| Term |
Definition |
| Abstract of judgment,law |
The summary of a court judgment that creates a lien against a property when filed with the county recorder. |
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| Accelerated cost recovery system |
A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property. |
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| Acceleration clause |
A provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment. |
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| Accelerated depreciation |
A bookkeeping method that depreciates property faster in the early years of ownership. |
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| Acceptance |
The seller's written approval of a buyer's offer. |
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| Access |
Any means by which a person can enter property. |
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| Accessibility |
The degree to which a building or site allows access to people with disabilities. |
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| Accretion |
The gradual addition to the shore or bank of a waterway by deposits of sand or silt. |
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| Acknowledgment |
A written declaration affirming that a person acted voluntarily. |
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| Acre |
A measurement of land equal to 43,560 square feet. |
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| Acre foot |
The volume of material needed to cover an acre of land one foot deep. |
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| Active solar system |
A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use. |
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| Actual age |
The number of years a structure has been standing. |
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| Addendum |
An addition or change to a contract. |
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| Additional principal payment |
Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan. |
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| Add-on interest |
The interest a borrower pays on the principal for the duration of the loan. |
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| Adjustable-rate mortgage (ARM) |
A loan with an interest rate that is periodically adjusted to reflect changes in a specified financial index. |
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| Adjusted cost basis |
The cost of any improvements the seller makes to the property. Deducting the cost from the original sales price provides the profit or loss of a home when it is sold. |
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| Adjustment period |
The amount of time between interest rate adjustments in an adjustable-rate mortgage. |
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| Administrator |
A person given authority to manage and distribute the estate of someone who died without leaving a will. |
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| Administrator's deed |
A legal document that an administrator of an estate uses to transfer property. |
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| Adverse possession |
The acquisition of title to property through possession without the owner's consent for a certain period of time. |
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| Adverse use |
The access and use of property without the owner's consent. |
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| Aeolian soil |
Soil that is composed of materials deposited by the wind. |
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| Affiant |
A person who makes a sworn statement. |
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| Affirmation |
A substitution for an oath granted to people based on religious reasons. |
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| A-frame design |
An interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters. |
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| Agency |
The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract. |
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| Agency closing |
The process by which a lender uses a title company or other firm as an agent to complete a loan. |
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| Agent |
A person licensed by the state to conduct real estate transactions. |
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| Agreed boundary |
A compromise boundary to which property owners agree in order to resolve a dispute. |
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| Agreement of sale |
A document the buyer initiates and the seller approves that details the price and terms of the transaction. |
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| Alcove |
A recessed section of a room, such as a breakfast nook. |
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| Alienation clause |
A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred. |
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| Alkali |
Mineral salt found in soil. |
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| Alkaline soil |
Soil that contains a higher concentration of mineral salt than natural acid. |
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| Alley |
A lane behind a row of buildings or between two rows of buildings. |
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| Allowances |
Budgets offered by builders of new homes for the purchase of carpeting and fixtures. |
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| Alternative mortgage |
Any home loan that does not conform to a standard fixed-rate mortgage. |
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| Aluminum-clad windows |
Wooden windows with aluminum covering the exterior. |
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| Aluminum siding |
A metal covering that provides an alternative to paint for owners of wood homes. |
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| Amenities |
Parks, swimming pools, health-club facilities, party rooms, bike paths, community centers and other enticements offered by builders of planned developments. |
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| American Society of Home Inspectors |
The American Society of Home Inspectors is a professional association of independent home inspectors. Phone: (800) 743-2744. |
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| Americans with Disabilities Act |
A law passed in 1990 that outlaws discrimination against a person with a disability in housing, public accommodations, employment, government services, transportation and telecommunications. |
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| Amortization |
The process of paying the principal and interest on a loan through regularly scheduled installments. |
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| Amortization tables |
Mathematical tables that lenders use to calculate a borrower's monthly payment. |
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| Amperage |
The strength of an electrical current. |
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| Anchor bolt |
A large steel bolt anchored in concrete and attached to a building to prevent the structure from moving. |
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| Annual |
Any kind of plant that must be planted every year. |
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| Annual mortgagor statement |
A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest. |
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| Annual Percentage Rate (APR) |
The cost of the loan expressed as a yearly rate on the balance of the loan. |
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| Annuity |
The payment of a fixed sum to an investor at regular intervals. |
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| Anticipatory breach |
A communication that informs a party that the obligations of the original contract will not be fulfilled. |
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| Application |
A document that details a potential borrower's income, debt and other obligations to determine credit worthiness. |
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| Application fee |
The fee that a lender charges to process a loan application. |
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| Appraisal |
An opinion of the value of a property at a given point in time. |
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| Appraisal fee |
The fee that an appraiser charges to estimate the market value of the property. |
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| Appraisal report |
A detailed written report on the value of a property based on recent sales of comparable sites in the area. |
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| Appraised value |
An opinion of the current market value of a property. |
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| Appreciation |
An increase in the value of a home or other property.. |
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| Arbitration |
A method of resolving a dispute in which a third party renders a decision. |
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| Arbor |
An area shaded by trees, shrubs or vines on a latticework structure. |
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| Arch |
A curved structure that supports weight over an area, such as a doorway. |
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| Architect |
A licensed professional who designs homes, buildings and other structures. |
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| Architectural fees |
The fee an architect charges for services. In general, architects charge for their services by the hour, by the square foot, or by a percentage of the project budget. |
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| Arpent |
A French measurement of land equal to .84625 acres. |
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| Asbestos |
A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard. |
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| As-is condition |
The purchase or sale of a property in its existing condition. |
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| Asking price |
A seller's initial price for a property. |
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| Assessed value |
A tax assessor's determination of the value of a home in order to calculate a tax base. |
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| Assessment |
The estimated value of a piece of real estate or a levy placed on property in addition to taxes. |
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| Assessment rolls |
A list of taxable property compiled by the assessor. |
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| Assets |
Items of value which include cash, real estate, securities and investments. |
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| Assignor |
A person who transfers rights and interests of a property. |
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| Assumable mortgage |
A mortgage that can be transferred to another borrower. |
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| Assumption clause |
A provision that allows a buyer to take responsibility for the mortgage from a seller. |
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| Assumption fee |
A fee the lender charges to process new records for a buyer who assumes an existing loan. |
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| Average price |
The price of a home determined by totaling the sales prices of all houses sold in an area and dividing that number by the number of homes. |
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| Avigation easement |
An easement over private property near an airport that limits the height of structures and trees. |
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| Awning windows |
Single-sash windows that tilt outward and up. |
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