Real Estate Glossary

A structural element of the roof, sloping from the peak to the outer walls.

An architectural style typified by a single-story, low-roof construction. Popular in the western U.S.

A guarantee from a lender of a specific interest rate for a period of time.

Any land which has not been developed.

A piece of land and any improvements or fixtures located on that land.

A licensed professional who facilitates the buying and selling of real estate.

A federal law requiring lenders to give full disclosure of closing costs to borrowers.

Land, improvements and appurtenances, and the interest and benefits thereof.

Land, from the center of the earth and extending above the surface indefinitely, including all inherent natural attributes and any man-made improvements of a permanent nature place thereon. For example: minerals, trees, buildings, appurtenant rights.

A real estate agent or broker who is a member of the National Association of Realtors.

An electrical outlet to plug into.

An instrument used to transfer title from a trustee to the equitable owner of real estate, when title is held as collateral security for a debt. Most commonly used upon payment in full of a trust deed. Also called a deed of reconveyance or release.

An instrument used to transfer title from a trustee to the equitable owner of real estate, when title is held as collateral security for a debt. Most commonly used upon payment in full of a trust deed. Also called a deed of reconveyance or release.

A local government employee whose role it is to keep records of all real estate transactions within the jurisdiction.

The filing of a real estate transaction with the appropriate government agent (normally the RECORDER). A real estate transaction is considered final when it is recorded.

Filing documents affecting real property as a matter of public record, giving notice to future purchasers, creditors, or other interested parties. Recording is controlled by statute and usually requires the witnessing and notarizing of an instrument to be recorded.

A new loan to pay off an existing loan. Typically to gain a lower interest rate or convert equity into cash.

Where air from a furnace or air conditioning system enters the room.

A contract which one insurer makes with another to protect the first insurer, wholly or partially, against loss or liability by reason of a risk under a separate and distinct contract as insurer of a third party. Reinsurance differs from coinsurance in that, in the case of reinsurance, only one insurer has a direct contractual relationship with the insured, and that insurer (commonly referred to as the lead insurer) purchases reinsurance in order to lessen or spread the risk. The lead insurer will assume a risk up to a limit the amount of which is referred to as the retention) and any loss which exceeds this limit would be borne by the reinsurers. In the case of coinsurance, each coinsurer has a direct contractual relationship with the insured, and the risk is shared in agreed-upon proportions from the first dollar of loss.

Any company or agency that assists corporate employees in relocating from one place to another. Services may include hiring and coordinating real estate agents, moving companies, utilizes and the like.

The amount of principal, interest and other costs that has not yet been repaid.

The amount of time remaining on the original amortization schedule.

An activity designed to improve the value or desirability of a property through rebuilding, refurbishing, redecorating or adding on to it.

A plan to repay delinquent payments, agreed upon between a lender and borrower, in an effort to avoid foreclosure.

An account, or fund, setup for the replacement of short life items , such as carpeting, in the common areas of a cooperative property.

A piece of property whose highest and best use is the maintenance of a residence.

Often called restrictive covenants. Provisions in a deed or other instrument whereby an owner of land prohibits or restricts certain use, occupation or improvement of the land.

A type of credit that allows the borrower/customer to make charges against a predetermined line of credit. The customer then pays monthly installments on the amount borrowed, plus interest.

The structural member of a roof where the rafters join at the top.

An agreement giving a person the first opportunity to buy or lease a property before the owner offers it for sale to others.

(1) The right to pass over property owned by another, usually based upon an easement. (2) A path or thoroughfare over which passage is made. (3) A strip of land over which facilities such as highways, railroads or power lines are built.

The degree of slope in a roof.

An area outside of an established urban area or metropolitan district.