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Explore our Real Estate Glossary. Understand key real estate terms and definitions to make informed and confident property decisions
Welcome to our Real Estate Glossary. This comprehensive glossary is designed to help home buyers and sellers understand the important real estate terms and definitions that are crucial in the buying and selling process. Whether you are a first-time homebuyer or a seasoned investor, understanding real estate terminology can significantly impact your property decisions. Explore the essential terms in our real estate glossary to gain better insights into the industry.
Glossary of Real Estate Terms
| Term | Definition |
|---|---|
| Abstract of Judgment | A summary of a court's final decision recorded to create a lien on the property. |
| ABR | Accredited Buyer's Representative; a designation for real estate buyer's agents. |
| Acceptance | Agreement by the buyer and seller on the terms of a real estate contract. |
| Adjustable Rate Mortgage (ARM) | A mortgage with an interest rate that can change periodically based on an index. |
| Agency | A legal relationship in which a real estate agent represents a client in transactions. |
| ALC | Accredited Land Consultant; a designation for land real estate professionals. |
| Amenity | A feature or facility enhancing the property's desirability, like a pool or gym. |
| Amortization | Gradual repayment of a loan through regular payments of principal and interest. |
| Amortization Schedule | A table detailing each periodic payment on a loan over time, showing amounts of principal and interest. |
| Amortize | To pay off a debt over time in regular installments of principal and interest. |
| Annual Percentage Rate (APR) | The annual rate charged for borrowing expressed as a single percentage number. |
| Application Fee | A fee charged to process a loan application. |
| Appraisal | An evaluation of a property's market value by a licensed appraiser. |
| Appraised Report | A written report by an appraiser stating their opinion of a property's value. |
| Appraiser | A professional who assesses the value of a property for sale, financing, or taxation. |
| Appreciation | The increase in a property's value over time due to market conditions or improvements. |
| Assessed Value | The value assigned to a property by a public tax assessor for taxation purposes. |
| Assessment | A fee or tax charged to property owners for public improvements. |
| Assessment Rolls | Public records listing properties and their assessed values. |
| Assessor | A government official who determines the value of property for taxation. |
| Asset | Anything of value owned by an individual or business. |
| Assumable Loan | A loan that can be transferred to a new borrower who takes over the existing mortgage terms. |
| Assumption Clause | A clause in a mortgage contract allowing a new buyer to take over the loan. |
| Assumption Fee | A fee paid to a lender when a new borrower assumes an existing mortgage. |
| Balance Sheet | A financial statement showing assets, liabilities, and equity at a specific point in time. |
| Balloon Loan | A loan with low regular payments and a large final payment. |
| Balloon Payment | The large final payment due at the end of a balloon loan's term. |
| Bankrupt | A legal status of a person or business unable to repay outstanding debts. |
| Bankruptcy | A legal process for individuals or businesses that are unable to repay their debts. |
| Bill Of Sale | A document transferring ownership of property from one party to another. |
| Biweekly Payment Loan | A mortgage repayment plan in which payments are made every two weeks. |
| Bona Fide | In good faith; genuine. |
| Breach of Contract | Failure to fulfill the terms of a contract. |
| Break Even Point | The point at which income equals expenses, and there is no profit or loss. |
| Bridge Loan | A short-term loan used until permanent financing is obtained. |
| Broker | A licensed professional who arranges real estate transactions between buyers and sellers. |
| Building Code | Regulations setting standards for construction and safety. |
| Building Inspector | An official who examines buildings to ensure they comply with codes and regulations. |
| Building Setback Lines | Lines that indicate the required distance between a building and the property line. |
| Building Moratorium | A temporary halt on new building projects. |
| Building Restrictions | Rules governing the types and usage of buildings on a property. |
| Buydown Account | An account used to hold funds that are paid to reduce the interest rate on a mortgage. |
| Buydown | A financing technique that involves buying down the interest rate on a mortgage. |
| Buyer Broker | A real estate agent who represents the buyer in a transaction. |
| Call Option | A clause in a loan giving the lender the right to demand repayment at any time. |
| Cap | A limit on how much an adjustable-rate mortgage interest rate or payment can increase. |
| Capital | Money, equipment, or property owned by a person or business. |
| Capital Expenditure | Money spent to acquire or upgrade fixed assets. |
| Capital Gain | Profit from the sale of an asset. |
| Cap Rate | Capitalization rate; the rate of return on a real estate investment. |
| Cash Available For Closing | The amount of cash a buyer needs to complete a real estate transaction. |
| Cash Flow Basis | A method of calculating income that considers the actual cash received and spent. |
| Cash-Out Refinance | A refinancing option where the new mortgage amount is higher than the existing mortgage, providing the borrower with extra cash. |
| Cashier’s Check | A check issued by a bank, guaranteeing payment. |
| CBD | Central Business District; the commercial and business center of a city. |
| CCIM | Certified Commercial Investment Member; a designation for commercial real estate professionals. |
| Ceiling | The highest interest rate that an adjustable-rate mortgage can reach. |
| Certificate Of Eligibility | A document from the VA that certifies a veteran's eligibility for a VA loan. |
| Certificate of Occupancy (CO) | A document stating that a building complies with building codes and is safe for occupancy. |
| Certificate Of Reasonable Value (CRV) | A document issued by the VA that establishes the maximum value of a property for VA loan purposes. |
| Chain Of Title | The history of ownership transfers for a property. |
| Cistern | A tank for storing water, typically used in areas without a reliable water supply. |
| Clear Title | A title without any encumbrances, liens, or other legal questions about the property. |
| Closing | The final step in a real estate transaction where ownership is transferred, and funds are distributed. |
| Closing Cost Item | A specific fee or charge incurred for the processing of a loan. |
| Closing Costs | The expenses over and above the price of the property incurred by buyers and sellers during the transfer of ownership. |
| Closing Statement | A document detailing the final financial terms of a real estate transaction. |
| Cloud On Title | Any claim, lien, or encumbrance that impairs the title to property. |
| Coinsurance Clause | A provision in insurance policies that requires the insured to bear a portion of the loss. |
| Commercial | Property used for business activities. |
| Commission | The fee paid to a real estate agent for services. |
| Commitment Letter | A formal offer by a lender to make a loan on specific terms. |
| Common Area Assessments | Fees paid by property owners for the maintenance of common areas. |
| Common Areas | Areas shared by residents or tenants of a property such as lobbies, hallways, or recreational facilities. |
| Community Property | A form of ownership by married couples where each owns an undivided half interest. |
| Comparables (comps) | Properties with similar characteristics used to evaluate the market value of another property. |
| Condemnation | The process by which private property is taken for public use under eminent domain. |
| Condominium | A property divided into individual units and common areas, with each unit owned separately. |
| Condominium Hotel | A condo development operated as a hotel with units that can be rented out. |
| Conforming Loan | A mortgage that meets the guidelines set by Fannie Mae and Freddie Mac. |
| Conservation Easement | A restriction placed on a property to preserve its natural resources. |
| Construction loan | A short-term loan used to finance the building of a property. |
| Contingency | A condition included in a contract that must be met for the contract to be binding. |
| Contract | A legally binding agreement between parties. |
| Conventional Loan | A mortgage not insured or guaranteed by the federal government. |
| Convertible ARM | An adjustable-rate mortgage that allows the borrower to convert to a fixed-rate loan. |
| Co-Signer | A person who signs a loan agreement along with the borrower and agrees to repay the loan if the borrower defaults. |
| Covenant | A formal agreement or promise in a deed or contract. |
| CRB | Certified Real Estate Brokerage Manager; a designation for brokerage management professionals. |
| Credit | An agreement where a borrower receives something of value now and agrees to repay the lender at a later date. |
| Credit History | A record of a person's or company's past borrowing and repaying behavior. |
| Credit Life Insurance | Insurance that pays off a loan in the event of the borrower's death. |
| Creditor | A person or institution to whom money is owed. |
| Credit Rating | An estimate of the ability of a person or organization to fulfill their financial commitments. |
| Credit Report | A detailed report of an individual's credit history. |
| Credit Repository (credit bureau) | A company that collects and maintains credit information on individuals and provides it to lenders and other entities. |
| Credit Scoring | A system used by lenders to evaluate the creditworthiness of a borrower. |
| Days on the Market | The number of days a property has been listed for sale. |
| Debt | Money owed by one party to another. |
| Deed | A legal document that conveys title to real property. |
| Deed-In-Lieu of Foreclosure | A deed given by a borrower to a lender to avoid foreclosure. |
| Deed Of Trust | A legal document in which the borrower conveys the title to a trustee as security for a loan. |
| Default | Failure to fulfill the terms of a loan agreement. |
| Delinquency | A situation where a borrower fails to make payments on time. |
| Deposit | Money placed in trust to show commitment and secure a purchase. |
| Depreciation | A decrease in the value of a property over time. |
| Discount Points | Upfront fees paid to lower the interest rate on a mortgage. |
| Down Payment | The portion of the purchase price paid upfront. |
| Draw | A disbursement of part of a construction loan's funds as the project progresses. |
| Dual Agency | A situation where a real estate agent represents both the buyer and the seller in a transaction. |
| Due-On-Sale Provision | A clause in a mortgage allowing the lender to demand full repayment if the property is sold. |
| Duplex | A property divided into two separate living units. |
| Earnest Money | A deposit made by a buyer to show serious intent to purchase a property. |
| Easement | A right to use another person's land for a specific purpose. |
| Effective Age | The apparent age of a property based on its condition, rather than its actual age. |
| Egress | An exit or means of exiting a property. |
| Eminent domain | The right of a government to take private property for public use, with compensation. |
| Encroachment | An intrusion onto another person's property. |
| Encumbrance | Any claim, lien, or liability attached to a property. |
| Equal Credit Opportunity Act (ECOA) | A federal law banning credit discrimination based on race, religion, sex, etc. |
| Equity | The difference between the value of a property and the amount owed on it. |
| Escrow | A financial arrangement where a third party holds and regulates payment of funds required for two parties involved in a transaction. |
| Escrow (or Impound) Account | An account where funds are held by a lender to pay for property taxes and insurance. |
| Escrow Analysis | An annual review to ensure enough funds are held in escrow accounts to cover charges. |
| Eviction | The legal process of removing a tenant from a property. |
| Executive Suite | A set of rooms used as an office within a larger building. |
| Exclusive listing | A listing agreement where one broker is given the right to sell a property. |
| Exclusive right to sell | A listing agreement where the broker earns a commission regardless of who sells the property. |
| Expense ratio | The ratio of operating expenses to the gross income of a property. |
| Expense stop | A lease provision limiting the landlord's expenses, passing additional costs to the tenant. |
| Fair Credit Reporting Act | A federal law ensuring accuracy and privacy of credit reports. |
| Fair Housing Act | A law protecting buyers from discrimination based on race, color, religion, sex, or national origin. |
| Federal National Mortgage Association (FNMA – Fannie Mae) | A government-sponsored enterprise that buys mortgages from lenders. |
| Federal Housing Administration (FHA) | A government agency that insures mortgages for low- and moderate-income borrowers. |
| Federal Trade Commission (FTC) | A government body protecting consumers and ensuring a competitive market. |
| Fee Simple | The greatest possible interest in a property, giving the owner full rights. |
| Feng Shui | An ancient Chinese practice of arranging spaces to promote harmony and balance. |
| Fiduciary | A person or institution that manages money or property for another and must exercise a standard of care. |
| Footprint | The area a building occupies on the land. |
| FHA Home Loan | A mortgage insured by the Federal Housing Administration. |
| FICO Score | A credit score developed by Fair Isaac Corporation. |
| First Lien | A primary claim on a property secured by a loan. |
| Fixed Rate Loan | A loan with an interest rate that remains the same for the entire term. |
| Fixture | An item attached to property, turning it into real estate. |
| Flat Fee | A set fee paid for services, not dependent on the property's selling price. |
| Flood Check | An assessment to determine if a property is in a flood zone. |
| Flood Insurance | Insurance protecting against damage from flooding. |
| Flood Way | A channel for floodwaters to prevent property damage. |
| Flood Zone | An area designated as having a high risk of flooding. |
| Floor Area Ratio | The ratio of a building's total floor area to the size of its lot. |
| Footcandle | A measurement of light intensity; one lumen per square foot. |
| Foreclosure | The legal process by which a lender sells a property to recover the balance of a loan from a borrower who failed to make payments. |
| Forfeiture | The loss of money or anything of value due to a breach of legal obligation. |
| Freddie Mac (Federal Home Loan Mortgage Corporation) | A government-owned corporation that buys mortgages from lenders to promote the secondary mortgage market. |
| Gift | Money or property given without expecting repayment, often for a real estate down payment. |
| Good Faith Estimate | An estimate of all closing costs for a mortgage provided by the lender. |
| Graduated Lease | A lease that includes predetermined rent increases at specified intervals. |
| Graduated Payment Loan | A mortgage with lower payments initially, which increase over time. |
| Grantee | The person receiving title to real property. |
| Grantor | The person transferring title to real property. |
| Greenbelt | An area of open land around a city with restrictions on building to preserve the environment. |
| Gross Lease | A lease in which the landlord pays maintenance, insurance, and property taxes. |
| Gross Monthly Income | Total monthly income before any expenses or taxes are deducted. |
| Gross Rent Multiplier(GRM) | A metric used to evaluate the value of income-generating properties by comparing their gross rental income to their value. |
| Ground Fault Interrupter (GFI) | A device that cuts off electric power if there's a ground fault, used to prevent electric shock. |
| Ground Lease | A lease agreement in which a tenant leases only the land, typically to construct a building. |
| Ground Rent | Rent paid for the use of land, typically under a ground lease. |
| Homeowner’s Insurance (Hazard Insurance) | Insurance covering loss or damage to a home and its contents. |
| Home Equity Line Of Credit (HELOC) | A credit line secured by the equity in a home, allowing homeowners to borrow against their equity. |
| Home Inspection | A professional examination of a property's condition, usually before a sale. |
| Homeowners’ Association | An organization governing a community, setting rules and collecting fees for maintenance of common areas. |
| Home Rule | The authority of a local government to manage its own affairs. |
| Homeowner’s Warranty (HOW) | A policy covering repairs on a newly built home for a specified time. |
| HUD Median Income | The median income for a region, determined by the Department of Housing and Urban Development. |
| HUD-1 Settlement Statement | A standard form listing all charges and credits to the buyer and seller in a real estate transaction. |
| Housing Discrimination | Unfair treatment based on race, color, religion, sex, national origin, disability, or family status in housing-related activities. |
| Impact Fees | Charges to developers for the cost of providing public services to a new development. |
| Income Property | Property bought to generate income, such as rentals or commercial real estate. |
| Index | A benchmark interest rate to which an adjustable-rate mortgage is tied. |
| Infield Development | Developing vacant or underutilized urban areas within already-developed locations. |
| Inflation | An increase in prices and a simultaneous decrease in the value of money. |
| Infrastructure | The basic facilities and systems needed for the functioning of a community, like transportation and utilities. |
| Installment Loan | A loan repaid over time with a set number of regular payments. |
| Insurance | A contract providing financial protection or reimbursement against losses. |
| Insurance Binder | A temporary insurance policy until a formal policy is issued. |
| Insured Mortgage | A mortgage protected by private mortgage insurance or a government program. |
| Interest Payment | The amount paid to a lender for the use of borrowed money. |
| Interest Rate | The percentage charged by a lender for the use of borrowed money. |
| Interest Rate Buy down Plan | A strategy to reduce monthly mortgage payments by temporarily lowering the interest rate. |
| Internal Rate of Return (IRR) | A metric used to estimate the profitability of potential investments. |
| Investment Property | Property bought for earning rental income, capital appreciation, or both. |
| Joint Tenancy | Ownership of property by two or more individuals, where upon death, the deceased’s share passes to the surviving owner(s). |
| Judgment | A court's final decision or order. |
| Judgment Lien | A lien against a debtor's property, secured by a court judgment. |
| Jumbo Loan | A mortgage that exceeds conforming loan limits set by Fannie Mae and Freddie Mac. |
| Late Charge | A fee levied for making a payment after the due date. |
| Lease | A contractual agreement where one party (lessee) pays the property owner (lessor) for use of the property. |
| Leasehold Estate | An interest in real estate allowing occupancy and use, but not ownership. |
| Lease Purchase Agreement | An agreement combining a lease with an option to purchase the property. |
| Legal Description | A detailed way of describing a parcel of land for documents such as deeds or mortgages. |
| Lending Guidelines | Criteria set by lenders to determine who qualifies for a loan. |
| Liabilities | Financial obligations or debts. |
| Liability Insurance | Insurance providing protection against claims resulting from injuries and damage to property or people. |
| Lien | A legal claim against property as security for a debt or obligation. |
| Line Of Credit | A flexible borrowing tool with a set limit, allowing withdrawal of funds as needed. |
| Living Unit Equivalent (L.U.E.) | A measurement used to compare different housing units' impact on infrastructure. |
| Loan Amount | The total amount of money borrowed, or the principal of a mortgage. |
| Loan Commitment | A lender's promise to provide a loan under specific terms and conditions. |
| Loan Origination | The process by which a lender works with a borrower to complete a mortgage transaction. |
| Loan-To-Value Ratio | A ratio comparing the loan amount to the appraised value or purchase price of the property. |
| Lock-In | An agreement guaranteeing a specific interest rate for a certain period. |
| Lock-In Period | The timeframe during which the interest rate is locked. |
| Manufactured Home | A home built in a factory and transported to the site for installation. |
| Market Value | The price a property should sell for in an open and competitive market. |
| Maturity | The end date of a loan when all remaining principal and interest is due. |
| Mean Price | The average price of sold properties in a given period. |
| Median Price | The middle price of sold properties where half sell for more and half sell for less. |
| Mediation | A process where a neutral third party assists in resolving disputes between parties. |
| Mixed Use Development | A single development offering multiple uses, such as residential, commercial, and recreational spaces. |
| Modification | A change in the terms of a loan agreement. |
| Monthly Principal & Interest (P&I) Payment | The portion of a mortgage payment covering both the interest and principal amount of the loan. |
| Monthly Taxes & Insurance (T&I) Payment | The portion of a mortgage payment covering property taxes and insurance premiums. |
| Mortgage | A loan used to purchase real estate, where the property is collateral. |
| Mortgage Banker | A company or individual that originates, sells, and services mortgage loans. |
| Mortgage Broker | An intermediary who brings borrowers and lenders together to obtain a loan. |
| Mortgage Insurance | Insurance protecting the lender if the borrower defaults on the loan. |
| Mortgage Insurance Premium (MIP) | The monthly insurance payment required for some federally insured loans, including FHA loans. |
| Multi-Dwelling Units | A building or property that contains more than one housing unit. |
| Multiple Listing Service MLS | A database used by real estate agents to list, search, and advertise properties for sale. |
| Multiple Offers | When multiple buyers submit offers on a property, often leading to a bidding war. |
| Negative Amortization | When loan payments are not enough to cover the interest, causing the loan balance to increase. |
| Net Income | Total earnings after all expenses have been deducted from revenues. |
| Net Present Value (NPV) | The value of a series of future cash flows, discounted back to their present value. |
| Net Worth | The value of all assets owned minus total liabilities. |
| NIMBY (Not in my back yard) | A term describing opposition to local development projects by residents. |
| No Documentation Loan | A type of mortgage that requires no income verification or documentation from the borrower. |
| Notary | A legal official authorized to witness and certify the validity of documents. |
| Note | A legal document evidencing a loan, detailing the amount, terms, and interest rate. |
| Note Rate | The interest rate stated on a mortgage note. |
| Notice Of Default | A public notice filed with a court stating that a borrower has defaulted on a loan. |
| Open House | A scheduled period during which a property is open for viewing by potential buyers. |
| Option | A contract giving a buyer the exclusive right to purchase property within a specified time period. |
| Origination Fee | A fee charged by lenders for processing a new loan application. |
| Owner Financing | A transaction where the seller provides financing to the buyer directly. |
| Passive Activity | Business activities in which the taxpayer does not materially participate. |
| Passive Losses | Losses generated from passive activities, typically only deductible against passive income. |
| Percolation | The ability of soil to absorb water, often tested for septic system suitability. |
| Personal Property | Movable property not fixed to or associated with the land. |
| Piggyback | A second mortgage on top of the first to cover a down payment and avoid PMI. |
| PITI (Principal, Interest, Taxes, Insurance) | The four components of a monthly mortgage payment. |
| Planned Unit Development (PUD) | A designed grouping of varied and compatible land uses, such as housing, recreation, and shopping. |
| PMI | Private Mortgage Insurance; protects lenders against borrower default, typically required for loans with less than 20% down. |
| Points (Loan Discount Points) | Fees paid directly to the lender at closing in exchange for a reduced interest rate. |
| Power Of Attorney | A legal document authorizing one person to act on another's behalf. |
| Pre-Paid Items (Prepaids) | Costs paid at closing for future services, such as taxes and insurance. |
| Pre-Paid Interest | Interest paid at closing to cover the period before the first mortgage payment is due. |
| Prepayment | Paying off a loan or mortgage, in part or fully, before the scheduled due date. |
| Prepayment Penalty | A fee charged by lenders for paying off a loan early. |
| Pre-Qualification | An initial assessment of a borrower’s ability to secure a loan, based on self-reported information. |
| Present Value | The current value of a future sum of money or stream of cash flows given a specified rate of return. |
| Prime Rate | The interest rate commercial banks charge their most creditworthy customers. |
| Principal | The original amount of money borrowed or the remaining balance on a loan. |
| Privacy Fence | A fence that is tall and solid, offering a high degree of privacy from neighbors or passersby. |
| Private Mortgage Insurance (PMI) | Insurance protecting the lender in case the borrower defaults on the loan. |
| Processing | The preparation and review of a mortgage loan application and supporting documents. |
| Promissory Note | A written promise to repay a specified amount over a designated period. |
| Proration | The division of expenses between buyer and seller, based on the time of ownership. |
| Public Auction | A sale of property to the highest bidder, often conducted by public agencies. |
| Purchase Price | The price agreed upon by the buyer and seller for property. |
| Qualifying Ratios | Financial ratios used by lenders to determine a borrower's ability to repay a loan. |
| Quit Claim Deed | A deed transferring ownership without guaranteeing that the title is clear. |
| R Value | A measure of resistance to heat flow; used in insulation ratings. |
| Rate | The interest as a percentage of the principal loan amount. |
| Rate Reduction Option | A loan feature allowing the borrower to reduce the interest rate under certain conditions. |
| Rate Lock | A guarantee by the lender to hold a specified interest rate for a designated period. |
| Real Estate Agent | A licensed professional assisting buyers and sellers in real estate transactions. |
| Real Estate Settlement Procedures Act (RESPA) | A federal law requiring disclosures and regulating fees for real estate transactions. |
| Real Property | Land and anything permanently attached to it. |
| REALTOR® | A licensed real estate agent who is a member of the National Association of REALTORS®. |
| Recording | The process of entering legal documents into public records. |
| Rescission | The cancellation of a contract and return of the parties to their pre-contractual position. |
| Recorder | A public official responsible for keeping records of real estate transactions. |
| Recording | The official documentation of a real estate transaction in public records. |
| Refinance Transaction | Replacing an existing loan with a new loan under different terms. |
| Regulation Z | A regulation enforcing the Truth in Lending Act, requiring disclosures about loans and borrowing costs. |
| Remaining Balance | The amount still owed on a loan. |
| Remaining Term | The period left for repayment of a loan. |
| Revolving Liability | A credit line, such as a credit card, that can be borrowed against repeatedly. |
| Right Of First Refusal | A right allowing a party to match any offer made on a property before it can be sold to someone else. |
| Right Of Ingress or Egress | The right to enter or leave a property. |
| Right Of Survivorship | A feature of joint tenancy where the surviving owner automatically inherits ownership. |
| Sale-Lease Back | A transaction where the seller sells the property and then leases it back from the buyer. |
| Second Home | A property owned in addition to the primary residence, often for vacation or rental purposes. |
| Second Lien | A subordinate lien with lower priority than the first mortgage. |
| Secondary Mortgage Market | The market where existing mortgages are bought and sold. |
| Secured Loan | A loan backed by collateral to reduce the risk associated with lending. |
| Security | Property or assets pledged to secure a loan. |
| Seller Broker | A real estate agent who represents the seller in a transaction. |
| Seller Financing | When the seller provides a loan to the buyer to help purchase the property. |
| Servicer | An entity that manages the day-to-day administrative aspects of a loan. |
| Single Family Residence | A standalone home intended for one family. |
| Subdivision | A tract of land divided into lots suitable for development. |
| Subordination | An agreement that alters the priority of liens, making one subordinate to another. |
| Survey | A drawing or map showing precise legal boundaries and other features of a property. |
| Sweat Equity | The value added to a property through labor and effort rather than capital. |
| Tap Fee | A one-time fee for connecting to municipal water or sewer services. |
| Tax Bracket | A range of incomes taxed at a particular rate. |
| Tax Certificates | Documents representing unpaid property taxes, sold to the public to recover tax revenue. |
| Tax Lien | A legal claim by the government on a property for unpaid taxes. |
| Tax Sale | A sale of property due to unpaid property taxes. |
| Tax Savings | Reductions in tax payments due to deductions, credits, or other benefits. |
| Tax Shelter | An investment that provides tax advantages. |
| Term | The duration of a loan. |
| Termite Report | A document detailing the inspection results of a property for termite infestations. |
| Title | A legal document proving a person's right to or ownership of a property. |
| Title Company | A company that insures the title to real estate. |
| Title Insurance | Insurance protecting against losses due to title defects or disputes. |
| Title Search | An examination of public records to confirm a property's legal ownership. |
| Truth-in-Lending | A federal law requiring disclosure of loan terms and costs by lenders. |
| Two To Four-Family Property | A property containing two to four separate residential units. |
| Trustee | A person or entity holding legal title to property on behalf of another. |
| Underwriting | The process of evaluating a loan applicant's financial information and property value to assess risk. |
| Unsecured Loan | A loan not backed by collateral. |
| Usury | Charging an illegally high-interest rate on a loan. |
| VA Mortgage | A mortgage guaranteed by the Department of Veterans Affairs for eligible veterans. |
| Variable Rate | An interest rate that can change at specified intervals. |
| Vested | Having full rights or ownership in a property or asset. |
| Veterans Affairs, Department of (VA) | A federal agency offering benefits, including home loans, to military veterans. |
| Warehouse | A large building used for storing goods. |
| Wrap Around Mortgage | A financing arrangement where a new mortgage wraps around an existing loan. |
| Xeriscape | A landscaping method that reduces or eliminates the need for irrigation. |
| Year Acquired | The year in which a property was purchased. |
| Year-End Statement | A report summarizing financial transactions for the year, often provided by lenders. |
| Zero Lot Line | A property where the structure is built up to the property line, reducing yard space. |
| Zoning | Local regulations controlling land use and development. |
| Zoning Variance | An authorization allowing a property to be used in a way that does not conform to current zoning regulations. |
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