condition in which buyers can occupy the property before the sale is
buyer gives with an offer to purchase a property. Also called a
A policy that provides coverage against damage to a home from an
given to a third party to use a portion of the property for certain purposes,
such as power lines or water mains.
overhang at the lower edge of a roof.
age of a structure estimated by its condition rather than its actual
|effective gross income|
Additional income that a lender considers when assessing the loan
application of a potential borrower.
powdery substance on concrete, stucco, or other masonry caused by water-soluble
salts leaching to the surface.
|electric service panel|
A panel that transfers power from the utility line into a house to
be distributed through fuses or circuit breakers.
The process of having a mortgage payment automatically deducted
from a borrower's checking or savings account. Many lenders offer this
exterior view of a home design that shows the position of the house relative to
the grade of the land.
or wing of a house that is at right angles to the main
government's right to condemn private land for public use, such as the routing
of a public highway.
Programs which help employees purchase homes through special plans
developed with lenders.
Potential buyers who have raised their families and want to move
into a smaller home.
or other structures that extend into the property of another
or lien on a property which complicates the title process.
right or interest in property interfering with its use or
conversion from a construction loan to permanent financing a condominium buyer
secures after all units in a project have been completed.
A person who
signs over ownership of property to another party.
|English Tudor style|
An architectural design that features stone or brick exterior walls
and exposed beams.
|environmental impact statement|
A government-mandated evaluation of all aspects and effects a
development will have on the environment of a proposed site.
|environmentally friendly home
A method of construction that
utilizes recycled materials.
Equal Credit Opportunity Act
Federal law that prohibits a lender or
other creditor from refusing to grant credit based on the applicant's sex,
marital status, race, religion, national origin, or age, or because the
applicant receives public assistance.
appraisal or reappraisal of all property within a jurisdiction for the purpose
of equalizing values to assure that each taxpayer is bearing a fair share of the
Credit Information Services, Inc., is one of the "Big Three" credit-reporting
bureaus that operate nationwide. Address: P.O. Box 740249, Atlanta, GA 30374.
URL: http://www.equifax.com. Phone: (800) 685-1111.
determination of the value of a property after existing liens are
|errors and omissions insurance|
A policy that pays for mistakes made by a builder or
in which the ownership of property reverts to the state when the owner dies
without leaving a will.
third party holds documents and money for a real estate transaction and ensures
that all conditions of a sale are met. Also refers to a special account that a
lender uses to hold a borrower's monthly payments on property taxes and
account that a lender or mortgage servicer establishes to hold funds for the
payment of expenses such as homeowners insurance and property taxes. Also known
as an impound account.
neutral third party who ensures that all conditions of a real estate transaction
lender's periodic examination of an escrow account to determine if the lender is
withholding enough funds from a borrower's monthly mortgage payment to pay for
expenses such as property taxes and insurance.
closes when all conditions of a real estate transaction are met and the title of
the property is transferred to the buyer.
that acts as a neutral third party to ensure that all conditions established by
the buyer, seller, and lender in a real estate transaction are
Funds that a mortgage servicer withdraws from a borrower's escrow
account to pay property taxes and insurance.
assets of a person, including real property, at the time of
|estimated closing costs|
An estimate of expenses incidental to the sale of real estate,
including loan, title, and appraisal fees. These costs are in addition to the
price of the property, and are prepaid at closing. Some are one-time expenses
and some are recurring.
|estimated hazard insurance|
An estimate of hazard insurance, also known as homeowner's
insurance or fire insurance, to cover physical risks such as fire and wind
damage. Lenders usually require coverage at least equal to the replacement value
of the home.
|estimated property taxes|
An estimate of property taxes to be paid semiannually, or monthly
if the lender requires. The amount is based on local tax rates and assessed
property value, which is based on the most recent sale price plus assessment
updates (subject to local policies).
|estimated taxes and insurance|
A calculation of monthly estimated taxes and insurance, used by a
lender to evaluate a borrower's effective monthly housing
situation in which one party incorrectly states that another person is the
agent, and a third person relies on that representation.
cabinetry term referring to a style of cabinet without a face frame. Also known
as box cabinets.
of coils in a refrigeration (or air conditioning) system that, when filled with
cold refrigerant, cools the air around it. On a refrigerator, the evaporator is
the coil inside the unit; an air conditioner's evaporator is inside the plenum
on the furnace or air-handler.
procedure to remove a tenant for reasons including failure to pay
|examination of title|
An inspection by a title company of public records and other
documents to determine the chain of ownership of a property.
process of clearing trees, removing topsoil and grading land before a foundation
A term used to describe damages to a building that are not the
result of normal wear and tear.
agreement to employ a particular broker. If another broker makes the sale, both
are entitled to commissions.
|exclusive buyer's agent (EBA)|
An agent, company, or franchise working exclusively for buyers as a
fiduciary agent. EBAs do not represent sellers or list
contract that gives an agent the exclusive right to market a property for a
specific period of time.
contract in which all parties have fulfilled their promises.
appointed to carry out the instructions in a will. If no executor is named in
the will, a probate court will appoint an executor.
removal of property from the tax base. An exemption may be partial or
leakage from a building's interior to the environment.
Ventilating devices that remove water vapor, undesired smells, or
formerly known as TRW Information Systems & Services, is one of the "Big
Three" credit-reporting bureaus. Address: 505 City Parkway West, Orange, CA
92868. Phone: (800) 392-1122.
contract in which the parties express their intentions in words.