Glossary

Regulations that control the use of land within a jurisdiction..

Part of the loan process, in which a lender will ask a borrower's bank to sign a statement verifying the borrower's account balances and history.

A curved, corrugated steel insert used to isolate basement windows from moisture if they're below the soil line.

A feature that allows a door to open onto ground level.

Curved plastic covers designed to be installed on top of a window well to cover the opening.

A voluntary relinquishing of certain rights or claims.

A lien that a homeowner willingly gives to a lender.

A legally binding promise to do something in the future.

The most basic legal document outlining the disposition of a person's estate in the event of death.

Part of the loan process, in which a lender asks the borrower's employer for confirmation of the borrower's position and salary.

Wood paneling, tongue-and-groove boards or similar material installed between a baseboard and a chair rail.

The U.S. Department of Veterans Affairs operates a variety of programs to help veterans. One of the key plans it oversees is the VA loan program, which allows most veterans to purchase a house without a down payment.

An improperly recorded deed.

Watery areas such as swamps, marshes and floodplains.

A small entrance hall or room.

A loan to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.

An individual pane of glass.

A buyer's final inspection of the home to determine if conditions in the purchase agreement have been satisfied.

An architectural style that dates from the mid-19th century.

Houses built without space between them and with little or no yard.

A bench built under an interior window.

Wood windows sheathed in vinyl on the outside.

A one-time modification of existing zoning law.

An unrecorded deed transfers ownership from one party to another without being officially recorded.

Any loan that is not backed by collateral.

An elongated half-cylinder that arches above the floor.

A loan rate that moves up and down based on factors including changes in the rate paid on bank certificates of deposit or Treasury bills.

A reference to illegally excessive interest charged on any loan.

A federal law that protects consumers in a variety of ways. One of its key provisions allows a consumer to cancel a home-improvement loan, second mortgage or other loan if the home was pledged as security (except for a first mortgage or first trust deed)

An adjustable mortgage with two interest rates, one for the first five or seven years of the loan, and the other for the remainder of the loan term.

The process in which a property is zoned from a lower to a higher use.

A person who claims the right to a piece of property after the death of an owner without a will.

Options than the standard carpeting, lighting, finish carpentry and other amenities offered to all buyers in a new-home project.

The unplanned expansion of development over a large area.

A loan with an interest rate that hinges on factors such as the rate paid on bank certificates and Treasury bills.

An interest rate that changes with fluctuations in such indexes as the U.S. Treasury bill index.

A piece of property that is owned by one person but provides housing for up to four households.

The process that lenders go through to evaluate the risks posed by a particular borrower and to set appropriate conditions for the loan.

An unidentified marital partner who can claim the right to a piece of property.

A federal agency that oversees the Federal Housing Administration and a variety of housing and community development programs.

A program that allows most veterans to purchase a house without a down payment.

A layer of wood between the subfloor and the floor.

The process of removing old mortar from between bricks and replacing it with new mortar.

A precise measurement of a piece of property by a licensed surveyor.

A house that requires the entire interior to be rebuilt.

A term often applied to real estate investment and refers to various tax advantages.

The non-cash value put into a piece of property by the owner, such as do-it-yourself home improvements.

An low, short-term rate offered on a mortgage to entice the borrower.

An impediment placed against a property, such as back taxes.

The public sale of a property by the government for nonpayment of taxes.