- Balloon payment
- A payment on a note usually the last one for terminating the debt which is significantly
larger than the previous payments.
- Closing costs
- The expenses over the cost of the property buyers and sellers incur at the
settlement of the transfer of ownership of real property.
- A home consisting of two separate family units.
- A privilege or right limited to a specific use one party has in land of another
- The value an owner has in real property over any liens against it.
- The wearing away of the ground surface by water or wind.
- A written agreement, as a deed, put in the care of a third party and not in effect
until certain conditions are fulfilled.
- Fire stop
- A tight solid closure built to prevent the spread of fire and smoke.
- Metal sheeting or other material used to protect a building from water leaks.
- Flood insurance
- A policy that covers damage to property due to natural flooding.
- Frame house
- A house constructed with a wooden frame.
- Grace period
- A period of time after the payment of a debt is past due and payment can be made
without being considered in default.
- Half bath
- A bathroom in a home that contains a toilet and sink but no bathtub or shower.
- Home equity loan
- A loan where an owner uses the equity in their home as collateral.
- Home inspector
- A professinal who evaluates the structural and mechanical condition of a home prior
to the transfer of the title.
- Radiant heating
- Heating method that consists of pipes or coils placed in the floor,wall, or ceiling.
- Real estate agent
- A person licensed by a state who has a real estate salesperson license. This person
assits people to buy, sell, or manage real estate for some type of compensation.
- Real property
- The land and everything attached to it,erected on it, or growing on it. This does not
included anything that can be removed without damaging it.
- Tax lien
- A claim by the taxing authority against a property due to nonpayment of taxes.
- Title search
- The process of checking the public records and legal proceedings to disclose the
current ownership of a property.
- To go on another's land or property unlawfully.
- Services offered by public utility companies such as electricity,water,telephone,
- Variable rate mortgage
- A real estate loan with an interest rate that varies over the term of the loan
depending on current money market conditions.
- Water rights
- The rights to a water supply or access to a body of water.
- Zoning map
- A map of the various sections of a community and the division of those sections
into zones of permitted land uses.