Glossary

Most companies charge a tap fee for hooking up utilities.

When a married couple owns a home, it is usually considered tenancy by the entirety If the property must be sold to pay the debts of one spouse, both must agree.

Trans-Union Corp. is one of the "Big Three" credit-reporting bureaus that operate nationwide. Address: 760 Sproul Road, P.O. Box 390, Springfield, PA 19064-0390. Phone: (312) 408-1400.

A terrace can be several things: an unroofed paved area right next to a house; a roofed balcony; a veranda; or a raised bed of earth constructed to enhance a landscape.

A real state industry term that refers to agents and brokers who sell a high volume of homes.

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

Ownership that involves the acquisition of a specific period of time, or that percentage of interest, in a vacation home or resort.

A check of public title records to ascertain that the seller is the legal owner and that there are no claims or liens against the property.

Special accounts used by brokers and escrow agents to safeguard funds for a buyer or seller.

An index used to determine interest rate changes for adjustable rate mortgages.

A reference to buyers who purchase a home that is more expensive home than their current house.

The percentage of monthly debt obligations relative to gross monthly income.

A policy issued to lenders and buyers to protect any losses because of a dispute over the ownership of a piece of property.

An assessment by state or local authorities at the time a piece of property changes hands.

An attached home that is not a condominium.

The actual legal document conferring ownership of a piece of real estate.

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

The top layer of soil that is removed when lots are graded in preparation for construction.

The finishing of doors, doorways, window frames and floors.

Other real estate or assets a buyer gives to a seller as part of the down payment.

A tax break given by the government. Mortgage interest, loan points and property taxes can be deducted.

A house that requires the entire interior to be rebuilt.

A decorative landscape structure made of thin strips of wood or plastic.

A legally empowered person who holds or controls a piece of property for another person.

Possible impediments to the transfer of a title from one owner to another.

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

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

Another term for a production home, a mass-produced house constructed by one builder in a project.

A reference to buyers who purchase a home that is less expensive than their current house.

Firms that ensure that the title to a piece of property is clear and provide title insurance.

In a third-party origination transaction, the lender has another institution originate all or part of a mortgage.

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

A prefabricated framework of girders, struts and other items used to support a roof or other load-bearing elements.

The metal part of a lock that is anchored to the doorframe and holds the door closed.

A home that is a ranch-style house stacked to fit on a smaller lot and perhaps to accommodate a garage.

When an agent brings a buyer to a property, they in effect act as a subagent to the listing agent.

A pump that moves water from a basement sump pit.

The sheathing, usually made of plywood, placed on top of floor joists and covered by flooring.

A second or third mortgage.

The upright pieces of lumber or steel in a wall to which panels, siding, drywall or other coverings are attached.

The process in which the owner of a large piece of property divides it into smaller parcels.

A construction method used by commercial and residential builders.

Homes that fall within the lower price range of a typical first-time buyer.

A transaction in which the buyer gives a new-home builder a deposit to begin building and the balance when the sale of the house closes.

Sets of windows and screens that are installed on older double-hung windows.

A mixture of sand and cement used to cover the exterior surface or interior walls of a home or building.

A drain line, which is not connected to the sewer line, removes all other wastewater from a home.

Specialty construction companies hired by the general contractor to perform certain tasks.

A loan that allows a gradual increase in the interest rate during the first few years of the loan.

A slanted block used to divert runoff water from a downspout away from the foundation.