PropertyDistressed property is any property that is under foreclosure or being sold by the lender. Normally, a distressed property is a result(...)
• Document Needs ListThe document needs list is a list of key forms and documents a person taking out a mortgage needs to have on hand so that the lender(...)
• Dome RoofThe polygonal shape of the Dome roof is unique and aethetically pleasing. This style of roof is an excellent choice for gazebos,(...)
• Double OvenA “double oven” is a built-in oven fixture that has either two ovens, or one oven and one microwave oven.
• Double Widea mobile home consisting of two units that have been fastened together along their length.
• Down DraftA downdraft vent is a sleek way to expel fumes from your kitchen without the need of a range hood. Downdraft ventilation is often(...)
• Down PaymentA home down payment is simply the part of a home’s purchase price that you pay up front and does not come from a mortgage lender via a loan.
• Drain FieldSeptic drain fields, also called leach fields or leach drains, are subsurface wastewater disposal facilities used to remove(...)
• DrawA draw is a payment taken from construction loan proceeds made to material suppliers, contractors and subcontractors. That means the(...)
• Dry Dockis a narrow basin or vessel that can be flooded to allow a load to be floated in, then drained to allow that load to come to rest on a(...)
• Dual AgencyDual agency is a term that refers to a situation when one real estate agent represents both the home buyer and seller in a(...)
• Duct MasticDuct mastic is a sealant designed for use on ductwork and will eliminate air leakage through gaps or seams in the duct system
• Due-on-Sale ClauseA due-on-sale clause is a stipulation in a mortgage or deed of trust, requiring a borrower to pay the entire loan balance upon the(...)
• Duplex StyleA duplex is a multi-family home that has two units in one building — regardless of how those homes are arranged. Units can be(...)
• Earnest MoneyA sum of money that a buyer pays to the seller at the time of entering a contract. Its primary purpose is to make sure that the buyer(...)
• EasementA nonpossessory right to use and/or enter onto the real property of another without possessing it.
• Effective YearThe year in which an existing structure was remodeled through demolition and/or construction.
• Electronic Environmental ControlsEnvironmental Control Systems can enable you to operate everyday domestic appliances and mechanisms by remote control. Mechanisms that(...)
• Eminent DomainThe power of a state, provincial, or national government to take private property for public use. Also known as Condemnation.
• EncroachmentEncroachment is a situation in real estate where a property owner violates the property rights of his neighbor by building on or(...)
• EncryptionEncryption is a method of data security that encodes information stored or transmitted from one computer or device to another in a way(...)
• EndorsementsAn insurance endorsement is an amendment or addition to an existing insurance contract which changes the terms or scope of the(...)
• ENERGY STAR/ACCA RSI Qualified InstallationThe heating system installation was done by an ENERGY STAR or ACCA RSI qualified contractor.
• ENERGY STAR Certified HomesENERGY STAR certified homes and apartments are at least 10% more efficient than homes built to code and achieve a 20% improvement on(...)
• ENERGY STAR Qualified Doorsa program which provides certification to buildings and consumer products which meet certain standards of energy efficiency.
• ENERGY STAR Qualified EquipmentEnergy Star (trademarked ENERGY STAR) is a program run by the U.S. Environmental Protection Agency (EPA) and U.S. Department of Energy(...)
• EnerPHitis the standard issued by the Passivhaus Institute that focuses on retrofit projects. Significant Energy and CO2 savings of between 75(...)
• Engineered SepticAn engineered septic system is often used in cases where a conventional septic system cannot be installed.
• Engineering PlanPlans and specifications for the work to be constructed, including such maps, profiles, plans and other data as may be necessary to(...)
• EquifaxEquifax is a credit bureau. Equifax tracks the credit history of borrowers in order to generate credit reports and credit scores. It(...)
• EquityEquity describes the value of an asset after subtracting the value of any liabilities on the asset. Commonly used to describe the(...)
• EscrowFinancial instruments held by a neutral third party on behalf of two parties who are engaged in a financial transaction. An escrow(...)
• Escrow CompanyCommonly used in real estate transactions, an escrow company holds money and documents between parties. As a neutral third party, the(...)
• EthereumEthereum is a distributed computing platform built on blockchain technology. One way to think of it is as a “world computer” in which(...)
• Excellent Credit ScoreA credit score is a number that is based on a statistical analysis performed by lenders and financial institutions that indicates a(...)
• Exclusive ListingExclusive listing is when a property owner enters into a legal agreement with a brokerage and its designated agent to market the sale(...)
• Executor's DeedAn executor's deed is used to transfer real property from the estate of a deceased person to an heir pursuant to the terms of a will.(...)
• Exhaust FanExhaust fans pull odors, fumes, and moisture from an area of the home, venting them outdoors for removal.
• ExperianExperian is one of the major credit reporting agencies. A publicly listed, international corporation, Experian collects financial(...)
• Fair Credit Reporting ActThe Fair Credit Reporting Act is a law that provides a set of rules that credit bureaus must follow. The act protects everyday(...)
• Fair Debt Collection Practices ActThe Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using deceptive, unfair or abusive practices to collect(...)
• Fair Housing ActThe Fair Housing Act is a federal law that was passed in 1968. It prohibits discrimination in the buying, renting, selling or(...)
• Fair Market ValueFair market value is the price that a willing buyer will pay to an unrelated but willing seller. Specific circumstances must exist for(...)
• Fannie MaeThe Federal National Mortgage Association, known as Fannie Mae, is a government-sponsored enterprise (GSE) that purchases mortgages(...)
• Farm Service AgencyEstablished in 1994, the Farm Service Agency is a federal agency responsible for providing loan guarantees and disaster relief to(...)
• Farmhouse StyleA farmhouse is a building that serves as the primary residence in a rural or agricultural setting. Historically, farmhouses were often(...)
• Fee SimpleFee simple is a term that refers to real estate or land ownership. The owner of the property has full and irrevocable ownership of the(...)
• Fee Simple DefeasibleFee simple defeasible is a legal term and type of property ownership, where the ownership is dependent on specific conditions. If the(...)
• Fees in APRFees in APR is a term used to highlight the additional costs incurred when getting a loan, such as a mortgage.
• FHA 203(b)The FHA 203(b) "may be used to purchase or refinance a new or existing one-to-four family home in both urban and rural areas including(...)
• FHA 203(k)An FHA 203k loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do repairs(...)
• FHA LoanA Federal Housing Administration (FHA) loan is a mortgage insured by the FHA. By insuring the loan, the FHA offsets the risk(...)
• Fiber Cementis a composite building and construction material, used mainly in roofing and facade products because of its strength and durability.
• Fiberglass SidingIt has many of the advantages of vinyl siding and fewer disadvantages, but is usually more expensive. ... It has the same profile as(...)
• FICO ScoreThe Fair Isaac Corp., known as FICO, is a company that specializes in what it calls “predictive analytics.” It collects information(...)
• Fiduciary DeedThese deeds are most frequently used when the seller is acting in a fiduciary capacity, such as the executor or administrator of an(...)
• Fiduciary DutyFiduciary duty is a requirement that a person in a position of trust, such as a real estate agent, broker or executor, must act in(...)
• Finder’s FeeA finder’s fee is a sum paid to someone for producing a buyer or a seller.
• Finished AtticA “Finished Attic” area is defined as "an enclosed area in a house that is suitable for year round use, embodying walls, floors, and(...)
• Firm PanelThe Flood Insurance Rate Map (FIRM) is an official flood map used in National Flood Insurance.
• First LienA first lien is the first to be paid when a borrower defaults and the property or asset was used as collateral for the debt. A first(...)
• First MortgageA first mortgage is the primary loan on a property. A first mortgage has priority over any other claim on the property’s title in the(...)
• Fixed-Rate MortgageA fixed-rate mortgage is a financial product that has a constant interest rate for the life of the loan.
• Flat FeeA flat fee refers to a fixed charge that a client pays a broker instead of a percentage-based commission.
• Flat RoofA Flat roof is what its name suggests, however, it does have a slight pitch to allow of water runoff. Generally used on commercial(...)
• Flood Elevation CertificateAn elevation certificate documents important features of your property, including its location, flood zone, building characteristics(...)
• Flood InsuranceFlood insurance is a product that covers property loss caused by flooding. The most common way to get flood insurance is by going(...)
• Flood Map (FEMA)Flood hazard mapping is an important part of the National Flood Insurance Program (NFIP), as it is the basis of the NFIP regulations(...)
• Flood PlainLocated along the edge of rivers, streams and lakes, flood plains play an important role in the environment by holding water overflow,(...)
• Flood Zone CodeCodes associated with the severity and type of flooding in the area.
• Floor PlanA floor plan is a drawing to scale, showing a view from above, of the relationships between rooms, spaces, traffic patterns, and other(...)
• Foam InsulationSpray foam insulation can create an airtight seal that's 24 times less permeable to air infiltration. It can also provide a moisture(...)
• ForbearanceForbearance is an agreement between a lender and a borrower to temporarily suspend debt payments.
• ForeclosureA legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments by forcing(...)
• Fractional OwnershipFractional ownership is where several people share the ownership of an asset such as a holiday home. Unlike other forms of shared use(...)
• Freddie MacFreddie Mac, the informal name of the Federal Home Loan Mortgage Corp., is a U.S. government-sponsored enterprise (GSE) that buys(...)
• French StyleFrench house styles tend to be simple, square, and symmetrical. They resemble small manor homes with massive hipped roofs and window(...)
• Full RecourseFull recourse is a state in which a debt obligation is owed regardless of the borrower’s personal and financial situation. With full(...)
• Gable RoofKnown as a pitched or peaked roof, this style, having a triangular shape, is one of the most popular in the United States. The Gable(...)
• Gambrel RoofReferred to often as a barn roof and similar to the Mansard style except the Gambrel has only 2 sides. Similar also in that it(...)
• General Data Protection Regulations (GDPR) CompliantThe General Data Protection Regulation (GDPR) was designed to "harmonise" data privacy laws across all of its members countries as(...)
• Georgian StyleGeorgian houses are characterized by their: Rigid symmetry in building mass as well as window and door placement. Brick, stone, or(...)
• GFEGFE is an acronym for good faith estimate. Within three days of applying for a mortgage or reverse mortgage, the loan company is(...)
• GHF4456It permits the owner to use his land in a way that is ordinarily not permitted by the zoning ordinance.
• Gift DeedThis is used to convey the title on real property that is given for no consideration or for only a token consideration. In some(...)
• Gift TaxGift taxes are imposed on money or property transferred from one person to another as a gift. For the purpose of this tax, a gift is(...)
• Grace PeriodA grace period is a period of time creditors give borrowers to make their payments before incurring a late charge or risk defaulting(...)
• Grant DeedWhile the grant deed guarantees that the seller owns the property entirely, it doesn’t offer the buyer legal protection against any(...)
• GrantorA grantor refers to a person or institution that conveys ownership of a property. It is also an entity that creates a trust, also(...)
• Gravity FurnaceGravity furnaces are heating units and their related equipment that employ gravity to move warm air throughout a building.
• Gray Water Systemare onsite wastewater systems that use graywater for subsurface landscape irrigation through the use of mulch basins, disposal(...)
• Guaranteed LoanA guaranteed loan is one in which a third party supports the borrower by promising to repay the debt if the borrower defaults or stops(...)
• Guaranteed MortgageA guaranteed mortgage is a home loan guaranteed by a third party, often a government agency that will buy the debt from the lender and(...)
• Hard InquiryA hard inquiry, also called a hard pull, is a type of credit check done to determine an applicant’s creditworthiness. It results when(...)
• HardiPlankHardiPlank is a type of fiber-cement siding, as it is comprised of cellulose fibers and cement-like components
• Hazard InsuranceHazard insurance is a property insurance policy that provides coverage for damage to the structure of your home. Some home insurance(...)
• HeirThe word “heir” describes a person who inherits property upon the death of another. It may be a spouse, child, descendant or other(...)
• HELOCA home equity line of credit, or HELOC, is a loan in which the lender agrees to lend a maximum amount within an agreed period, where(...)
• HERS Index ScoreThe Home Energy Rating System (HERS) Index is the industry standard by which a home's energy efficiency is measured. It's also the(...)
• Hip RoofThis type of roof slopes on all four sides, are equal in length, and join at the top forming a ridge. A Hip roof is very sturdy and(...)
• Historic PreservationHistoric preservation applies to the protection of structures, landmarks and natural areas that have been deemed “historically significant.”
• HOAA homeowners association (HOA) is an organization in a subdivision, planned community or condominium that makes and enforces rules for(...)
• HOA Master Insurance PolicyA master policy is a form of property and liability insurance that HOA members collectively pay for as part of their membership dues.
• Holding Tanka large container in which liquids are temporarily held.
• Home Energy Upgrade Certificate of Energy Efficiency ImprovementsInstalled designs to improve the energy efficiency of the home, whether as an HEU or as single measures.
• Home Energy Upgrade Certificate of Energy Efficiency PerformanceBuildings Performance Institute BPI- 2101 Standard Requirements for a Certificate of Completion for Whole-House Energy Efficiency(...)
• Home InspectionA home inspection is a visual assessment of a house’s physical structure and mechanical systems, including the roof, ceilings, walls,(...)
• Home InventoryA home inventory is a complete breakdown of the contents within your home. A home inventory will help you provide a detailed list to(...)
• Home KeeperHome Keeper was a Fannie Mae reverse mortgage program that allowed older homeowners to borrow against the equity in their homes.(...)
• Home Ownership and Equity Protection ActThe Home Ownership and Equity Protection Act is a federal law that discourages banks and other financial institutions from predatory(...)
• Home WarrantyIf you recently bought a home, chances are you were offered a home warranty. A home warranty is a service contract, not an insurance(...)
• Homeowner Insurance Declarations PageA homeowner declarations page lists insurance coverages, limits and deductibles. This includes coverages for the dwelling, personal(...)
• Homeowners Insurance PolicyHomeowners’ insurance, also called home insurance, provides financial protection in the event that the homeowner’s house or its(...)
• Homestead ExemptionHomestead exemption laws prevent the sale of a home in order to pay off taxes or creditors. Nearly every state in the U.S. has(...)
• Housing DiscriminationHousing discrimination is the illegal practice of discriminating against buyers or renters of dwellings based on race, color,(...)
• Housing Expense RatioA housing expense ratio is the comparison of a borrower’s before-tax income. The number often is calculated when lenders are deciding(...)
• HUD-1 StatementThe HUD-1 statement is a settlement form used to itemize and reconcile all the charges paid by the buyer and seller in purchasing real(...)
• HypothecationHypothecation is the promise of collateral in return for a loan. When a lender chooses to issue a loan to a borrower, the lender(...)
• ICAT Recessed LightingICAT recessed light fixtures are rated both to safely come in contact with insulation and are better airsealed. ICAT is an acronym for(...)
• ICFs (Insulated Concrete Forms)Insulating concrete form or insulated concrete form (ICF) is a system of formwork for reinforced concrete usually made with a rigid(...)
• Impact FeesLocal governments often charge impact fees to help fund infrastructure improvements. They typically collect these fees from(...)
• Income PropertyIncome property is property that the owner rents to others. Rather than occupying the property, the owner uses the property to produce(...)
• Indoor airPLUSIndoor airPLUS is a voluntary partnership and labeling program that helps new home builders improve the quality of indoor air by(...)
• InheritanceAn inheritance comprises assets received from the estate of a person who has died. It can also refer to sum total of property a person(...)
• Inheritance TaxAn inheritance tax is a state tax that people pay when they receive money or property from the estate of a person who has died. Unlike(...)
• Inspection ReportAn inspection report is written by a home inspector after a thorough evaluation of the home’s condition, including the electrical(...)
• Installment ContractAn installment contract is a purchase agreement in which the buyer agrees to make a series of payments on specified dates in exchange(...)
• Installment CreditInstallment credit is a loan for a fixed amount of money. The borrower agrees to make a set number of monthly payments at a specific(...)
• Installment LoanAn installment loan is a financial product that permits individuals to borrow a large sum of money that they can then repay over time.
• InsuranceInsurance is a policy paid for by an individual, a business, or another entity intended to protect the insured against financial loss.
• Insurance AgentInsurance agents work for insurance companies and reach out to new and existing clients to sell insurance. ... Types of insurance that(...)
• Insurance BinderInsurance binders are contracts of temporary insurance pending the issuance of a formal policy or proper rejection of the application(...)
• Inter vivos GiftInter vivos is Latin for “between the living.” An inter vivos gift is a legal term that refers to a transfer or gift given to someone(...)
• InterestInterest is both the cost of borrowing funds and the profit that accrues to those who deposit funds in a savings account.
• Interest RateAn interest rate is defined as the proportion of an amount loaned which a lender charges as interest to the borrower, normally(...)
• ISO PPC RatingMunicipal fire suppression efforts in communities using a rating system from 1 (the best) to 10.
• Itemized DeductionsThe Internal Revenue Service (IRS) allows taxpayers to deduct certain expenses in order to legitimately reduce their taxable income.(...)
• Jerkinhead RoofReferred to sometimes as clipped Gable or English hip roofs and are more stable than a regular Gable roof. By clipping the roof(...)
• Joint LiabilityJoint liability is the state of two or more people who are equally responsible for paying back a debt. If someone applies for loan,(...)
• Joint TenancyJoint tenancy is a form of property ownership in which two or more individuals own a property with equal interest and enjoy equal(...)
• Joint Tenants with Rights of SurvivorshipJoint tenants with rights of survivorship (JTWROS) describes a form of property ownership in which a co-owner is automatically granted(...)
• JudgmentA judgment is a decision from a judge on a civil action or lawsuit. Usually a person is required to pay an amount of money to satisfy(...)
• Judgment LienA judgment lien can be placed on a property when a homeowner is sued, losses, and cannot pay. Judgment liens cover an array of(...)
• Judicial ForeclosureA judicial foreclosure refers to when the foreclosure goes through the court system, and there is a court order for the property to be(...)
• Jumbo CDA jumbo CD is a savings certificate that has a specified interest rate, fixed maturity date and a minimum investment requirement of(...)
• KYC Policies(Know Your Customer) Policies to prevent businesses (financial and non-financial) from being used, intentionally or unintentionally,(...)
• Lap Sidingrefers to a type of siding that is installed horizontally on your home. When the planks are placed on your residence, they overlap one(...)
• LatitudeIn geography, latitude is a geographic coordinate that specifies the north–south position of a point on the Earth's surface. Latitude(...)
• LeaseA lease is a contract in which one party, the lessor, gives the right of occupancy or use of property, such as a car, apartment or(...)
• Lease OptionA lease option is a written agreement in which an owner allows a person to use a property in exchange for rent, and also gives that(...)
• Leased EquipmentEquipment leasing allows owners to rent equipment from a leasing company or vendor for a specific period of time. Typical items are(...)
• Leasehold EstateA leasehold estate refers to the exclusive right of a tenant to occupy a property for a period of time. Usually a written lease(...)
• LEED For HomesLEED for Homes is a voluntary rating system that promotes the design and construction of high-performance green homes.
• Legal DescriptionA legal description is the geographical description of real estate that identifies its precise location, boundaries and any easements(...)
• LesseeA lessee, also known as a tenant, is a person who rents land or personal property from the owner, or lessor.
• LessorA lessor is a person who grants a lease. The lessor wants to retain ownership of a property, vehicle or other equipment, so he leases(...)
• Letter of IntentA letter of intent provides a formal, but preliminary, agreement between two parties who intend to do business with each other. They(...)
• LiabilityA liability is what a person or organization owes money on. This includes the obligation to pay taxes, loans, mortgage payments, and(...)
• LiborThe London Interbank Offered Rate, or LIBOR, is the most common benchmark interest rate index used to make adjustments to(...)
• LienA lien is a claim made on a property in order to satisfy a debt. Liens are often applied to real estate, although an entity may place(...)
• Life CapA life cap, or lifetime cap or rate cap, is the maximum amount that a borrower’s interest rate can increase over the term of the loan.(...)
• Line of CreditA line of credit, also known as a credit line, is an open-ended, revolving loan that a borrower may access on demand. The lender(...)
• List PriceList price is the price established by the manufacturer. Don’t be overly impressed with stores that price items below the list price.(...)
• ListingAn arrangement, agreement, or contract for the marketing of real property through one or more real estate agents usually for a(...)
• Living AreaBy definition, living area (sometimes referred to as "heated living area" or "heated square footage") is space that is intended for.(...)
• Living Building ChallengeThe end goal of the Living Building Challenge is to encourage the creation of a regenerative built environment. The challenge is an(...)
• Loan ApplicationA loan application is used by borrowers to apply for a loan. Through the loan application, borrowers reveal key details about their(...)
• Loan CommitmentA loan commitment is a lender’s promise to offer a loan or credit of a specified amount to a borrower. Also called a commitment(...)
• Loan ConsolidationLoan consolidation enables a student to consolidate multiple student loans into a single loan. By consolidating your student loans,(...)
• Loan DefaultDefaulting on a loan is the failure of a borrower to pay the principal or interest on a security or loan. For example, when a borrower(...)
• Loan OriginationLoan origination is the term used to describe the process that occurs when a buyer obtains a mortgage loan from a lender. It involves(...)
• Lock-InWhen applying for a mortgage from a lender, a lock-in, or rate lock, represents a guarantee from the lender to give you a certain(...)
• Locked-In RateA locked-in rate, also referred to as a rate lock, is a specific interest rate for a mortgage loan that is being held for a borrower.(...)
• LockoffIn the real estate business, a lockoff refers to a time-share unit that can be divided into two distinct dwelling units. Sometimes(...)
• LoftA “Loft” can be an upper story or attic in a building, directly under the roof (U.S usage) or just a storage space under the roof(...)
• Log Cabin StyleA log cabin is a small log house, especially a less finished or architecturally sophisticated structure. Log cabins have an ancient(...)
• LongitudeLongitude, is a geographic coordinate that specifies the east–west position of a point on the Earth's surface.
• Lot SizeLot size is the land you own according to the survey of boundary lines determined by the city. Square footage is the usable space in(...)
• Low VOC InsulationIt mostly refers to paints and other products that have a very low or zero VOC, e.g. sealants, adhesives and cleaners. Low VOCs are(...)
• Maintenance (Grounds)provides a pleasant outdoor environment by ensuring that the grounds of houses, businesses, and parks are attractive, orderly, and healthy.
• Major EncroachmentA garage or part of a house being built on your property would fall into this category. Other items that can cause issues are an(...)
• Mansard RoofAlso known as a French roof, the Mansard style is a 4 sided roof with a double slope on each side which meet forming a low pitched(...)
• Manufactured HousingManufactured housing refers factory-built homes that can be placed on a piece of land. Styles vary from modest trailers to dwellings(...)
• Market ConditionsMarket conditions are the factors that influence the housing market in a particular area, such as cost of living, demographics, supply(...)
• Master DeedA document used by condominium developers to record the project;its division into condominium ownership;and the grant of common areas(...)
• Master-planned CommunityMaster-planned community is a large-scale residential neighborhood with a large number of recreational and commercial amenities, such(...)
• Master's DeedA deed from a judicial officer given as a result of a foreclosure, a tax sale, or sometimes a divorce,depending on the state and its(...)
• MaturityIn finance, maturity refers to the date on which the principal balance of a loan becomes due and payable. It also refers to the date(...)
• Maturity DateThis includes loan amount, interest rate, payment and maturity date. The maturity date is the date when your final payment is due.
• McMansionMcMansion is a term for houses between 5,000 and 10,000 square feet with grandiose entryways and multicar garages, often built on(...)
• Mechanic’s LienA mechanic’s lien is a legal claim made against real estate by suppliers or contractors who have not been paid for the work they have(...)
• Median PriceMedian price is the middle point for real estate prices. It is not the same as the average price.
• Mediterranean StyleMediterranean-style homes, which resemble the aesthetic of Mediterranean villas, originated in the 1920s. ... A blend of Spanish and(...)
• Metal Sidingis a popular alternative to wood, vinyl, and other materials in situations where durability is a top priority. The two types of metal(...)
• Minor EncroachmentMinor encroachments might consist of a fence, portable outdoor shed, doghouse or garden spot that crosses a property line. The(...)
• Misting Systemis a series of misting nozzles placed in a tube and pressurized to provide a fine spray consisting of water droplets between 5 microns(...)
• MLSMLS stands for multiple listing service, which is a database that real estate agents use to share their listings with other agents and(...)
• Modern StyleThe Modern house was most typically a post-and-beam structure with a flat or broad low-pitched gable or shed roof. Exposed structure,(...)
• ModificationModifications are changes lenders make to an existing loan, resulting from the borrower’s inability to repay the loan.
• Moratorium PeriodA moratorium period is a period during a loan term when the borrower is not obligated to make a payment.
• MortgageA mortgage is a loan from a bank or other financial institution that helps a borrower purchase a home. The collateral for the mortgage(...)
• Mortgage AgentA mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses.
• Mortgage BankerA mortgage banker is someone who originates home loans. The mortgage banker might keep the loan or sell it to an investor.
• Mortgage BondA mortgage bond is a bond in which holders have a claim on the real estate assets put up as its collateral.
• Mortgage DeedA document signed between a homeowner and a bank or lending institution, allowing said institution to put a lien on the property if(...)
• Mortgage InsuranceMortgage insurance is a product that insures a mortgage in case the borrower defaults. Homeowners who pay a down payment of less than(...)
• Mortgage Interest DeductionMortgage interest deduction is the interest expense on a home loan that the government allows you to subtract from your income prior(...)
• Mortgage LienA mortgage lien is a form of conditional ownership of your property claimed by your home loan provider. Since your lender has a claim(...)
• Mortgage Life InsuranceMortgage life insurance is a type of insurance product that pays off a mortgage if the borrower dies.
• Mortgage Loan OriginatorA mortgage loan originator helps a borrower choose the correct mortgage product and complete the application process.
• Mortgage NoteA Mortgage Note states the amount of debt and the rate of interest, and obligates the borrower, who signs the note, personally(...)
• MortgagorA mortgagor is the person who borrows money to finance the purchase of real estate using the value of the property as collateral for(...)
• Mound SepticA mound system is an engineered drain field for treating wastewater in places with limited access to multi-stage wastewater treatment(...)
• MudroomA “mudroom” a small room or entryway where footwear and outerwear can be removed before entering a house. A proper mudroom would be(...)
• National Housing ActThe National Housing Act was signed on June 27, 1934, by President Franklin D. Roosevelt to improve housing conditions, make housing(...)
• Natural BuildingA natural building involves a range of building systems and materials that place major emphasis on sustainability.
• Necessity EasementAn easement which may be implied by law where an owner of land splits his property so that one of the resulting parcels is landlocked(...)
• Net MeterNet metering is an electricity billing mechanism that allows consumers who generate some or all of their own electricity to use that(...)
• Net WorthNet worth is a measure of wealth. Net worth is the sum of all assets owned by a person or a company, minus any obligations or liabilities.
• NGBS New ConstructionThe NGBS is a point-based system, wherein a single-family or multifamily building(s) can attain certification depending on the(...)
• Non-liquid AssetAssets are classified as either liquid or non-liquid. A liquid asset can fairly quickly and easily be turned into cash, while a(...)
• Nonrecourse LoanA nonrecourse loan, also known as nonrecourse debt or nonrecourse plan, is one that is secured by collateral. Nonrecourse loans are(...)
• NoteA note, also known as a promissory note, is a legal debt instrument where one party makes a promise in writing to pay a certain amount(...)
• Notice of DefaultIf a borrower falls behind on his mortgage payments, the mortgage lender might file a notice of default, which is an official public(...)
• Notice of RescissionA notice of rescission is a form given with the intention of terminating a contract, provided that the contract entered into is a(...)
• Open HouseAn open house is when a seller opens his home so that potential buyers can view it without an appointment.
• Open ListingAn open listing is a property that multiple brokers have the option to market and sell to earn commission on the sale of the home.
• PantryA “pantry” is a small room or closet in which food, dishes, and utensils are kept.
• Parcel NumberAn assessor's parcel number, or APN, is a number assigned to parcels of real property by the tax assessor of a particular jurisdiction(...)
• Partially FinishedA partially finished basement is also called as a half-finished basement. It is mostly used by children and teenagers. It can be used(...)
• Passive SolarIn passive solar building design, windows, walls, and floors are made to collect, store, reflect, and distribute solar energy in the(...)
• PaydownPaydown is the process of reducing the amount owed on a mortgage or other loan over time by making partial payments toward the debt.
• Pellet StoveA pellet stove is a stove that burns compressed wood or biomass pellets to create a source of heat for residential and sometimes(...)
• Per Diem InterestPer diem interest is the amount of interest charged on a daily basis for a just-closed mortgage.
• Perc Testis a test to determine the water absorption rate of soil (that is, its capacity for percolation) in preparation for the building of a(...)
• Periodic RateThe periodic rate is the interest rate charged over a certain number of time periods. The periodic rate equals the annual interest(...)
• Permeable Pavingis a method of paving vehicle and pedestrian pathways to enable infiltration of stormwater runoff.
• Personal LiabilityThe personal liability portion of your homeowners insurance policy covers you against lawsuits for injury or property damage that you(...)
• Personal PropertyPersonal property is essentially any property except for real estate.
• Personal Property TaxesPersonal property taxes, also known as property taxes, are a form of taxation on what is termed personal property. Personal property(...)
• Pest InspectionThe pest inspection is a separate process performed by a licensed pest inspector who’s trained to look for signs of infestations and(...)
• PHIUS+is the largest Passive Building Certification in North America. It is a well-recognized proven construction standard and quality(...)
• Photovoltaics Seller OwnedThe electrical features of the property include a solar photovoltaic system that is owned by the seller.
• Photovoltaics Third-Party OwnedThe electrical features of the property include a solar photovoltaic system owned by a third party. This is typically a lease but may(...)
• Piggyback LoanA piggyback loan is a second loan on top of a conventional mortgage loan that makes it possible to finance a real estate purchase(...)
• Planned Developmentit is a designed grouping of both varied and compatible land uses, such as housing, recreation, commercial centers, and industrial(...)
• POAA Property Owner's Association is a governing body that encompasses HOAs and COAs. POA fees are combined with HOA or COA fees. Serving(...)
• PointsHomebuyers can buy points to reduce how much interest they pay on their mortgage loan over its lifetime. A point is equal to 1 percent(...)
• Portfolio LenderA portfolio lender is a bank or lending institution that originates mortgages and holds them in its own portfolio instead of selling(...)
• PossessionIn a real estate transaction, possession occurs when the buyer takes ownership of a property after signing closing documents.
• Power of AttorneyPower of attorney is the designation given to someone who has the power to act on behalf of another person’s legal matters. It is in(...)
• Power Purchase AgreementA power purchase agreement, or electricity power agreement, is a contract between two parties, one which generates electricity and one(...)
• Pre-Wired for RenewablesIndicates the electric infrastructure on the property has been extended to more easily incorporate an on-site electric generation(...)
• PreapprovalYour mortgage preapproval is a statement of how much money a lender is willing to let you borrow to pay for a house.
• Prepayment PenaltyPrepayment penalty is a provision in a mortgage contract that requires the borrower to pay a penalty if the mortgage is paid off(...)
• PrequalificationPrequalification is an initial evaluation of an applicant’s ability to qualify for a loan. Prequalification is used in the mortgage(...)
• Prescriptive EasementAn easement upon another's real property acquired by continued use without permission of the owner for a legally defined period which(...)
• Prime RatePrime rate is the interest rate that banks charge their preferred customers, or those with the highest credit ratings. It is used to(...)
• PrincipalThe principal is the amount due on any debt before interest, or the amount invested before returns. All loans start as principal, and(...)
• Principle of ProgressionPrinciple of progression is the idea that the value of a house increases when more valuable houses are built in the area.
• Private EasementA private easement is when a property owner sells an easement to someone else—for example, to use as a path or driveway or for sewer(...)
• Private Mortgage Insurance (PMI)Private mortgage insurance is what borrowers have to pay when they take out a mortgage from a commercial lender and pay a down payment(...)
• ProbateProbate is the legal process of distributing a dead person’s assets.
• Probate SaleThe sale of an owner’s property after his death is referred to as a “probate sale.” A probate sale may include real property, such as(...)
• Promissory NoteA promissory note is a written promise that one party will pay the other party by a specified time.
• Proof of ClaimWhen a person files for bankruptcy, if a creditor wants to seek payment from the debtor, he or she must file a proof of claim with the(...)
• Property-Assessed Clean EnergyPACE financing is a means of financing energy efficiency upgrades, disaster resiliency improvements, water conservation measures, or(...)
• Property ReportA property report includes a variety of documents that provide a comprehensive profile of a property. Prospective property buyers,(...)
• Property TaxProperty tax is any tax on real estate or certain other forms of property.
• Property Tax DeductionProperty taxes paid on real estate and personal property may be deducted from federal income taxes. If an individual pays property(...)
• Property Tax Lien A legal claim against a property for unpaid property taxes which prohibits a property from being sold or refinanced.
• Property ValueProperty value refers to the worth of a piece of real estate based on the price that a buyer and seller agree upon.
• Proprietary LeaseA proprietary lease, also referred to as an occupancy agreement, gives a shareholder in a housing cooperative the right to occupy a(...)
• Prudent Investor RuleThe prudent investor rule is a legal guideline for trustees of investment portfolios. It requires a fiduciary to act in the best(...)
• Punch ListPunch lists, also known as snag lists, are used with building new properties and with remodeling or repairing older properties.
• Purchase-Money MortgageA purchase-money mortgage is a loan that the seller of a property issues to the buyer of a home as part of the property transaction.
• Purchase PriceThe amount of money someone pays for something (such as a house)
• Purchase & Sale AgreementThe Purchase and Sale Agreement (also called a Property Sale Agreement) is a binding legal documents which spells out the terms of the(...)
• Pyramid RoofA type of Hip roof, the Pyramid roof also comes to a point at the top having no vertical sides or gables. This style of roof is used(...)
• Quad WideThere are only a few companies that make Quadruple Wide Mobile Homes meaning they are given great deals on materials, appliances and(...)
• Quit Claim DeedThis type of deed is usually used when the participants are in some sort of relationship with one another, whether they be family(...)
• Radiant BarrierA radiant barrier is a type of building material that reflects thermal radiation and reduces heat transfer.
• Rain Barrel/Cistern(s)A rain barrel or cistern is a water tank used to collect and store rainwater runoff, typically from rooftops via pipes.
• Rammed EarthA technique for constructing foundations, floors, and walls using natural raw materials such as earth, chalk, lime, or gravel.
• Ranch StyleRanch style homes are one-story houses with an open and casual layout. The shape of the house is either rectangular or an "L" or "U"(...)
• RangeA “range” is an “all-included” cooking appliance that combines a cooktop with a wall oven. It is generally larger in size, includes an(...)
• Rate LockA rate lock is a freeze of the interest rate on a mortgage loan for a period of time. It is a guarantee from a lender that the(...)
• Reaffirmation AgreementA reaffirmation agreement is used in Chapter 7 bankruptcy cases when the person filing for bankruptcy wants to continue paying one or(...)
• Real EstateReal estate is private property in the form of buildings and land. Real estate can be used for residential, commercial, or industrial(...)
• Real Estate AgentA real estate agent is a licensed professional who guides buyers and sellers through real estate transactions. Agents perform(...)
• Real Estate BubbleA real estate bubble, also referred to as a “housing bubble,” occurs when the price of housing rises at a rapid pace, driven by an(...)
• Real Estate Investment Trust (REIT)Real estate investment trusts, referred to as REITs, are companies that own and manage income-generating real estate or related assets.
• Real Estate Settlement Procedures ActThe Real Estate Settlement Procedures Act (RESPA) is a federal law that imposes controls on the way lenders of federally backed home(...)
• RealtistA Realtist is a member of the National Association of Real Estate Brokers, an organization that brings together minority real estate(...)
• RealtorA Realtor is a salesperson licensed to sell real estate but differs from a real estate agent in some ways. A Realtor is a member of(...)
• RecessionA recession is a significant, widespread decline in economic activity lasting more than a few months. Experts define this period as(...)
• ReconveyanceReconveyance is the transfer of a title to the borrower after a mortgage has been fully paid.
• Recourse LoanA recourse loan is a type of loan whereby the lender can seek financial damages in the event that the borrower defaults in his loan(...)
• Recreation RoomA “recreation room” (also known as a rec room, rumpus room, playroom, or ruckus room) is a room used for a variety of purposes, such(...)
• RedliningRedlining is the illegal practice of refusing to provide financial services to consumers based on the area where they live.
• RefinanceRefinance, also called refinancing or refi, is the process by which one loan is replaced by another loan, in most cases with more(...)
• Regulation ZRegulation Z is part of the Truth in Lending Act of 1968. The legislation is designed to protect consumers against misleading lending(...)
• RelictionReliction is the increase in land that occurs when a river or the ocean permanently withdraws from the site.
• Remaining BalanceThe remaining balance refers to the unpaid portion of a loan, debt or credit card.
• Renovation YearThe year in which an existing structure is updated with cosmetic changes.
• Replacement CostsReplacement cost is an insurance term that refers to how much it would cost to replace something, such as a home, using the same type(...)
• Resale ValueA home’s resale value is the amount it is expected to sell for at some point in the future. Many things, including any improvements(...)
• RescissionRescission is the act of canceling a contract and returning both parties to the status they held before they entered the agreement.(...)
• Reserve FundA reserve fund is a savings account or other liquid asset managed by a condominium, business or individual for anticipated future(...)
• Residential Lease AgreementThe term “residential lease agreement” refers to the legally binding contract made between a landlord and his tenant and contains all(...)
• Residential Real EstateResidential real estate is an area developed for people to live on. As defined by local zoning ordinances, residential real estate(...)
• Residuary EstateResiduary estate is a probate term that refers to the assets in a deceased person’s estate after all gifts are bequeathed and debts,(...)
• Restrictive CovenantsA covenant imposing a restriction on the use of land so that the value and enjoyment of adjoining land will be preserved.
• Reverse MortgageA reverse mortgage is a loan for people aged 62 and up in which the lender pays homeowners in advance on the equity of their homes.
• Revolving Line of CreditA revolving line of credit refers to a type of loan offered by a financial institution. Borrowers pay the debt as they would any other.
• Right of First RefusalRight of first refusal is a contractual agreement that gives a specific party the opportunity to buy property before the owner can(...)
• Right of RescissionRight of rescission is a federal law and a part of the Truth in Lending Act that gives borrowers the right to cancel a financial(...)
• Riparian Water RightsDoctrine pertaining to properties adjacent to a waterway that governs the use of surface water and gives all owners of land contiguous(...)
• Roll InRoll in is when the costs of a loan are added to the principal balance. Roll in, which is also called “rolling” or “to roll,” is(...)
• Roof Turbine(s)Roof turbines are installed directly on the top of a roof and use wind power to suck hot and humid air out of the attic.
• Safe Emergency Egress from HomeLarger-sized windows that meet codes for emergency escape and rescue requirements are called egress windows.
• Safe HarborWhile many use the term “safe harbor” in reference to accounting and taxes, safe harbor laws are seen in a variety of industries,(...)
• Sale of Loan PortfolioSale of loan portfolio is when a lender sells off a large batch of its loans, which gives the lender more cash to fund additional(...)
• Sallie MaeSallie Mae is a financial services company for college students and their families. Originally founded as the Student Loan Marketing(...)
• Saltbox RoofThe Saltbox roof is asymmetrical with one side similar to a sloping flat roof and the other side more of a lean-to roof. The extreme(...)
• Saltbox StyleA saltbox house is a traditional New England style of house with a long, pitched roof that slopes down to the back, generally a wooden(...)
• Sawtooth RoofAs the name suggests, the roof resembles the side view of a saw blade creating various slopes and use for natural light and is an(...)
• Secondary Mortgage MarketMortgage originators sell home mortgage loans to investors on the secondary mortgage market. Loan aggregators buy mortgage loans from(...)
• Secured LendingSecuring lending is when the borrower is required to give the lender collateral as a form of insurance against defaulting on the loan.
• Seller’s AgentA seller’s agent, or seller’s real estate agent, is a professional who helps list the property for sale.
• Seller’s DisclosureA Seller Disclosure is a set of documents completed by the seller of a home, listing any known issues with the property and any(...)
• Seller’s MarketSeller’s market is a real estate term, indicating that there are more real estate buyers in the market than there are sellers.
• Septic TankA septic tank is an underground chamber made of concrete, fiberglass, or plastic through which domestic wastewater (sewage) flows for(...)
• ServicerA servicer is a company that collects and handles all transactions on your mortgage account on a day-to-day basis.
• Settlement StatementA settlement statement is a document given to borrowers at closing that itemizes services and fees charged to the borrower by the(...)
• Shared Appreciation MortgageA shared appreciation mortgage, or SAM, is a home loan in which the lender offers a below-market interest rate in exchange for a share(...)
• Sheriff's DeedA deed that gives ownership rights in property bought at a sheriff's sale. A sheriff's sale is a sale conducted by a sheriff upon(...)
• Short saleIn real estate, a short sale is transaction where a property sells for less than the amount owed on the property. Short sales usually(...)
• Shotgun StyleA shotgun house is a narrow rectangular domestic residence, usually no more than about 12 feet (3.5 m) wide, with rooms arranged one(...)
• Simple interestSimple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account.
• Simple interest loanA simple interest loan is one in which the interest has been calculated by multiplying the principal (P) times the rate (r) times the(...)
• Single WideSome mobile homes are considered to be “single wide”– meaning that they are usually 8-12 feet in width. They may have as little as 400(...)
• Site SurveySite surveys are inspections of an area where work is proposed, to gather information for a design or an estimate to complete the(...)
• Skillion RoofA Skillion roof is often called a shed or lean-to roof. It is a single, sloping roof attached to a taller wall. This type of roof is(...)
• SKUIn the field of inventory management, a stock keeping unit (SKU) is a distinct type of item for sale, such as a product or service,(...)
• Soft inquiryA soft inquiry, also known as a soft pull, is a preliminary review of a person’s credit history by a lender or other entity.
• SolariumA “solarium”, also known as a greenhouse or glass enclosure, is a type of sunroom addition that is made entirely of glass. The(...)
• Southwestern StyleSouthwestern house plans reflect a rich history of Colonial Spanish and Native American styles and are usually one story with flat(...)
• Spanish StyleSpanish Revival architecture tends to feature low-pitched, red-tile roofs, stucco walls, rounded arches, and an asymmetrical façade.(...)
• Special AssessmentA special assessment is a levy that homeowners’ associations or local governments impose to pay for the installation or repair of(...)
• Special Purpose DeedAlso called Administrator’s, Executor’s, Sheriff’s, Tax, Foreclosure, or Gift Deed. Frequently used in connection with court(...)
• Special Tax DistrictSpecial districts are independent, special-purpose governmental units that exist separately from local governments such as county,(...)
• Special Warranty DeedThis deed is slightly different from the warranty deed. This special warranty only encompasses the time the property was owned by the(...)
• Split-level StyleA split-level home (also called a tri-level home) is a style of house in which the floor levels are staggered. There are typically two(...)
• Starter homeFirst home that people plan to move from later on.
• SteeringSteering refers to the illegal practice of directing a prospective homebuyer to or away from a neighborhood based on the presence or(...)
• Stock CooperativeA stock cooperative is a corporation which is formed to hold title to improved real property, either in fee simple or for a term of(...)
• Structural EncroachmentThis occurs when a property owner specifically builds something on land they don't own. Typically between neighbors, but it could also(...)
• SubagentA subagent is a real estate agent or broker who brings in the buyer to purchase a property, but he is not the property’s listing agent.
• Subprime mortgageA subprime mortgage is a home loan offered to customers with poor credit history. These loans carry higher interest rates, justified(...)
• Subsurface Rights (Oil/Mineral/Gas)A landowner's right over minerals and other substances found below a property. A person acquires a subsurface right through purchase(...)
• Sun NumberRating from 1-100 that shows your home's potential for solar capabilities
• SurveySurveys are used to establish boundaries when new parcels of land are being developed, as well as to identify and confirm already(...)
• Sweat equityIn real estate, sweat equity is the amount of work a homeowner puts into his or her home in an effort to improve the value of the residence.
• Take-out loanA take-out loan is any type of long-term financing commonly used to buy or extract value from real property.
• Tangible personal propertyTangible personal property is physical property that can be touched, such as furniture, clothing, and vehicles.
• Tax creditA tax credit is an incentive that lets a taxpayer subtract a set amount from their local, state, or federal tax liability.
• Tax deductionA tax deduction reduces the amount of income that is subject to taxation by federal and state governments.
• Tax DeedA legal document that grants ownership of a property to a government body when the property owner does not pay the taxes due on the(...)
• Tax deferralTax deferral is when taxpayers delay paying taxes to some point in the future.
• Tax evasionTax evasion occurs when a person or an organization illegally takes purposeful steps to avoid paying a tax liability.
• Tax exemptionA tax exemption is the right to exclude all or some income from taxation by federal or states governments.
• Tax liabilityTax liability is the total amount of tax owed in a given period, by individuals and organizations, to federal, state, and local governments.
• Tax lienA tax lien is a legal claim that a federal, state, or local government places on your property and assets when you fail to pay your taxes.
• Tax saleA tax sale is a government sale of property to recover unpaid taxes.
• Tax shelterA tax shelter is a method of lowering taxable income for individuals or companies. Although some tax shelters are permitted under U.S.(...)
• Tax-sheltered annuityA tax-sheltered annuity (TSA) is a retirement savings plan that allows employees of tax-exempt organizations and self-employed people(...)
• Tax tablesEach year, the IRS publishes its revised tax tables and taxpayers determine how much tax they owe.
• Taxable incomeTaxable income is the amount of income used to calculate the taxes owed by an individual or a company.
• Taxpayer identification number (TIN)A taxpayer identification number (TIN) is used by the Internal Revenue Service (IRS) to process all tax-related documents and tax returns.
• Teaser loanTeaser loans are adjustable-rate mortgages, or ARMs, that offer seemingly low introductory interest rates, or what lenders call teaser(...)
• Teaser rateA teaser rate, also known as an introductory rate, is a below-market interest rate that lasts for a limited period of time.
• Tenancy by the entiretyTenancy by the entirety refers to a form of concurrent estate ownership whereby a married couple jointly owns the entire property.
• Tenants in commonTenants in common, also referred to as tenancy in common, is a form of ownership of real property in which two or more people own the(...)
• TermA term is a period of time. Generally, it represents a period of time until a loan or any type of deposit or investment achieves maturity.
• TimeshareA timeshare is the arrangement whereby several joint owners have the right to use a property as a vacation home under a time-sharing(...)
• TitleA title document is evidence and recognition of an individual’s right to ownership of something.
• Title AgentA title agency ensures that the property you are purchasing is legally available for the seller to sell. ... Title agencies find(...)
• Title insuranceTitle insurance protects buyers of real estate and issuers of mortgage loans from defects or problems with a land title in the(...)
• Title searchA title search is the process of going through public records, regarding a piece of property to ensure that the current owner has the(...)
• Townhome StyleA townhouse or townhome is a single family home that shares one or more walls with other independently-owned units. They are often(...)
• Trading upIn real estate, trading up is a term that describes when a homeowner sells her home in order to buy a house that is bigger, in a(...)
• Transfer taxTransfer tax refers to taxes paid when the title to a piece of real property changes hands from one owner to another.
• Triple Wide A mobile home consisting of three units joined together to create a large, spacious home.
• Trust DeedA trust deed is a deed of conveyance creating and setting out the conditions of a trust.
• Truth in Lending ActTruth in Lending. The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices.(...)
• Tudor StyleTudor homes are characterized by their steeply pitched gable roofs, playfully elaborate masonry chimneys (often with chimney pots),(...)
• U.S. Department of Housing and Urban DevelopmentThe U.S. Department of Housing and Urban Development is a federal department that formulates and enforces housing policy and oversees(...)
• Unclassified loanAn unclassified loan is a bank loan that the lender considers to be at high risk of default.
• UnderwritingUnderwriting is the process that banks and other financial institutions use to assess the creditworthiness or risk of a potential borrower.
• Uniform Gift to Minors ActThe Uniform Gift to Minors Act (UGMA) comprises state laws in the United States that permit the gifting of securities and money to minors.
• Uniform Transfers to Minors ActThe Uniform Transfers to Minors Act (UTMA) is an extension of the Uniform Gifts to Minors Act (UGMA) that lets individuals give(...)
• Universal defaultUniversal default is a policy of some lenders that allows them to penalize borrowers who pay any creditor late, resulting in a drop in(...)
• Unsecured debtUnsecured debt or an unsecured loan refers to a loan not backed by collateral.
• Unsecured loanUnsecured loans are loans that don’t require collateral to be approved for the loan. The lender will check your creditworthiness and(...)
• UpgradesUpgrades are optional features that buyers of newly built houses can select for more money.
• Upside downUpside down describes the situation when you buy something on credit and now owe more for it than it is worth.
• USDAUSDA loans are zero-down-payment mortgages for rural and suburban homebuyers.
• UsuryUsury is the term used when someone charges more than the maximum interest rate allowed by law. State laws govern legally allowed(...)
• Utility EasementAn easement that allows a utility the right to use and access specific areas of another's property for laying gas, electric, water,(...)
• Utility ReportA home utility report (HUR) is a report that’s compiled and emailed or sent to customers from their energy provider detailing home(...)
• VA loanA VA loan is a mortgage loan that is backed by the U.S. Department of Veterans Affairs. These loans are available to people who are(...)
• Variable rateA variable rate, or variable interest rate, is the amount charged to a borrower for a variable-rate loan, such as a mortgage.
• Variable-rate loanA variable-rate loan is one where the interest rate on the loan balance changes as rates in the market change, based on an index.
• Variable-rate mortgageA variable-rate mortgage is a home loan with a variable interest rate, meaning that it changes periodically based on the movement of a(...)
• Victorian StyleVictorian homes commonly included towers, turrets, dormers, and wide wrap-around porches. Decorative railings and turned posts were(...)
• Voluntary lienA voluntary lien is a type of lien in which the owner of a property grants another party legal claim to that property as a guarantee(...)
• Walk-throughA walk-through is a buyer’s final inspection of a property before closing on the sale.
• Walking distanceWalking distance is a measure of the distance from a home or neighborhood to businesses, public transit, schools, shopping centers and(...)
• Warranty DeedThis type of deed is used to provide conveyance and protection to those involved. This type of deed includes a warranty. This shows(...)
• Water RightsSurface water rights and underground water rights. The disposal of surface waters, which consist of drainage from rain, springs, and(...)
• WaterSenseWaterSense is a U.S. Environmental Protection Agency program designed to encourage water efficiency in the United States through the(...)
• WellA well is an excavation or structure created in the ground by digging, driving, or drilling to access liquid resources, usually water.(...)
• Wet BarA “wet bar” is a small bar used for mixing and serving alcoholic beverages, it includes a sink with running water. This differs from a(...)
• Wind MitigationWind mitigation is the implementation of certain building techniques in order to limit damage caused by intense wind.
• Wind Mitigation Inspection ReportA wind mitigation or windstorm report informs the insurance company of a home's construction in order to determine its stability in(...)
• Wire transferA wire transfer, also called a bank wire or a bank transfer, refers to the movement of funds between people or entities over an(...)
• Wraparound mortgageA wraparound mortgage is a type of financing where a borrower receives a second mortgage to guarantee the payments on a first mortgage.
• Zero balanceA zero balance is what shows on a credit card customer’s bill when the outstanding balance has been paid and there were no new charges(...)
• Zero-down-payment mortgageThere are no down payment home loans, as well as mortgages that you can get with a small down payment.
• Zero Energy Ready HomeThey are regular grid-tied homes that are so air-tight, well insulated, and energy efficient that they produce as much renewable(...)
• Zero-lot lineA zero-lot-line property is one where a home or building has at least one wall placed on the boundary line of the property, leaving(...)
• ZoningZoning is the method governments use to control how land is developed and used.
• Zoning VarianceIt permits the owner to use his land in a way that is ordinarily not permitted by the zoning ordinance.
• ABC123It permits the owner to use his land in a way that is ordinarily not permitted by the zoning ordinance.