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 party.
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, 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.
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.