a la carte real estate services Professional real estate services that are rendered one transaction
at a time instead of the conventional full-service, commission-based brokerage
relationship.
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 The summary of a court judgment that creates a lien against a
property when filed with the county recorder.
abstract or title search The process of reviewing all recorded transactions in the public
record to determine whether any title defects exist that could interfere with
the clear transfer of ownership of the property.
accelerated cost recovery system A tax calculation that provides greater depreciation in the early
years of ownership of real estate or personal property.
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.
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.
agency disclosure Laws in most states require agents who act for buyers or sellers to
disclose who represents whom in a real estate transaction. Laws vary widely by
state.
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.
air handler Short
for air-handling unit, the blower equipment in a furnace, heat pump, or similar
appliance designed for circulating heated or cooled air through a central
heating system.
air lot A designated
airspace over a piece of property.
air-handling unit The
blower equipment in a furnace, heat pump, or similar appliance designed for
circulating heated or cooled air through a central heating
system.
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.
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
(ASHI) Professional association of independent
home inspectors whose members must meet the group's education and performance
requirements. Call (800) 743-2744 for list of ASHI-certified inspectors in your
area.
Americans with Disabilities Act
(ADA) 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. Initially, most of each payment is applied toward
interest owed, and later in the loan term increasingly applied toward
principal.
amortization tables Mathematical tables that lenders use to calculate a borrower's
monthly payment.
ampere The basic
unit used to measure electric 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 assessments The process of placing a value on property for the strict purpose
of taxation. May also refer to a levy against property for a special purpose,
such as a street lighting or sewer assessment.
annual mortgagor statement A yearly statement to borrowers that details the remaining
principal and amounts paid for taxes and interest.
annual percentage rate (APR) A measure of interest rate that expresses the cost of a mortgage as
a yearly rate on the loan balance. The APR assumes the loan is held for its full
term. For adjustable-rate loans, the APR assumes the loan's index doesn't change
from its initial value.
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.
antioxidant compound A substance applied to aluminum wiring connections to seal and
promote conduction.
appellant A taxpayer
or representative who appeals to a higher tribunal.
application A
document that details a potential borrower's income, debt, and other obligations
to determine credit worthiness.
application fee Includes any fees that are paid upon application. An application
fee may include charges for property appraisal and a credit report, if those
fees are not reported separately.
APR (annual percentage rate) A measure of interest that expresses the cost of a mortgage as a
yearly rate on the loan balance. The APR assumes the loan is held for its full
term. For adjustable-rate loans, the APR assumes the loan's index doesn't change
from its initial value.
apron A paved area,
such as the junction of a driveway with the street.
aquastat A thermostat
submerged in water and used to control the operation of a
device.
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.
arch surrounds Half-round or elliptical trim mounted above a door or window for
decorative purposes.
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.
ARM (adjustable rate mortgage) A loan with an interest rate that is periodically adjusted to
reflect changes in a specified financial index.
ARM index A publicly
published number used to adjust the interest rate for an adjustable rate loan
(ARM). An index (such as Treasury bills or the prime rate) reflects the lender's
cost of credit, and is not controlled by individual
lenders.
arpent A French
measurement of land equal to .84625 acres.
array A term used by
tax assessors to describe a list of properties in a certain category sold within
a given period of time.
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.
ASHI (American Society of Home
Inspectors) A professional association of
independent home inspectors whose members must meet the group's education and
performance requirements. Call (800) 743-2744 for list of ASHI-certified
inspectors in your area.
asking price A
seller's initial price for a property.
assignment The
transfer of rights to pay a debt from one party to another, with the original
party remaining liable for the debt if the second party
defaults.
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.
automatic extension A
clause in a listing contract stating that the agreement will automatically
continue for a certain period of time after the expiration date. This is
discouraged and prohibited in many states.
automatic flue damper A device in the flue of a heating unit that closes to prevent heat
loss when the unit is not in operation.
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.
Equal Housing Opportunity - buyclarksville.com Inc. ©2003 All Rights Reserved - Privacy Statement
