Homeowner Glossary

• 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 TaxAd Valorem Tax An Ad Valorem Tax is a form of taxation based on the assessed value of property rather than a fixed fee or flat rate.(...)
• 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 is a legal concept in estate and real property law that occurs when a specific piece of property named in a will is no(...)
• 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 IntelligenceAI - Artificial Intelligence 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 financing option that differs from traditional fixed-rate or standard adjustable-rate mortgage(...)
• AmortizationAmortization is the process of paying off debt with regular payments made over time. The fixed payments cover both the principal and(...)
• Amortization TableAn Amortization Table is a detailed schedule that breaks down each payment on a loan over time, showing how much of each payment goes(...)
• 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 in real estate is a formal determination of a property’s value or characteristics for taxation, regulatory, or(...)
• Assessment RollAn Assessment Roll is an official public record maintained by a taxing authority that lists properties within a jurisdiction along(...)
• 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 Easement Avigation Easement An Avigation Easement is a legal right that allows aircraft to fly over a property at low altitudes and(...)
• 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 Payment A Balloon Payment is a large, lump-sum amount due at the end of a loan term after a series of smaller, periodic payments have been(...)
• 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 is a unit of measurement used in finance to describe very small changes in percentages, interest rates, yields, or other(...)
• 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 Insulation Batts insulation refers to a type of pre-cut insulation material designed to fit between standard framing members such as wall studs,(...)
• 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 coverage that protects multiple properties, locations, or assets under a single policy rather(...)
• 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(...)
• Boundary LinesBoundary lines are the legally recognized borders that define the physical limits of a property. They establish where one property(...)
• Breach of ContractA Breach of Contract occurs when one party to a legally binding agreement fails to perform a required obligation, performs it(...)
• 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 is a designated dining space within a home, typically located near the kitchen, intended for informal meals and(...)
• 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 is a real estate professional who represents the interests of a property purchaser throughout the home-buying process.(...)
• Buyer’s MarketA Buyer’s Market describes a real estate environment in which the supply of available properties exceeds buyer demand, giving(...)
• BylawsBylaws are formal internal rules adopted by an organization to govern its structure, operations, and decision-making processes. They(...)
• 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 refers to the way costs, assets, or financial value are recorded, structured, or recognized for accounting, financial,(...)
• Capitalization RateThe Capitalization Rate is a financial metric used in real estate investing to estimate the expected rate of return on an(...)
• Capitalized Cap CostCapitalized Cap Cost refers to the total amount being financed in a vehicle lease after all adjustments, additions, and reductions are(...)
• 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 is a mortgage transaction that replaces an existing home loan with a new, larger loan and provides the homeowner(...)
• 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(...)
• Caveat EmptorCaveat emptor is a Latin phrase meaning “let the buyer beware.” It represents a traditional legal doctrine used in real estate and(...)
• 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 a legal document issued after a property is sold at a public sale, most commonly following a foreclosure, tax(...)
• 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 the historical sequence of recorded ownership transfers that shows how real property has passed from one owner(...)
• 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 specialized form of bankruptcy designed specifically for family farmers and family fishermen who have regular annual(...)
• Chapter 13Chapter 13 is a form of consumer bankruptcy that allows individuals with regular income to reorganize their debts through a(...)
• Chapter 7Chapter 7 is a form of consumer bankruptcy that allows individuals to eliminate certain debts through a court-supervised liquidation(...)
• 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 refers to legal ownership of real property that is free from unresolved claims, liens, disputes, or encumbrances that(...)
• 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 and expenses that buyers and sellers pay to complete a real estate transaction at the time ownership is(...)
• Closing DisclosureA Closing Disclosure is a detailed, standardized document provided to homebuyers and homeowners refinancing a mortgage that outlines(...)
• 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(...)
• Clouded TitleClouded TitleA Clouded Title describes a situation in which the ownership of real property is unclear or disputed due to defects,(...)
• 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 is an asset pledged by a borrower to secure a loan or financial obligation, giving the lender a form of protection if(...)
• 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 RatioThe Combined Loan-to-Value Ratio is a financial metric used to measure the total amount of debt secured by a property compared to the(...)
• 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 portions of a property that are owned, maintained, or managed collectively and intended for shared use by multiple(...)
• Common-interest DevelopmentCommon-Interest Development A Common-interest Development is a form of real estate ownership in which individual property owners hold(...)
• 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 ValueComp Value refers to an estimated property value derived from analyzing the sale prices of similar properties in the same or(...)
• Comparable ValueComparable Value refers to an estimated worth of a property or asset derived by analyzing the prices of similar properties that have(...)
• Comparables (Comps)Comparables (Comps) are recently sold, pending, or actively listed properties that share similar characteristics with a subject(...)
• 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 BylawsConstitutions and Bylaws are foundational governing documents that define how an organization is structured, operated, and regulated.(...)
• 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 BankruptcyConsumer Bankruptcy is a legal process available to individuals who are unable to repay their debts and seek relief through(...)
• 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 LienA Contractual Lien is a legal claim against property that is created by agreement between parties rather than imposed by statute or(...)
• Conventional MortgageA Conventional Mortgage is a home loan that is not insured or guaranteed by a federal government agency. Instead, it is offered by(...)
• 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 built-in kitchen appliance that provides a dedicated surface for cooking using burners or heating elements, separate(...)
• 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 a response to an initial offer in which one party rejects the original terms and proposes new or modified conditions(...)
• County Property ReportThe Property Detail report is a comprehensive report that summarizes all the information related to the property, including owner,(...)
• Court Order DeedA Court Order Deed is a legal instrument used to transfer ownership of real property pursuant to a directive issued by a court of law.(...)
• CovenantA Covenant is a formal promise, agreement, or restriction that imposes specific obligations or limitations on the use of property or(...)
• 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 a financial concept that represents the ability to obtain goods, services, or money with the promise of repayment at a later(...)
• 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 HistoryCredit History is a record of an individual’s past borrowing and repayment behavior, documenting how financial obligations have been(...)
• Credit InsuranceCredit Insurance is a type of insurance coverage designed to protect lenders or borrowers against losses that may occur if a borrower(...)
• Credit LineA Credit Line is a flexible borrowing arrangement that allows an individual or business to access funds up to a predetermined limit,(...)
• 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 an assessment of creditworthiness that indicates the level of risk associated with lending to an individual,(...)
• Credit ScoreA Credit Score is a numerical measure used to represent an individual’s creditworthiness based on information contained in their(...)
• Credit Scoring SystemA Credit Scoring System is a methodology used to evaluate an individual’s credit risk by analyzing data from their credit history and(...)
• 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 is a professional who constructs homes based on individual client specifications rather than using standardized or(...)
• Custom HomeA Custom Home is a residential property that is designed and built specifically for an individual homeowner based on personalized(...)
• CyberspaceCyberspace is a conceptual environment formed by interconnected digital networks where electronic communication, data exchange, and(...)
• Days on the MarketDays on the Market is a real estate metric that measures the number of days a property is listed for sale before it goes under(...)
• 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 RatioThe Debt to Available Credit Ratio is a credit utilization measure that compares the amount of revolving credit currently in use to(...)
• Debt to Equity RatioThe Debt to Equity Ratio is a financial metric that compares the amount of borrowed obligations to the amount of ownership value held(...)
• Debt to Income RatioThe Debt to Income Ratio is a financial measure used by lenders to evaluate how much of a borrower’s gross monthly income is allocated(...)
• 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 Fraud Deed fraud is a form of real estate fraud in which a criminal unlawfully transfers ownership of a property by forging, falsifying, or(...)
• 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 legal instrument used in real estate financing to secure a loan with real property, similar in purpose to a(...)
• Deed Theft Deed theft is a form of real estate fraud in which a criminal unlawfully transfers ownership of a property by stealing, forging, or(...)
• DefermentDeferment is an agreement between a lender and a borrower to temporarily suspend debt payments.
• Delinquent MortgageA Delinquent Mortgage occurs when a borrower fails to make one or more required loan payments by the due date specified in the loan(...)
• DenA Den is a flexible room within a home that is typically used as a secondary living space rather than a formal bedroom or primary(...)
• 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 AgencyDesignated Agency is a real estate representation arrangement in which a brokerage assigns different agents to represent the buyer and(...)
• 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 kitchen appliance configuration that includes two separate oven compartments within a single unit or installed as a(...)
• 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 Down Payment is an initial amount of money a buyer pays upfront when purchasing a home, representing the portion of the purchase(...)
• Drain FieldSeptic drain fields, also called leach fields or leach drains, are subsurface wastewater disposal facilities used to remove(...)
• DrawA Draw is a scheduled release of funds from a loan or financing arrangement, typically provided in stages rather than as a single lump(...)
• 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 Style is a residential property design that contains two separate living units within a single structure. These units may 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(...)
• EnerPHitEnerPHit is the standard issued by the Passivhaus Institute that focuses on retrofit projects. Significant Energy and CO2 savings of(...)
• 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(...)
• Equity Theft Equity theft is a form of real estate fraud in which a criminal unlawfully extracts or captures the financial equity in a property(...)
• 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 decentralized, open-source blockchain platform designed to support programmable transactions and applications. Unlike(...)
• Excellent Credit ScoreAn Excellent Credit Score is a high credit rating that reflects a strong history of responsible borrowing and repayment. It signals to(...)
• 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 Deed Executors Deed An Executor’s Deed is a legal instrument used in real estate transactions to transfer ownership of property(...)
• 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 federal law that regulates how consumer credit information is collected, used, shared, and(...)
• 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 203(k) loan is a loan backed by the federal government and given to buyers who want to buy a damaged or older home and do(...)
• 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 ScoreA FICO Score is a numerical representation of a consumer’s credit risk, used by lenders to evaluate the likelihood that an individual(...)
• 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(...)
• Finders FeeA finders fee is a payment made to an individual or entity for introducing two parties who ultimately complete a business transaction.(...)
• Finished AtticA Finished Attic is an upper-level space within a home that has been converted into usable living area rather than remaining(...)
• 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 a loan secured by real property that holds the highest priority claim against that property. It is the primary(...)
• 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 Map (FEMA) is an important part of the National Flood Insurance Program (NFIP), as it is the basis of the NFIP regulations and(...)
• 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 a property ownership arrangement in which multiple individuals share legal ownership of a single real estate(...)
• 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 loan arrangement in which the borrower is personally liable for repayment of the debt, even if the collateral(...)
• 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(...)
• GHF4456GHF4456 permits the owner to use his land in a way that is ordinarily not permitted by the zoning ordinance.
• Ghost Mortgage Ghost Mortgage A Ghost Mortgage refers to a mortgage obligation that continues to exist legally even though the borrower believes(...)
• 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 DeedA Grant Deed is a legal document used in real estate to transfer ownership of property from one party to another. It conveys title(...)
• Grantee What is a Grantee? A grantee is the individual or legal entity that receives ownership rights, interest, or title to a property(...)
• 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 is a formal review of an individual’s credit report conducted by a lender or creditor when evaluating an application(...)
• 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(...)
• HeirAn heir is a person who is legally entitled to receive property, assets, or rights from a deceased individual, typically under state(...)
• 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 is the practice of identifying, protecting, and maintaining buildings, structures, sites, or neighborhoods that(...)
• 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 professional, visual evaluation of a residential property’s condition, conducted by a licensed or certified(...)
• 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 Title Lock Home title lock is a term commonly used to describe services or tools designed to help homeowners monitor changes to their(...)
• Home Title Protection Home title protection refers to the set of practices, tools, and services designed to help homeowners safeguard their property(...)
• Home Title Theft Home title theft, sometimes referred to as deed fraud or property title fraud, is a form of real estate fraud in which a criminal(...)
• 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 insurance declarations page lists insurance coverages, limits and deductibles. This includes coverages for the dwelling,(...)
• Homeowners Insurance PolicyA homeowners insurance policy is a contract between a homeowner and an insurance company that provides financial protection against(...)
• Homestead ExemptionA homestead exemption is a legal provision that reduces a homeowner’s property tax burden and may offer certain protections against(...)
• House Title Lock House title lock is a term commonly used to describe services or tools designed to help homeowners monitor changes to their(...)
• House Title Protection House title protection refers to the set of practices, tools, and services designed to help homeowners safeguard their property(...)
• House Title Theft House title theft, sometimes referred to as deed fraud or property title fraud, is a form of real estate fraud in which a criminal(...)
• Housing DiscriminationHousing discrimination is the illegal practice of discriminating against buyers or renters of dwellings based on race, color,(...)
• Housing Expense RatioThe housing expense ratio is a financial metric used by lenders to evaluate how much of a borrower’s gross monthly income is spent on(...)
• 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 a written document prepared by a professional inspector that details the observed condition of a property at(...)
• 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 GiftAn inter vivos gift is a transfer of property or assets made by a person during their lifetime, rather than through a will or at(...)
• 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 SidingLap siding is a type of exterior wall covering made of horizontal boards that overlap one another from bottom to top, creating a(...)
• LatitudeLatitude is a geographic coordinate that measures how far north or south a location is from the Equator, an imaginary line that(...)
• 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(...)
• Lien Fraud Lien fraud is a form of real estate fraud in which a lien is fraudulently placed against a property without the owner’s knowledge,(...)
• Life CapA life cap is a limit on how much the interest rate of an adjustable-rate mortgage (ARM) can increase over the entire life of the(...)
• Line of CreditA line of credit is a flexible borrowing arrangement that allows a borrower to access funds up to a set limit, repay some or all of(...)
• List PriceList price is the price at which a property is advertised for sale when it is first placed on the real estate market. It represents(...)
• 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 formal written statement from a lender confirming its intent to provide financing under specific terms, subject(...)
• 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 process by which a lender creates, evaluates, approves, and issues a loan, from the initial application(...)
• Loan-to-Value RatioThe Loan-to-Value Ratio (LTV) is a key financial metric used in real estate and mortgage lending to measure the relationship between(...)
• 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.(...)
• LockoffA lockoff is a portion of a residential property that can be physically separated and secured from the main living area, allowing it(...)
• LoftA loft is an open or partially enclosed space within a house that overlooks a lower level and is typically used as flexible living(...)
• 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 measures how far east or west a location is from the Prime Meridian, an imaginary line(...)
• 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 major encroachment occurs when a significant portion of a structure, improvement, or use extends onto a neighboring property or(...)
• Mandatory DisclosureA mandatory disclosure refers to legally required information that must be provided by a seller, landlord, or other party during a(...)
• 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(...)
• Market ValueMarket Value is the estimated price a property, asset, or item would sell for on the open market under normal conditions, where both(...)
• 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 Lien A mechanic’s lien is a legal claim placed against a property by a contractor, subcontractor, laborer, or materials supplier who has(...)
• 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 EncroachmentA minor encroachment occurs when a small portion of a structure or improvement extends onto a neighboring property or beyond a legal(...)
• 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,(...)
• ModificationA modification is a permanent change to the terms of an existing mortgage agreement made to help a homeowner manage payments more(...)
• 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 used to purchase or refinance a house or other real property, where the property itself serves as collateral for(...)
• 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 Deed Mortgage Deed A Mortgage Deed is a legal instrument used in real estate transactions to secure repayment of a loan by placing real(...)
• 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 LenderA mortgage lender is a financial institution or qualified organization that provides funds to borrowers for the purpose of purchasing,(...)
• 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(...)
• Mortgage StatementA mortgage statement is a detailed financial document provided by a lender to a homeowner that outlines the current status of their(...)
• Mortgagee Mortgagee A Mortgagee is the party in a real estate transaction that lends money to a borrower and receives a security(...)
• Mortgagee Clause Mortgagee Clause A Mortgagee Clause is a provision commonly found in property insurance policies that protects the financial(...)
• 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 is a transition space in a house designed to manage dirt, moisture, and everyday clutter before it enters the main living(...)
• 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 dedicated storage space in a house used primarily for food, kitchen supplies, and small appliances. Pantries are most(...)
• 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 Inspection A pest inspection is a professional evaluation of a house or property to identify the presence of wood-destroying organisms or other(...)
• PHIUS+is the largest Passive Building Certification in North America. It is a well-recognized proven construction standard and quality(...)
• Photovoltaics Seller Owned Photovoltaics seller owned refers to a solar energy system installed on a house or property that is fully owned by the seller at the(...)
• Photovoltaics Third-Party OwnedPhotovoltaics third-party owned refers to a solar energy system installed on a house or property that is owned by a company other than(...)
• 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 AttorneyA Power of Attorney (POA) is a legal document that authorizes one person to act on behalf of another in financial, legal, or(...)
• 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, informal assessment by a lender that estimates how much a buyer may be able to borrow to purchase a(...)
• 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 a legal right granted to a specific individual, group, or property owner to use a portion of another person’s(...)
• 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 through which a deceased person’s estate is reviewed, administered, and distributed under court(...)
• Probate SaleA probate sale is the sale of real estate that is owned by a deceased person’s estate and sold under court supervision as part of the(...)
• 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 Fraud Property fraud is a broad term used to describe deceptive or illegal activities that target property ownership, property records, 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 Appeals Property Tax Appeals Property Tax Appeals refer to the formal process by which a property owner challenges the assessed value(...)
• 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 standard that requires a person managing assets on behalf of others to invest and manage those(...)
• 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 RoofPyramid Roof A Pyramid Roof is a roof style characterized by four equal sloping sides that rise from the walls of a structure and meet(...)
• 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(...)
• Quitclaim Deed Fraud Quitclaim deed fraud is a form of real estate fraud in which a quitclaim deed is used deceptively to transfer property ownership(...)
• 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"(...)
• RangeIn residential real estate, a range refers to a kitchen appliance used for cooking that combines a cooktop and an oven in a single(...)
• 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 occurs when home prices rise rapidly to levels that are not supported by underlying economic fundamentals, such(...)
• 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, often called a rec room, is a dedicated space in a house designed for leisure, entertainment, and informal(...)
• 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.
• Rental Scam A rental scam is a form of real estate fraud in which a criminal falsely advertises a property for rent or misrepresents their(...)
• 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 ValueResale Value Resale Value refers to the estimated amount a property is likely to sell for in the future based on market conditions,(...)
• 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 AgreementA Residential Lease Agreement is a legally binding contract between a property owner (landlord) and a tenant that outlines the terms(...)
• Residential Real EstateResidential real estate is an area developed for people to live on. As defined by local zoning ordinances, residential real estate(...)
• Residuary EstateA residuary estate refers to everything left in a person’s estate after all specific gifts, debts, taxes, expenses, and obligations(...)
• 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 InIn real estate and home financing, roll in refers to the practice of including certain costs, fees, or balances into a loan rather(...)
• 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 HarborIn real estate, lending, and property-related transactions, safe harbor refers to a legal provision or standard that protects a party(...)
• 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 is a real estate professional who represents the interests of the property seller in a real estate transaction. The(...)
• Seller’s DisclosureA Seller’s Disclosure is a written statement provided by a property seller that outlines known facts, defects, or conditions affecting(...)
• Seller’s MarketA seller’s market is a real estate market condition in which demand from buyers exceeds the available supply of homes for sale. In a(...)
• 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 WideA single wide is a type of manufactured home that is built in a factory as one continuous unit and transported to its site in a single(...)
• 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 Inquiry A soft inquiry, also known as a soft credit check, is a review of a person’s credit report that does not affect the individual’s(...)
• SolariumA solarium is a room or enclosed space in a house designed to allow maximum natural sunlight, typically through extensive use of glass(...)
• Southwestern StyleSouthwestern house plans reflect a rich history of Colonial Spanish and Native American styles and are usually one story with flat(...)
• Spanish StyleSpanish Style refers to an architectural and design style commonly used in residential construction that draws inspiration from(...)
• Special AssessmentA special assessment is a one-time or temporary charge imposed on property owners to pay for a specific expense or improvement that(...)
• Special Purpose DeedA special purpose deed is a type of real estate deed used to transfer ownership of a house or property with limited or specific(...)
• 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(...)
• SubagentIn real estate, a subagent is a real estate professional who represents the seller through another agent, rather than working directly(...)
• 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.
• TimeshareTimeshare A Timeshare is a form of shared property ownership or usage arrangement in which multiple parties hold rights to occupy or(...)
• TitleIn real estate, a title refers to the legal ownership rights to a house or property. Holding title means having the lawful right to(...)
• Title AgentA title agency ensures that the property you are purchasing is legally available for the seller to sell. ... Title agencies find(...)
• Title Fraud Title fraud is a form of real estate fraud in which a criminal illegally alters, manipulates, or exploits property ownership records(...)
• Title Insurance Title Insurance Title Insurance is a form of protection that safeguards property owners and lenders against losses arising(...)
• Title Search Title Search A Title Search is the process of examining public land records to determine the legal ownership of real property(...)
• Title Theft Title theft is a form of real estate fraud in which a criminal unlawfully transfers ownership of a property by manipulating, forging,(...)
• Townhome StyleTownhome Style Townhome Style refers to a residential architectural and housing format characterized by attached dwellings that share(...)
• Trading UpTrading Up Trading Up is a real estate term used to describe the process of selling a current home in order to purchase a larger,(...)
• Transfer TaxTransfer Tax A Transfer Tax is a government imposed charge assessed when ownership of real property changes hands. It is tied to the(...)
• Triple WideTriple Wide A Triple Wide is a type of factory built home constructed in three separate sections that are transported to a homesite(...)
• Trust DeedTrust Deed A Trust Deed is a legal instrument used in real estate financing to secure a loan by placing an interest in real property(...)
• Truth in Lending ActTruth in Lending Act The Truth in Lending Act is a federal consumer protection law designed to promote transparency and fairness in(...)
• Tudor StyleTudor Style Tudor Style refers to a distinctive architectural approach inspired by medieval English building traditions, adapted and(...)
• Unclassified LoanUnclassified Loan An Unclassified Loan is a lending term used to describe a loan that has not been formally assigned to a specific(...)
• UnderwritingUnderwriting Underwriting is the structured process used by lenders, insurers, and financial institutions to evaluate risk and(...)
• Uniform Gift to Minors ActUniform Gift to Minors Act The Uniform Gift to Minors Act is a statutory framework that allows adults to transfer assets to a minor(...)
• Uniform Transfers to Minors ActUniform Transfers to Minors Act The Uniform Transfers to Minors Act is a statutory framework that allows assets to be transferred to a(...)
• Universal defaultUniversal default is a lending practice in which a borrower’s default on one financial obligation allows a lender to increase interest(...)
• Unsecured DebtUnsecured Debt Unsecured Debt refers to a financial obligation that is not backed by collateral such as real property, vehicles, or(...)
• Unsecured loanAn unsecured loan is a type of loan that is not backed by collateral, meaning the borrower does not pledge a house, property, or other(...)
• Upgrades Upgrades Upgrades in the context of building a custom home refer to optional features, materials, finishes, systems, or design(...)
• Upside Down Upside Down Upside Down is a term commonly used in real estate and lending to describe a situation in which the amount owed on a(...)
• US Department of Housing and Urban DevelopmentUS Department of Housing and Urban Development The US Department of Housing and Urban Development is a federal agency responsible for(...)
• USDAUSDA USDA refers to a federal lending and development framework administered through programs designed to support housing access,(...)
• UsuryUsury refers to the practice of charging interest on a loan at a rate that exceeds the maximum allowed by law. Usury laws exist at the(...)
• Utility Easement Utility Easement A Utility Easement is a legal right granted to allow utility providers access to a portion of private(...)
• Utility ReportIn real estate and homeownership, a utility report is a document or collection of records that summarizes utility services associated(...)
• VA LoanVA Loan A VA Loan is a mortgage program designed to help eligible military service members, veterans, and certain surviving spouses(...)
• Vacant Land Fraud Vacant land fraud is a form of real estate fraud in which criminals exploit unoccupied or undeveloped property to illegally sell,(...)
• Variable Rate Variable Rate A Variable Rate is a pricing or interest structure that can change over time in response to an underlying(...)
• Variable-rate loanVariable-Rate Loan A Variable-Rate Loan is a financing arrangement in which the interest rate applied to the outstanding balance can(...)
• Variable-rate mortgage Variable-Rate Mortgage A Variable-rate mortgage is a home loan in which the interest rate applied to the outstanding balance(...)
• Victorian Style Victorian Style Victorian Style refers to a broad category of architectural and design characteristics that emerged during the(...)
• Voluntary lienVoluntary Lien A Voluntary Lien is a legal claim placed on real property with the consent of the property owner to secure repayment of(...)
• Walk-throughIn real estate, a walk through (often called a final walk-through) is a pre-closing inspection of a house or property conducted by the(...)
• Walking distanceWalking Distance Walking distance describes how close a destination is when it can reasonably be reached on foot rather than by(...)
• Warranty DeedWarranty Deed A Warranty Deed is a legal instrument used to transfer ownership of real property while providing formal assurances(...)
• Water Rights Water Rights Water Rights refer to the legal entitlements that determine who may use water from a specific source, how much(...)
• WaterSenseWaterSense WaterSense is a voluntary program developed to promote water efficiency through the use of products, practices, and(...)
• WellWell A well is a structure created to access groundwater by opening a passage into an underground aquifer. In real estate, it serves(...)
• Wet BarIn residential real estate, a wet bar is a dedicated area within a house that includes a sink with a water supply, along with(...)
• Wind Mitigation Wind Mitigation Wind Mitigation refers to a set of construction features, building techniques, and structural upgrades(...)
• Wind Mitigation Inspection ReportWind Mitigation Inspection Report A Wind Mitigation Inspection Report is a formal document prepared by a qualified inspector that(...)
• Wire transferWire Transfer A Wire Transfer is an electronic method of moving funds directly from one bank account to another through a secure(...)
• Wraparound mortgageWraparound Mortgage A Wraparound Mortgage is a form of seller financing in which the seller extends a new loan to the buyer that(...)
• Zero balanceIn real estate and homeownership, zero balance means that a financial obligation tied to a house or property has been fully paid off,(...)
• Zero-down-payment mortgageZero-down-payment mortgage A Zero-down-payment mortgage is a type of home loan that allows a borrower to purchase real property(...)
• Zero Energy Ready HomeZero Energy Ready Home A Zero Energy Ready Home is a residential building designed and constructed to be highly energy efficient, with(...)
• Zero-lot lineZero-lot line A Zero-lot line is a residential property configuration in which a building is constructed directly on, or extremely(...)
• Zombie Mortgage Zombie Mortgage A Zombie Mortgage refers to a previously defaulted or abandoned mortgage loan that unexpectedly resurfaces(...)
• ZoningZoning Zoning is the legal framework used by local governments to regulate how land and buildings may be used within a defined(...)
• Zoning VarianceZoning Variance A Zoning Variance is a form of regulatory relief that allows a property owner to use land in a way that deviates from(...)