|
A clause or series of clauses in an instrument
of conveyance (i.e. a Deed) which defines the extent of title (i.e.
fee simple or such other title) being transferred to the new owner
of land. From Latin "habendum et tenendum", meaning "to
have and to hold".
A description of a dwelling or property that
is appropriate for human occupancy.
:
320 acres of land, 72 half-sections make
up a township.
:
1. A tragic prince of Denmark
2. A small community, smaller than a village.
A descriptive term for a property
which requires significant work to bring it up to normal standards
of condition and repair. Often marketed at a lesser price.
A boundary set by local authorities marking
the extent of the area allowed for development along the sides of
a navigable river or other body of water.
HARD SELL:
A description of a style of salespersonship
in which the potential purchaser is placed under extreme pressure
and bombarded with information and sales pitches.
A type of insurance designed to cover damage
caused by a peril specified in the policy of insurance (i.e. fire,
flood, etc.).
:
Slang term for any person with substantial
resources.
Back to Top
The establishment of local by-laws or ordinances
which restrict the height of buildings in a certain area. May be
used in areas near airports (for safety reasons) or natural attractions
(to maintain the view) or simply to allow the flow of air or sunlight.
A person who is entitled by law to the property,
rights, privileges or position of another person if that other person
dies without a will (intestate).
A descriptive term for any property that
one is able to inherit.
A break or gap. In discussions of
land, an area of land that lies between two parcels of land but
appears from legal descriptions and public records not to be a part
of either.
:
Qualities of a property which may not be
immediately noticeable but add to the value of the property, such
as high quality materials used in construction.
:
A mortgage in which the amount of money borrowed is equal to or
greater than 75% of the purchase price/appraised value of the property
against which it is secured. Will require some sort of insurance,
usually provided by a government agency.
A descriptive term for any building that
has enough floors to make an elevator a necessity.
The highest point on the shoreline to which
water in a lake, river, stream or other body of water will rise
under normal weather conditions.
An analysis of a property which is
aimed at discovering the most profitable way to develop the property.
In common parlance, a road which offers higher
speed limits than a normal urban street. In legal parlance, any
road which is available to use by the public.
A classification (whether under zoning, heritage
or other authority) of a specific area of a community in which the
buildings and improvements have a historical value or significance
which may not be reflected in their market value. Designation as
such a district may also involve strict rules regarding the way
the buildings and properties are dealt with.
A term describing the original cost of a
project, stated in dollars of the time in which the project was
completed, with no adjustment for inflation.
:
An attempt to predict the interest rate
fluctuations of a Variable or Adjustable Rate Mortgage on the basis
of the behaviour of interest rates in a previous period.
Also known as "save harmless clause".
A clause in a contract in which one party releases another party
for legal liability for a stated risk.
A percentage of a contract price which is
retained by a contractor or lender until the project is complete
and all bills for that project are paid. The percentage may be set
by custom or by statute.
:A person who takes title to a property
without being notified of a defect on title or a competing claim.
The span of time in which a particular party
holds title to a property. May be expressed as the total time (i.e.
five years) or as a specific period (May, 1999 to July, 2004).
Back to Top
Also known as "overholding", the
term used to describe the action of a tenant who retains possession
of a premises after the lease has expired.
:
A testamentary document which is written
entirely in the hand of the testator (the person making the will).
Is a valid will in many jurisdictions despite the fact that it may
not be properly witnessed, so long as it shows an intention on the
part of the writer that the document be her will, it deals with
the person's assets and there are no concerns with regard to fraud,
coercion or lack of capacity. Originally recognized to aid soldiers
in the field who, in the face of death, wished to settle their estate.
:
Also known as a "reverse mortgage",
a loan designed specifically for people without income but with
a great deal of equity in their home (i.e. retired people). The
loan may require periodic payments or may simply accumulate interest
on the original principal until the property is sold (by the borrower
or after the death of the borrower).
A special kind of loan (also known as a
"revolving loan") which is secured against a property
and allows the owner to borrow and repay money at her leisure. Periodic
payments of at least accumulated interest are required but the loan
is fully open: may be paid out in whole or in part at any time and,
if there is still money available under the loan ceiling, the borrower
may take more money for her use.
:
A loan made for the purposes of making improvements
to a property.
The written statement of the results of the
inspection of a given property by a professional home inspector.
Will show problems and potential problems with the property not
always visible to an average purchaser (i.e. a deteriorating roof,
an ancient furnace, termites, wood rot, basement seepage). Many
purchasers make their offer to purchase conditional upon obtaining
a satisfactory Home Inspection report.
:
A person who offers a service of making a
physical inspection of homes. Qualifications may vary.
A
form of Home Equity Conversion Mortgage offered by Fannie Mae to
older homeowners to allow them to use the equity in their home to
provide either a lump sum or periodic payments to themselves. :
A cooperative effort by property owners in
a given neighborhood aimed at improving quality of life, providing
a unified political voice or combatting identified ills.
Liability coverage for property owners covering
both loss/damage to property or dwelling and personal liability.
Common name for the state's transferring
of power to the local governments to pass regulations regarding
land use.
A tax break for home owners offered in certain
jurisdictions which sees property tax assessments reduced by a certain
percentage as a result of the fact that the taxpayer resides in
the property. May require evidence of the status of ownership to
be filed periodically with taxing authority.
The non-profit organization that oversees
the common elements in a planned unit development (PUD) or condominium
project.
A capital gain exemption of the first $125,000.00
in gains earned from the sale of a principal residence by a qualified
taxpayer.
A warranty program offered by a division
of the National Association of Home Builders through certain builders.
The program sets standards for construction and requires warranties
ranging from one to ten years in duration on everything from minor
defects in workmanship to major structural problems.
:
A method of protecting some assets from creditors
by registering a declaration on title to the owner's homestead property.
A mortgage specifically designed to allow
owners to improve their existing homes.
A description of the state of having very
little disposable income after paying the financing and carrying
costs of one's home.
National Association of Realtors analysis,
issued on a monthly basis, of the ability of the average family
to afford the average home with only 20% down.
Federal Agency charged with the duty of
overseeing a number of enactments relating to housing in America.
Funded by HUD, an agency designed to support
low-income housing development in rural areas.
Municipal rules setting minimum standards
for dwellings.
A comparison of a family's monthly gross
income with the carrying costs of their home.
:
State body whose function is to provide loans
to citizens who cannot obtain home ownership loans through normal
channels.
An economic indicator, the number of dwelling
units (including apartments) on which construction is begun in a
given period of time.
See "Housing and Urban Development".
The form in which the costs of purchasing
a home are itemized.
Used in determining eligibility for various
HUD programs, the average income for a family in a specific area.
See "HUD I Settlement Statement".
The benchmark for comparisons, the property
location which provides the best rental income per square foot for
a particular type of building.
:
A form of mortgage in which the compensation
to the lender may include receiving income directly from the use
of the property.
To pledge as security for a mortgage an asset
of which the pledgor retains possession (i.e. the dwelling upon
which a mortgage is registered).
Back To Top
|
