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- Real Estate Glossary A
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Real Estate Glossary A401(k) plansFinancial plans that allow employees to set aside tax-deferred income for retirement or emergency purposes.
Abstract of judgment, lawThe summary of a court judgment that creates a lien against a property when filed with the county recorder. Accelerated cost recovery systemA tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property. Accelerated depreciationA bookkeeping method that depreciates property faster in the early years of ownership. Acceleration clauseA provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment. AcceptanceThe seller's written approval of a buyer's offer. AccessAny means by which a person can enter property. AccessibilityThe degree to which a building or site allows access to people with disabilities. AccretionThe gradual addition to the shore or bank of a waterway by deposits of sand or silt. AcknowledgmentA written declaration affirming that a person acted voluntarily. AcreA measurement of land equal to 43,560 square feet. Acre footThe volume of material needed to cover an acre of land one foot deep. Active solar systemA system that utilizes electric pumps or fans to transfer solar energy for storage or direct use. Actual ageThe number of years a structure has been standing. AddendumAn addition or change to a contract. Additional principal paymentExtra money included in the monthly payment to help reduce the principal and shorten the term of the loan. Add-on interestThe interest a borrower pays on the principal for the duration 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 basisThe 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 periodThe amount of time between interest rate adjustments in an adjustable-rate mortgage. AdministratorA person given authority to manage and distribute the estate of someone who died without leaving a will. Administrator's deedA legal document that an administrator of an estate uses to transfer property. Adverse possessionThe acquisition of title to property through possession without the owner's consent for a certain period of time. Adverse useThe access and use of property without the owner's consent. Aeolian soilSoil that is composed of materials deposited by the wind. AffiantA person who makes a sworn statement. AffirmationA substitution for an oath granted to people based on religious reasons. A-frame designAn interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters. AgencyThe relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written Agency closingThe process by which a lender uses a title company or other firm as an agent to complete a loan. AgentA person licensed by the state to conduct real estate transactions. Agreed boundaryA compromise boundary to which property owners agree in order to resolve a dispute. Agreement of saleA document the buyer initiates and the seller approves that details the price and terms of the transaction. AlcoveA recessed section of a room, such as a breakfast nook. Alienation clauseA provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred. AlkaliMineral salt found in soil. Alkaline soilSoil that contains a higher concentration of mineral salt than natural acid. AlleyA lane behind a row of buildings or between two rows of buildings. AllowancesBudgets offered by builders of new homes for the purchase of carpeting and fixtures. Alternative mortgageAny home loan that does not conform to a standard fixed-rate mortgage. Aluminum sidingA metal covering that provides an alternative to paint for owners of wood homes. Aluminum-clad windowsWooden windows with aluminum covering the exterior. AmenitiesParks, swimming pools, health-club facilities, party rooms, bike paths, community centers and other enticements offered by builders of planned developments. American Society of Home InspectorsThe American Society of Home Inspectors is a professional association of independent home inspectors. Phone: (800) 743- Americans with Disabilities ActA law passed in 1990 that outlaws discrimination against a person with a disability in housing, public accommodations, employment, government services, transportation and telecommunications. AmortizationThe process of paying the principal and interest on a loan through regularly scheduled installments. Amortization tablesMathematical tables that lenders use to calculate a borrower's monthly payment. AmperageThe strength of an electrical current. Anchor boltA large steel bolt anchored in concrete and attached to a building to prevent the structure from moving. AnnualAny kind of plant that must be planted every year. Annual mortgagor statementA yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest. Annual Percentage Rate (APR)The cost of the loan expressed as a yearly rate on the balance of the loan. AnnuityThe payment of a fixed sum to an investor at regular intervals. Anticipatory breachA communication that informs a party that the obligations of the original contract will not be fulfilled. ApplicationA document that details a potential borrower's income, debt and other obligations to determine credit worthiness. Application feeThe fee that a lender charges to process a loan application. AppraisalAn opinion of the value of a property at a given point in time. Appraisal feeThe fee that an appraiser charges to estimate the market value of the property. Appraisal reportA detailed written report on the value of a property based on recent sales of comparable sites in the area. Appraised valueAn opinion of the current market value of a property. AppreciationAn increase in the value of a home or other property.. ArbitrationA method of resolving a dispute in which a third party renders a decision. ArborAn area shaded by trees, shrubs or vines on a latticework structure. ArchA curved structure that supports weight over an area, such as a doorway. ArchitectA licensed professional who designs homes, buildings and other structures. Architectural feesThe 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. ArpentA French measurement of land equal to .84625 acres. AsbestosA fire-resistant mineral used for insulation and home products that has been found to pose a health hazard. As-is conditionThe purchase or sale of a property in its existing condition. Asking priceA seller's initial price for a property. Assessed valueA tax assessor's determination of the value of a home in order to calculate a tax base. AssessmentThe estimated value of a piece of real estate or a levy placed on property in addition to taxes. Assessment rollsA list of taxable property compiled by the assessor. AssetsItems of value which include cash, real estate, securities and investments. AssignorA person who transfers rights and interests of a property. Assumable mortgageA mortgage that can be transferred to another borrower. Assumption clauseA provision that allows a buyer to take responsibility for the mortgage from a seller. Assumption feeA fee the lender charges to process new records for a buyer who assumes an existing loan. Average priceThe 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 easementAn easement over private property near an airport that limits the height of structures and trees. Awning windowsSingle-sash windows that tilt outward and up.
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