A-frame design |
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An interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters. |
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Abstract of judgment,law |
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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 |
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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 |
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A bookkeeping method that depreciates property faster in the early years of ownership. |
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Acceleration clause |
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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 |
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The seller's written approval of a buyer's offer. |
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Access |
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Any means by which a person can enter property. |
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Accessibility |
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The degree to which a building or site allows access to people with disabilities. |
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Accretion |
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The gradual addition to the shore or bank of a waterway by deposits of sand or silt. |
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Acknowledgment |
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A written declaration affirming that a person acted voluntarily. |
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Acre |
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A measurement of land equal to 43,560 square feet. |
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Acre foot |
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The volume of material needed to cover an acre of land one foot deep. |
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Active solar system |
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A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use. |
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Actual age |
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The number of years a structure has been standing. |
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Add-on interest |
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The interest a borrower pays on the principal for the duration of the loan. |
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Addendum |
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An addition or change to a contract. |
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Additional principal payment |
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Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan. |
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Adjustable-rate mortgage (ARM) |
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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 |
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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 |
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The amount of time between interest rate adjustments in an adjustable-rate mortgage. |
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Administrator |
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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 |
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A legal document that an administrator of an estate uses to transfer property. |
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Adverse possession |
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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 |
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The access and use of property without the owner's consent. |
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Aeolian soil |
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Soil that is composed of materials deposited by the wind. |
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Affiant |
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A person who makes a sworn statement. |
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Affirmation |
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A substitution for an oath granted to people based on religious reasons. |
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Agency |
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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 |
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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 |
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A person licensed by the state to conduct real estate transactions. |
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Agreed boundary |
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A compromise boundary to which property owners agree in order to resolve a dispute. |
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Agreement of sale |
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A document the buyer initiates and the seller approves that details the price and terms of the transaction. |
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Alcove |
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A recessed section of a room, such as a breakfast nook. |
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Alienation clause |
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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 |
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Mineral salt found in soil. |
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Alkaline soil |
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Soil that contains a higher concentration of mineral salt than natural acid. |
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Alley |
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A lane behind a row of buildings or between two rows of buildings. |
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Allowances |
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Budgets offered by builders of new homes for the purchase of carpeting and fixtures. |
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Alternative mortgage |
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Any home loan that does not conform to a standard fixed-rate mortgage. |
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Aluminum siding |
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A metal covering that provides an alternative to paint for owners of wood homes. |
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Aluminum-clad windows |
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Wooden windows with aluminum covering the exterior. |
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Amenities |
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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 |
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The American Society of Home Inspectors is a professional association of independent home inspectors. Phone: (800) 743-2744. |
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Americans with Disabilities Act |
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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 |
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The process of paying the principal and interest on a loan through regularly scheduled installments. |
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Amortization tables |
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Mathematical tables that lenders use to calculate a borrower's monthly payment. |
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Amperage |
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The strength of an electrical current. |
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Anchor bolt |
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A large steel bolt anchored in concrete and attached to a building to prevent the structure from moving. |
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Annual |
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Something that happens once a year. |
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Annual Percentage Rate (APR) |
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The cost of the loan expressed as a yearly rate on the balance of the loan. |
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Annual mortgagor statement |
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A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest. |
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Annuity |
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The payment of a fixed sum to an investor at regular intervals. |
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Anticipatory breach |
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A communication that informs a party that the obligations of the original contract will not be fulfilled. |
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Application |
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A document that details a potential borrower's income, debt and other obligations to determine credit worthiness. |
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Application fee |
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The fee that a lender charges to process a loan application. |
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Appraisal |
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An opinion of the value of a property at a given point in time. |
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Appraisal fee |
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The fee that an appraiser charges to estimate the market value of the property. |
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Appraisal report |
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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 |
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An opinion of the current market value of a property. |
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Appreciation |
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An increase in the value of a home or other property.. |
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Arbitration |
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A method of resolving a dispute in which a third party renders a decision. |
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Arbor |
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An area shaded by trees, shrubs or vines on a latticework structure. |
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Arch |
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A curved structure that supports weight over an area, such as a doorway. |
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Architect |
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A licensed professional who designs homes, buildings and other structures. |
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Architectural fees |
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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 |
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A French measurement of land equal to .84625 acres. |
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As-is condition |
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The purchase or sale of a property in its existing condition. |
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Asbestos |
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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 |
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A seller's initial price for a property. |
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Assessed value |
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A tax assessor's determination of the value of a home in order to calculate a tax base. |
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Assessment |
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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 |
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A list of taxable property compiled by the assessor. |
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Assets |
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Items of value which include cash, real estate, securities and investments. |
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Assignor |
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A person who transfers rights and interests of a property. |
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Assumable mortgage |
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A mortgage that can be transferred to another borrower. |
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Assumption clause |
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A provision that allows a buyer to take responsibility for the mortgage from a seller. |
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Assumption fee |
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A fee the lender charges to process new records for a buyer who assumes an existing loan. |
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Average price |
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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 |
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An easement over private property near an airport that limits the height of structures and trees. |
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Awning windows |
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Single-sash windows that tilt outward and up. |
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