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A-frame design
An interior style that features a steeply peaked roofline
and a ceiling that is open to the
top rafters. |
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Absolute Net
Lease that requires the tenant to pay all costs (including
rent) associated with the operation, repair and maintenance
of the building. This includes real estate taxes, utilities,
repair and maintenance. Also referred to as net-net-net (NNN)
or triple net. |
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Abstract of judgment, law
The summary of a court judgment that creates a lien against
a property when filed with
the county recorder. |
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Accelerated cost recovery system
A tax calculation that provides greater depreciation in the
early years of ownership of real estate or personal property. |
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Accelerated depreciation
A bookkeeping method that depreciates property faster in the
early years of ownership. |
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Acceleration clause
A provision that gives a lender the right to collect the balance
of a loan if a borrower
misses a payment. |
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Acceptance
The seller's written approval of a buyer's offer. |
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Access
Any means by which a person can enter property. |
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Accessibility
The degree to which a building or site allows access to people
with disabilities. |
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Accretion
The gradual addition to the shore or bank of a waterway by
deposits of sand or silt. |
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Acknowledgment
A written declaration affirming that a person acted voluntarily. |
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Acre
A measurement of land equal to 43,560 square feet. |
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Acre foot
The volume of material needed to cover an acre of land one
foot deep. |
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Active solar system
A system that utilizes electric pumps or fans to transfer
solar energy for storage or direct use. |
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Actual age
The number of years a structure has been standing. |
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Add-on interest
The interest a borrower pays on the principal for the duration
of the loan. |
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Addendum
An addition or change to a contract. |
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Additional principal payment
Extra money included in the monthly payment to help reduce
the principal and shorten
the term of the loan. |
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Additional rent
Money due under a lease in additon to base rent, such as operating
expense increases. |
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Adjustable-rate mortgage (ARM)
A loan with an interest rate that is periodically adjusted
to reflect changes in a specified financial index. |
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Adjusted cost basis
The cost of any improvements the seller makes to the property.
Deducting the cost from the original sales price provides
the profit or loss of a home when it is sold. |
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Adjustment period
The amount of time between interest rate adjustments in an
adjustable-rate mortgage. |
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Administrator
A person given authority to manage and distribute the estate
of someone who died
without leaving a will. |
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Administrator's deed
A legal document that an administrator of an estate uses to
transfer property. |
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ADR
Average daily room rate, usually calculated on a yearly basis. |
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Adverse possession
The acquisition of title to property through possession without
the owner's consent for a certain period of time. |
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Adverse use
The access and use of property without the owner's consent. |
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Aeolian soil
Soil that is composed of materials deposited by the wind. |
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Affiant
A person who makes a sworn statement. |
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Affirmation
A substitution for an oath granted to people based on religious
reasons. |
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Agency
The relationship of trust that exists between sellers and
buyers and their agents. The agency is formed through a written
contract. |
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Agency closing
The process by which a lender uses a title company or other
firm as an agent to complete
a loan. |
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Agent
A person licensed by the state to conduct real estate transactions. |
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Agreed boundary
A compromise boundary to which property owners agree in order
to resolve a dispute. |
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Agreement of sale
A document the buyer initiates and the seller approves that
details the price and terms
of the transaction. |
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Alcove
A recessed section of a room, such as a breakfast nook. |
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Alienation clause
A provision that requires the borrower to pay the balance
of the loan in a lump sum after the property is sold or transferred. |
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Alkali
Mineral salt found in soil. |
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Alkaline soil
Soil that contains a higher concentration of mineral salt
than natural acid. |
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Alley
A lane behind a row of buildings or between two rows of buildings. |
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Allowances
Budgets offered by builders of new homes for the purchase
of carpeting and fixtures. |
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Alterations
Tenant has the right to make changes in the leased space. |
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Alternative mortgage
Any home loan that does not conform to a standard fixed-rate
mortgage. |
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Aluminum siding
A metal covering that provides an alternative to paint for
owners of wood homes. |
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Aluminum-clad windows
Wooden windows with aluminum covering the exterior. |
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Amenities
Parks, swimming pools, health-club facilities, party rooms,
bike paths, community centers and other enticements offered
by builders of planned developments. |
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American Society of Home Inspectors
The American Society of Home Inspectors is a professional
association of independent home inspectors. 800.743.2744 |
website
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Americans with Disabilities Act
A law passed in 1990 that outlaws discrimination against a
person with a disability in housing, public accommodations,
employment, government services, transportation and telecommunications. |
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Amortization
The process of paying the principal and interest on a loan
through regularly scheduled installments. Create
an Amortization Schedule |
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Amortization tables
Mathematical tables that lenders use to calculate a borrower's
monthly payment. |
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Amperage
The strength of an electrical current. |
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Anchor bolt
A large steel bolt anchored in concrete and attached to a
building to prevent the structure from moving. |
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Annual
Any kind of plant that must be planted every year. |
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Annual mortgagor statement
A yearly statement to borrowers that details the remaining
principal and amounts paid for taxes and interest. |
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Annual Percentage Rate (APR)
The cost of the loan expressed as a yearly rate on the balance
of the loan. |
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Annuity
The payment of a fixed sum to an investor at regular intervals. |
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Anticipatory breach
A communication that informs a party that the obligations
of the original contract will not be fulfilled. |
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Application
A document that details a potential borrower's income, debt
and other obligations to determine credit worthiness. |
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Application fee
The fee that a lender charges to process a loan application. |
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Appraisal
An opinion of the value of a property at a given point in
time. |
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Appraisal fee
The fee that an appraiser charges to estimate the market value
of the property. |
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Appraisal report
A detailed written report on the value of a property based
on recent sales of comparable sites in the area. |
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Appraised value
An opinion of the current market value of a property. |
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Appreciation
An increase in the value of a home or other property. |
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Arbitration
A method of resolving a dispute in which a third party renders
a decision. |
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Arbor
An area shaded by trees, shrubs or vines on a latticework
structure. |
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Arch
A curved structure that supports weight over an area, such
as a doorway. |
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Architect
A licensed professional who designs homes, buildings and other
structures. |
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Architectural fees
The fee an architect charges for services. In general, architects
charge for their services by the hour, by the square foot,
or by a percentage of the project budget. |
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Arpent
A French measurement of land equal to .84625 acres. |
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As-is
Tenant or buyer accepts the property in its present condition,
with no understanding that landlord will improve it first. |
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As-is condition
The purchase or sale of a property in its existing condition. |
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Asbestos
A fire-resistant mineral used for insulation and home products
that has been found to pose a health hazard. |
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Asking price
A seller's initial price for a property. |
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Assessed value
A tax assessor's determination of the value of a home in order
to calculate a tax base. |
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Assessment
The estimated value of a piece of real estate or a levy placed
on property in addition to taxes. |
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Assessment rolls
A list of taxable property compiled by the assessor. |
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Assets
Items of value which include cash, real estate, securities
and investments. |
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Assignment / subletting
A transfer to another party of property or rights to said
property (transfers of title). Examples: leases, mortgages,
and deeds of trust. With the permission of the landlord, the
tenant gets out of the lease by transferring all interest
and obligation in the leased property to another property. |
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Assignor
A person who transfers rights and interests of a property. |
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Assumable mortgage
A mortgage that can be transferred to another borrower. |
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Assumption clause
A provision that allows a buyer to take responsibility for
the mortgage from a seller. |
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Assumption fee
A fee the lender charges to process new records for a buyer
who assumes an existing loan. |
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Attorneys' fees
Attorneys to be paid by one or both parties in case of litigation. |
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Availability of services
Landlord guarantees hours during which building services such
as HVAC, power and elevator will be provided. |
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Average price
The price of a home determined by totaling the sales prices
of all houses sold in an area and dividing that number by
the number of homes. |
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Avigation easement
An easement over private property near an airport that limits
the height of structures and trees. |
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Awning windows
Single-sash windows that tilt outward and up. |
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