Glossary of terms used on this site
All
| Term | Definition |
|---|---|
| A-frame design |
An interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters. |
| Abstract of judgment law |
The summary of a court judgment that creates a lien against a property when filed with the county recorder. |
| Accelerated cost recovery system |
A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property. |
| Accelerated depreciation |
A bookkeeping method that depreciates property faster in the early years of ownership. |
| Acceleration clause |
A provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment. |
| Acceptance |
The seller's written approval of a buyer's offer. |
| Access |
Any means by which a person can enter property. |
| Accessibility |
The degree to which a building or site allows access to people with disabilities. |
| Accretion |
The gradual addition to the shore or bank of a waterway by deposits of sand or silt. |
| Acknowledgment |
A written declaration affirming that a person acted voluntarily. |
| Acre |
A measurement of land equal to 43,560 square feet. |
| Acre foot |
The volume of material needed to cover an acre of land one foot deep. |
| Active solar system |
A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use. |
| Actual age |
The number of years a structure has been standing. |
| Add-on interest |
The interest a borrower pays on the principal for the duration of the loan. |
| Addendum |
An addition or change to a contract |
| Additional principal payment |
Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan. |
| Adjustable-rate mortgage (ARM) |
A loan with an interest rate that is periodically adjusted to reflect changes in a specified financial index. |
| Adjusted cost basis |
The cost of any improvements the seller makes to the property. Deducting the cost from the original sales price provides the profit or loss of a home when it is sold. |
| Adjustment period |
The amount of time between interest rate adjustments in an adjustable-rate mortgage. |
| Administrator |
A person given authority to manage and distribute the estate of someone who died without leaving a will. |
| Administrator's deed |
A legal document that an administrator of an estate uses to transfer property. |
| Adverse possession |
The acquisition of title to property through possession without the owner's consent for a certain period of time. |
| Adverse use |
The access and use of property without the owner's consent. |
| Aeolian soil |
Soil that is composed of materials deposited by the wind. |
| Affiant |
A person who makes a sworn statement. |
| Affirmation |
A substitution for an oath granted to people based on religious reasons. |
| Agency |
The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract. |
| Agency closing |
The process by which a lender uses a title company or other firm as an agent to complete a loan. |
| Agent |
A person licensed by the state to conduct real estate transactions. |
| Agreed boundary |
A compromise boundary to which property owners agree in order to resolve a dispute. |
| Agreement of sale |
A document the buyer initiates and the seller approves that details the price and terms of the transaction. |
| Alcove |
A recessed section of a room, such as a breakfast nook. |
| Alienation clause |
A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred. |
| Alkali |
Mineral salt found in soil. |
| Alkaline soil |
Soil that contains a higher concentration of mineral salt than natural acid. |
| Alley |
A lane behind a row of buildings or between two rows of buildings. |
| Allowances |
Budgets offered by builders of new homes for the purchase of carpeting and fixtures. |
| Alternative mortgage |
Any home loan that does not conform to a standard fixed-rate mortgage. |
| Aluminum siding |
A metal covering that provides an alternative to paint for owners of wood homes. |
| Aluminum-clad windows |
Wooden windows with aluminum covering the exterior. |
| Amenities |
Parks, swimming pools, health-club facilities, party rooms, bike paths, community centers and other enticements offered by builders of planned developments. |
| American Society of Home Inspectors |
American Society of Home Inspectors : The American Society of Home Inspectors is a professional association of independent home inspectors. Phone: (800) 743-2744. |
| Americans with Disabilities Act |
A law passed in 1990 that outlaws discrimination against a person with a disability in housing, public accommodations, employment, government services, transportation and telecommunications. |
| Amortization |
The process of paying the principal and interest on a loan through regularly scheduled installments. |
| Amortization tables |
Mathematical tables that lenders use to calculate a borrower's monthly payment. |
| Amperage |
The strength of an electrical current. |
| Anchor bolt |
A large steel bolt anchored in concrete and attached to a building to prevent the structure from moving. |
| Annual |
Any kind of plant that must be planted every year. |
| Annual mortgagor statement |
A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest. |
