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.

Easement: A privilege or right limited to a specific use one party has in land of another party.
Equity: The value an owner has in real property over any liens against it.
Erosion: The wearing away of the ground surface by water or wind.
Escrow: 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.
Flashing: 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.
Trespass: To go on another's land or property unlawfully.

Utilities: Services offered by public utility companies such as electricity,water,telephone, and gas.

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.

Zoning map: A map of the various sections of a community and the division of those sections into zones of permitted land uses.