Glossary |
Terms that are on use on this site.
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All| There are 152 entries in the glossary. |
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| Abstract of Title | An account of what appears in the public record which affect the title of a particular parcel of real property - chronological summary of grants, conveyances, wills, transfers and judicial proceedings. It also shows liens and other encumbrances that are of record and shows whether or not they have been released. |
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| Acceleration Clause | Provision in a promissory note or security instrument allowing the lender to declare the entire debt due immediately if the borrower breaches one or more of the loan agreement provisions. |
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| Adjustable Rate Mortgage (ARM) | Loan in which the interest rate is periodically increased or decreased to reflect changes in the cost of money. |
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| Adverse Possession | Acquiring title to real property without permission and belonging to someone else. The manner and length of time required is per statute. |
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| Amenities | Attractive or desirable features of a property such as a fireplace, hot tub, good view, proximity to good schools, etc. |
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| Amoritization | Repayment of a debt with installment payments that includes both principal and interest, over a designated period of time. |
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| Appraisal | Estimate or opinion of the value of a piece of property as of a particular date. |
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| Appreciation | Increase in value. |
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| Assessment | 1) Valuation of property for taxation purposes. 2) A specific charge against a property for an improvement such as sewers, sidewalks, etc. |
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| Assessor | Official who determines the value of property for taxation. |
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| Asset | Anything of value that is owned. |
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| Attorney in Fact | A person authorized to represent another by a power of attorney. |
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| Balloon Payment | Typically, the final payment on a loan which is larger than the regular installment payments. |
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| Bench Mark | Surveyor's mark at a known point of elevation on a stationary object, used as a reference point to calculate other elevations in a surveyed area. A bench mark is often a metal disk set into cement or rock. |
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| Bill of Sale | Document used to transfer title of personal property from one person to another. |
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| Building Codes | Regulations that set minimum standards for construction and materials used. |
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| Building Restrictions | Rules regarding building size, placement, or type. |
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| Buyer Representation Agreement | Contract in which a real estate broker agrees to use their best efforts to locate a suitable property for the buyer. |
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| Cancellation | Termination of a contract without undoing those acts that have already been performed under the contract. |
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| Capital Gain | Profit realized from the sale of a capital asset. |
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| CC&Rs | Declaration of covenants, conditions, and restrictions usually recorded by a developer. This places restrictions on all lots within a new subdivision. |
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| Certificate of Eligibility | Document issued by the Veterans Administration showing a veteran's eligibility for a VA guaranteed loan. |
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| Certificate of Sale | Document given to the purchaser at a mortgage foreclosure sale. |
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| Chattel | Article of personal property. |
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| Closing | Final stage in a real estate transaction - seller receives the purchase money, buyer receives the deed and title is transferred. |
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Glossary V2.0 |
Real Estate Terms