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