exterior siding with vertical grooves to simulate boards.
plug or flapper that seals the valve seat between a toilet tank and bowl. Upon
flushing a toilet, the tank stopper is lifts to allow water to rush through the
flush valve into the bowl.
charged by most companies for hooking up utilities.
break given by the government. Mortgage interest, loan points, and property
taxes can be deducted.
placed against a property for nonpayment of taxes.
public sale of a property by the government for nonpayment of
|tax service fee|
collected to set up third-party monitoring of the borrower's property tax
payments. This is done to ensure that the payments are made on time, and to
prevent tax liens from occurring to the detriment of the
often applied to real estate investment, referring to various tax
A house in
such poor condition as to require rebuilding from the ground
short-term interest rate offered on a mortgage to entice the
|tenancy by the entirety|
Ownership by a husband and wife in which they together hold title
to the whole property with right of survivorship.
tenancy in common
A form of ownership in which two or more owners hold an undivided
(though not necessarily equal) interest in the property, with no right of
term referring to the way in which a piece of property is held, such as a fee
simple or leasehold.
low-fired tile that is a popular roofing material.
A terrace can
be several things: a veranda, a roofed balcony, an unroofed paved area next to a
house, or a raised bed of earth constructed to enhance a
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copper wire that acts as a safety device on a gas burner. If the pilot light for
the burner goes out, the sensor on the end of the wire cools and prevents the
flow of gas to the burner.
safety device on a pilot light gas ignition system. If the thermocouple isn't
being warmed by the pilot light, it shuts off the flow of gas.
that automatically turns on a heater, furnace, or air conditioner when room
temperature reaches a set level.
A device used to regulate the point at which the burner for the
water heater is activated.
In a third-party origination transaction, the lender has another
institution originate all or part of a mortgage.
three-way switch controls one or more lights from two different locations. These
are often placed at both ends of a stair or hallway.
A flat trim
strip normally made of oak or aluminum that offers a durable and finished
transition between the floors on both sides of a door or between indoors and
distance a deadbolt extends out from the edge of a door when in its locked
|time is of the essence|
A phrase in a purchase contract that indicates a certain period of
time in which an act must be performed.
that involves the acquisition of a specific period of time or percentage of
interest in a vacation home or resort.
document conferring ownership of a piece of real estate.
that ensures that the property title is clear and provides title
examination of the public record to determine that the seller is the legal owner
and there are no encumbrances (such as claims or liens) affecting the
policy issued to lenders and buyers to protect against loss due to disputed
|title insurance binder|
A title insurance company's written commitment to insure title to
the property, subject to the conditions and exclusions shown on the
impediments to the transfer of a title from one owner to
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.
that seals the joint between the bottom of a toilet and the drain piping. This
prevents water leakage and the escape of sewer gases.
|tongue and groove|
Lumber with a small groove down one side of each board and a
protruding piece (tongue) on the other side that fits into the groove when the
boards are installed.
real state industry term that refers to agents and brokers who sell a high
volume of homes.
horizontal structural member of a door that runs across the top of the
layer of soil that is removed when lots are graded in preparation for
|total expense ratio|
The percentage of monthly debt obligations relative to gross
|total lender fees|
Fees required by the lender to obtain the loan, apart from other
fees associated with transferring a property between buyer and seller. Also
known as finance charges.
|total loan amount|
base loan amount plus any financed closing costs.
total monthly housing costs
The sum of principal, interest, property taxes, and if applicable,
private mortgage insurance (PMI) and either hazard insurance or homeowners'
|total of all payments|
The total cost of the loan, including repayment of the principal
amount and the sum of monthly interest payments.
|total paid at closing|
All closing costs, prepaid fees, and the down payment. The lender
may require you to demonstrate extra cash reserves equal to two months' worth of
housing expenses as well.
home that is not a condominium.
Temperature/pressure relief valve. A device that releases built-up
energy in a tank at a certain temperature or pressure.
term for a production home, a mass-produced house constructed by one builder in
Other real estate or assets that a buyer gives to a seller as part
of the down payment.
home that is less expensive than the one's current house.
home that is more expensive than one's current house.
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real estate professional who is hired to help a buyer and seller reach an
agreement. The transaction broker does not represent either the buyer or the
|transfer of ownership|
Any legal means by which a piece of real estate changes
assessment by state or local authorities at the time a piece of property changes
hinged window directly above a door.
In plumbing, a
curved section of drainpipe that fills with water, providing a liquid seal to
prevent the emission of sewage gases.
A trap is the U-
or S-shaped section of drainpipe directly beneath a plumbing fixture such as a
sink or shower. Its shape is intended to hold a small amount of water so that it
blocks sewer gasses from rising into the home.
ceiling has edges that slant toward the middle from the walls.
The flat part
of a stair step.
Securities issued by the Treasury Department that have the full
backing of the U.S. government.
index used to determine interest rate changes for adjustable rate
landscape structure made of thin strips of wood or plastic.
finishing of doors, doorways, window frames, and floors.
framework of girders, struts and other items used to support a roof or other
special account used by a broker or escrow agent to safeguard funds for a buyer
empowered person who holds or controls a piece of property for another
|Truth in Lending Act|
A federal law that allows a consumer to cancel a home-improvement
loan, second mortgage, or other loan until midnight of the third business day
after a contract is signed, if the home was pledged as security (except for a
first mortgage or first trust deed).
process of removing old mortar from between bricks and replacing it with new
|two- to four-family property|
A piece of property that is owned by one person but provides
housing for up to four households.
adjustable mortgage with two interest rates: one for the first five or seven
years of the loan, and the other for the remainder of the loan