Glossary of terms used on this site
A
| Term | Definition |
|---|---|
| Annual Percentage Rate (APR) |
The cost of the loan expressed as a yearly rate on the balance of the loan. |
| Annuity |
The payment of a fixed sum to an investor at regular intervals. |
| Anticipatory breach |
A communication that informs a party that the obligations of the original contract will not be fulfilled. |
| Application |
A document that details a potential borrower's income, debt and other obligations to determine credit worthiness. |
| Application fee |
The fee that a lender charges to process a loan application. |
| Appraisal |
An opinion of the value of a property at a given point in time. |
| Appraisal fee |
The fee that an appraiser charges to estimate the market value of the property. |
| Appraisal report |
A detailed written report on the value of a property based on recent sales of comparable sites in the area. |
| Appraised value |
An opinion of the current market value of a property. |
| Appreciation |
An increase in the value of a home or other property. |
| Arbitration |
A method of resolving a dispute in which a third party renders a decision. |
| Arbor |
An area shaded by trees, shrubs or vines on a latticework structure. |
| Arch |
A curved structure that supports weight over an area, such as a doorway. |
| Architect |
A licensed professional who designs homes, buildings and other structures. |
| Architectural fees |
The fee an architect charges for services. In general, architects charge for their services by the hour, by the square foot, or by a percentage of the project budget. |
| Arpent |
A French measurement of land equal to .84625 acres. |
| As-is condition |
The purchase or sale of a property in its existing condition. |
| Asbestos |
A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard. |
| Asking price |
A seller's initial price for a property. |
| Assessed value |
A tax assessor's determination of the value of a home in order to calculate a tax base. |
| Assessment |
The estimated value of a piece of real estate or a levy placed on property in addition to taxes. |
| Assessment rolls |
A list of taxable property compiled by the assessor. |
| Assets |
Items of value which include cash, real estate, securities and investments. |
| Assignor |
A person who transfers rights and interests of a property. |
| Assumable mortgage |
A mortgage that can be transferred to another borrower. |
| Assumption clause |
A provision that allows a buyer to take responsibility for the mortgage from a seller. |
| Assumption fee |
A fee the lender charges to process new records for a buyer who assumes an existing loan. |
| Average price |
The price of a home determined by totaling the sales prices of all houses sold in an area and dividing that number by the number of homes. |
| Avigation easement |
An easement over private property near an airport that limits the height of structures and trees. |
| Awning windows |
Single-sash windows that tilt outward and up. |
