metal rod inserted into a water heater to extend the life of the
estate transaction in which the buyer leases back the property to the seller for
a specific period of time. Also called seller rent-back.
cost paid by the seller, even though the cost is customarily paid by the
contract signed by the buyer and seller that details the terms of a home
design that dates to colonial times and takes its name from the shape of
The drain line in a house that carries away wastewater to a
municipal sewer system or a septic system.
One of two
windows in a double-hung window.
Renderings of floor plans and the exterior of a
second loan placed upon a piece of property.
|secondary mortgage market|
A market of packaged home loans that are resold as securities to
investors. Major players in this market are Fannie Mae and Freddie
loan backed by collateral.
A piece of
property designated as collateral.
agreement in which the seller provides financing for a home
seller allows the borrower to use a portion of the equity in the property to
finance the purchase.
real estate transaction in which the buyer leases the property back to the
seller for a specific period of time. Also called
agreement in which the seller provides financing for a home
hot real estate market in which sellers have the advantage and multiple offers
estate broker or salesperson who writes the purchase offer for a buyer in a real
estate transaction, but may not actually represent the buyer.
buyer of a semi-custom home is free to make changes to some design aspects of
the home, but not to the home's structural plan.
self-contained sewage treatment system that holds wastewater in an underground
storage area and relies on bacterial action to decompose solid waste
wires extending from the home's service equipment to the utility company's
|service entrance conductor|
The wire between the terminals of the panel and the connection with
the service conductor.
that collects mortgage payments and manages borrowers' escrow
distance a house or building must be from the lot line.
|settlement or closing fees|
Fees paid to the escrow agent (and often a title insurance company)
for carrying out the written instructions of the agreement between buyer and
seller and/or borrower and lender.
A document that details who has paid what to whom.
of real property by one person. Also known as sole ownership.
item from real property to personal property by detaching it from the
wood (often cedar) shingle used for roofs and siding.
A loan that allows a lender or other party to share in the
borrower's profits when the home is sold.
A transaction in which two buyers purchase a property, one as a
resident co-owner and the other as an investor co-owner.
material applied across floors, rafters, or studs.
ceiling that pitches upward at one end.
A roof that
pitches up further on one side than the other.
flat, bar-like tool with a sharp hook that's designed to make removing shingles
an easier job. You slip the hook up under wood shingles then rap the tool with a
hammer to shear-off nails with the sharp hook.
alternative style of Victorian home that evolved in the late 19th century to
simplify the complexity of the traditional Victorian house.
wedge-shaped pieces of wood or flat rectangular pieces of slate, mineral fiber,
glass fiber, or composition asphalt installed on a roof to prevent water
pattern of siding designed to shed water when applied
unobtrusive finish trim between the floor and the baseboard. Shoe molding is
designed to hide any irregularities in the seam between the floor and wall or
shutoff valve may be any water or gas valve, it generally refers to the small
valve under a sink or behind a toilet that controls the water supply to the
mounted at either side of a window.
narrow windows that stand on one or both sides of a door to admit light and
allow residents to see the person at the door. Also known as door
A type of
covering on a home's exterior walls.
horizontal member across a door or window opening. In the case of a door, the
sill is often called a threshold.
threaded faucet connection for garden hoses that provides water outside a
horizontal piece of wood placed on top of the foundation.
material that seals gaps between the foundation and sill plate.
type of loan assumption in which the original borrower remains secondarily
liable should the assumptor default.
agent who represents either the buyer or the seller in a
conventional light switch that controls one or more lights from a single
The P- or
S-shaped section of drainpipe directly beneath a sink. Its shape is intended to
hold a small amount of water so that it blocks sewer gasses from rising into the
A window in
a roof that allows natural light to illuminate a room.
foundation built directly on soil with no basement or crawl
window that is composed of two windows, or sashes, that glide open and closed on
a metal track.
device fastened between the top of a door and the door jamb to pull the door
area under the overhang of a roof.
A test of
the subsoil to ensure that foundations can be safely
horizontal component of a frame wall on which the studs
door with a solid interior.
board used beneath the wallboard to reduce the transmission of sound through the
|Spanish mission style|
A design derived from Spanish missions established in the
amount of money levied upon owners in a homeowners' association for the purpose
of public improvements.
|special deposit account|
An account required in rehabilitation mortgages. Restoration and
remodeling funds included in the loan are disbursed from the special deposit
account to the appropriate contractors as work is completed.
written requirements for materials, equipment, and construction systems and
A home that has been built without a buyer.
slanted block used to divert runoff water from a downspout away from the
A thin piece
of wood, metal, or vinyl that secures a joint. In the case of a window screen, a
wood or vinyl spline seals the screen fabric into a groove cut in the screen
window or door.
home style similar to ranch style, but stacked to fit on a smaller lot and
perhaps to accommodate a garage.
number of square feet of livable space in a home or building.
|standard metropolitan statistical area
A designation given by the U.S. Office
of Management and Budget to cities of 50,000 or more
standard payment calculation
A calculation that is used to determine the monthly payment
necessary to repay the balance of a home loan in equal
home that is generally of a lower-than-average price.
construction method used by commercial and residential
loan that allows a gradual increase in the interest rate during the first few
years of the loan.
Property that has an undesirable reputation because of an event
that occurred on or near the site.
members that make up a door's construction. The hinge stile receives the hinges;
the lock stile receives the lockset.
Part of the
interior window frame that, like a shelf, extends horizontally across the lower
part of the opening.
A thin strip of
wood fastened to the face of a doorjamb, intended to stop the door when you
close it (sometimes called a doorstop).
line not connected to the sewer line that removes all other wastewater from a
windows installed on top of an ordinary window for additional protection in
extreme weather conditions.
transaction in which a buyer gives the builder a deposit to begin building, and
the balance when the sale of the house closes.
metal plate fastened to a doorjamb that receives a lockset's latch or bolt to
keep a door closed.
of sand and cement used to cover the exterior surface or interior walls of a
home or building.
pieces of lumber or steel in a wall, to which panels, siding, drywall, or other
coverings are attached.
An agent who
assists another agent in representing a principal, or party, in a transaction. A
seller's subagent who writes the buyer's offer owes loyalty to the seller,
though many states presume any agent working with a buyer is the buyer's
Specialty construction companies hired by the general contractor to
perform certain tasks.
division of a large piece of property into smaller parcels. Also, the divided
plywood or boards beneath finish flooring that, nailed directly to floor joists,
provides a structural base for finish materials.
transfer of rights to pay a debt from one party to another, with the original
party remaining liable for the debt if the second party
second or third mortgage.
|subsequent rate adjustments|
The interest rate for adjustable rate loans (ARMs) adjusts at
regular intervals. This adjustment period could in some cases differ from the
initial interest rate duration period.
|subsequent rate cap|
specific limit defined by most adjustable rate loans (ARMs) for the maximum
amount the interest rate may increase at each regularly scheduled interest rate
adjustment date. This limit may differ from the initial rate
A pump that
moves water from a basement sump pit.
surrounding a bathtub or shower.
measurement of a piece of property by a licensed surveyor.
A wide, shallow
depression in the ground designed to channel drainage of
non-cash value added to a piece of property by the owner, such as do-it-yourself