|back title letter|
letter that a title insurance company gives to an attorney who then examines the
title for insurance purposes.
lender calculation that compares a borrower's total debt (principal, interest,
property taxes, and insurance, plus other monthly debt payments) to gross
Arrangements that an owner makes to oversee the sale of one
property and the purchase of another at the same time.
board used beneath tile.
Soil used to
solidify the foundation of a structure.
area behind and above a countertop, typically covered to prevent water from
splashing onto the wallboard.
secondary bid for a property that the seller will accept if the first offer
valve in a sewer line that prevents sewage from flowing back into a
A device used
as a heat shield to deflect the byproducts of combustion.
statement that shows the assets, liabilities, and net worth of an
One type of
inlet valve assembly inside a toilet tank that, when opened automatically, fills
the tank with water.
The toilet tank mechanism that controls flushing.
mortgage in which monthly installments are not large enough to repay the loan by
the end of the term. As a result, the final payment due is the lump sum of the
final lump-sum payment due at the end of a balloon mortgage.
A type of framing used in two-story homes in which studs extend
from the ground to the ceiling of the second floor.
vertical support for a stair railing, often made from turned
held up by a set of posts on a porch or stairway.
proceeding in which an insolvent debtor can obtain relief from payment of
certain obligations. Bankruptcies remain on a credit record for seven to 10
years and can severely limit a person's ability to borrow.
of a piece of property for less than market value.
|base loan amount|
amount upon which loan payments are based. If the borrower finances his or her
closing costs, those costs will be added to the base loan
or molding found at the bottom of an interior wall.
|baseboard electric heat|
Heating units installed in the floor that can be controlled by a
The area of
a home below ground level.
basis point is one one-hundredth of one percentage point. For example, the
difference between a loan at 8.25 percent and a mortgage at 8.37 percent is 12
A narrow piece
of material used on the outside of a house to cover joints in
between two columns or walls that forms a space.
that projects outward in a curve.
that supports its own weight in addition to other parts of a
Total income before taxes are deducted.
lender who makes a loan, also called a mortgagee. The person borrowing money is
property given to a person through a will.
A built-up lip
of concrete designed to prevent runoff water from entering the garage or
improvement that increases a property's value as opposed to repairs that
maintain the value.
improvement that increases the property's value.
A home that
has two levels. Typically, a garage or storage area is situated in the lower
level and the home in the upper section. Most bi-level structures were built
Part of a mechanical thermostat. Consists of two different types of
metal that expand and contract at two different rates with changes in room
that contractors use to estimate the cost of a house or project before it is
from multiple buyers for a piece of property. Agents also sometimes compete to
list a house for sale.
contract in which the parties involved give mutual promises. Also called a
|bill of sale|
document that transfers ownership of personal property.
issued by a title insurance company that details the condition of a home's title
and provides guidelines for a title insurance policy.
preliminary agreement between buyer and seller.
mortgage that requires payments every two weeks and helps repay the loan over a
|blanket insurance policy|
A policy that covers more than one person or piece of
mortgage that covers more than one property owned by the same
neighborhood that has deteriorated.
driven into a wall and concealed with putty.
illegal practice of inducing homeowners to sell their properties by making
representations regarding the entry of a particular race into the
A house maintained close to its original condition. Also called
Regulations on the sale of securities to prevent consumers from
investing in fraudulent or high-risk companies without being informed of the
for a home or other structure.
|board and batten|
type of siding composed of vertical boards and batten slats that cover wall
Measurement of lumber that is the equivalent of 144 cubic
board of equalization
A state board charged with ensuring that local property taxes are
assessed in a uniform manner.
Siding composed of 8- to 12-inch-wide wooden boards nailed
vertically to create a barn-like exterior.
language used in deeds, mortgages, and other documents. Details can be added by
term that refers to actions or persons that are honest and in good
that insures one party against loss by acts or defaults of another
with no specifically designated function, unlike a living room, bedroom, or
value of a property as a capital asset based on its cost plus any additions,
A piece of sheet
metal that connects a heating or cooling duct and a vent.
analysis of soil in which holes are bored into the ground and samples are
A section of
a city that has authority over local matters.
or other material used for grading.
at a site that has been excavated.
street lined with trees or constructed with a landscaped
line between two adjacent properties.
construction method in two-story homes in which the frame is reinforced with
posts and braces.
used to reinforce a structure.
electrical circuit with its own circuit breaker in the service
|breach of contract|
The failure to perform provisions of a contract without a legal
breach of covenant
The failure to obey a legal agreement.
|breach of warranty|
seller's inability to pass clear title to a buyer.
point in which the owner's rental income matches expenses and
passageway with open sides.
material made from clay molded into oblong blocks and fired in a
facade on a wall or fireplace.
short-term loan for borrowers who need more time to find permanent
acts as a go-between. A real estate broker is licensed to handle property
transactions and operate a brokerage firm. A mortgage broker is an individual or
firm that matches borrowers to lenders and loan programs for a
The act of
bringing together two or more parties in exchange for a fee or commission. Real
estate brokerages are firms or companies that are licensed to conduct real
condition of a building when it is turned over to an owner or
row house constructed of red sandstone.
of land that separates two or more properties.
feasibility of constructing a home or other structure on a piece of land.
Parcels for which a building permit cannot be obtained may be considered
Extra features or better finishing materials offered by a
|building and loan association|
An organization that raises money to helps its members purchase
real estate or construct a building.
comprehensive set of laws that controls the construction or remodeling of a home
or other structure.
city or county employee who enforces the building code and ensures that work is
|building line or setback|
Guidelines that limit how close an owner can build to the street or
an adjacent property.
A halt on home construction to slow the rate of
thick, water-resistant paper that serves as insulation.
permit issued by a local government agency that allows the construction or
renovation of a house.
Regulations that limit the manner in which property can be
or other items that are framed into a home or permanently
wall designed to hold back water from the ocean or other body of
bundle of rights
The various interests or rights an owner has in a
one-story house or cottage.
The way in which
two boards meet so that the ends touch in a continuous line.
formed by two gables that dip in the middle to resemble a butterfly's
home loan in which the lender receives a premium as an inducement to reduce the
interest rate during the early years of the mortgage.
agent representing a buyer in a home purchase, either as a single agent or as an
exclusive buyer's broker.
real estate broker who exclusively represents the buyer's interests in a
transaction and whose commission is paid either by the buyer or through the
seller or listing broker at closing.
real estate market in which buyers have the advantage.
emotion felt by first-time homebuyers after signing a sales contract or closing
the purchase of a house.
|Buyers Resource Real Estate|
National buyer's brokerage company with offices in 13 states. Call
(800) 359-4092 for information and referrals.
|Buyers' Home Finding Network|
National referral service for buyer's brokers only. Call (800)
500-3569 for information and referrals.
The rules and
regulations that a homeowners association or corporation adopts to govern