|
Call or E-Mail us with your Questions and/or
Concerns |
| |
|
|
|
|
|
|
|
|
|
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z
«
Back a Page
- AAA Tenants Low risk
Tenants.
- Abandonment Intended
surrender of property rights.
- Abatement A reduction
in taxes or rent charges.
- Abode Dwelling.
- Abrogate Repeal.
- Abstract of judgment, law The
summary of a court judgment that creates a
lien against a property when filed with the
county recorder.
- Absentee Ownership
Owner who resides elsewhere.
- Abstract of Title
History of Title Chain.
- Accelerated cost recovery system A
tax calculation that provides greater
depreciation in the early years of ownership
of real estate or personal property.
- Acceleration clause A provision
that gives a lender the right to collect the
balance of a loan if a borrower misses a
payment.
- Accelerated depreciation A
bookkeeping method that depreciates property
faster in the early years of ownership.
- Acceptance Agreement
to be bound to an offer.
- Access Any means by which a
person can enter property.
- Accessibility The degree to
which a building or site allows access to
people with disabilities.
- Accession Ownership to
that which the land produces.
- Accord and Satisfaction
Settling an old claim by substituting a new
agreement.
- Accretion Land accumulated
through the gradual motion of water.
- Accrue Add to an
amount.
- Acknowledgment A written
declaration affirming that a person acted
voluntarily.
- Acre A measurement of land
equal to 43,560 square feet.
- Acre foot The volume of
material needed to cover an acre of land one
foot deep.
- Act of God Casualty
caused by the forces of nature.
- Active solar system A system
that utilizes electric pumps or fans to
transfer solar energy for storage or direct
use.
- Actual age The number of years
a structure has been standing.
- Actual Agency Arises
when an agent has, in fact, been hired.
- Actual Eviction Expulsion
of a tenant by a landlord.
- Addendum An addition or change
to a contract.
- Additional principal payment Extra
money included in the monthly payment to
help reduce the principal and shorten the
term of the loan.
- Add-on interest The interest a
borrower pays on the principal for the
duration of the loan.
- Adjacent Lying nearby.
- Adjustable-rate mortgage (ARM) A
loan with an interest rate that is
periodically adjusted to reflect changes in
a specified financial index.
- Adjusted cost basis The cost of
any improvements the seller makes to the
property. Deducting the cost from the
original sales price provides the profit or
loss of a home when it is sold.
- Adjustment period The amount of
time between interest rate adjustments in an
adjustable-rate mortgage.
- Administrator A person given
authority to manage and distribute the
estate of someone who died without leaving a
will.
- Administrator's deed A legal
document that an administrator of an estate
uses to transfer property.
- Adverse possession The
acquisition of title to property through
possession without the owner's consent for a
certain period of time.
- Adverse use The access and use
of property without the owner's consent.
- Aeolian soil Soil that is
composed of materials deposited by the wind.
- Affiant A person who makes a
sworn statement.
- Affidavit A written
statement of fact sworn to under oath.
- Affirmation A substitution for
an oath granted to people based on religious
reasons.
- Affirmative Easement An
easement giving the right to enter and
exist.
- Affordable Reasonable
value
- A-frame design An interior
style that features a steeply peaked
roofline and a ceiling that is open to the
top rafters.
- Agency The relationship of
trust that exists between sellers and buyers
and their agents. The agency is formed
through a written contract.
- Agency closing The process by
which a lender uses a title company or other
firm as an agent to complete a loan.
- Agency Disclosure
Requirement that all consumers be made aware
of agency relationships.
- Agent One who formally
represents another.
- Agreed boundary A compromise
boundary to which property owners agree in
order to resolve a dispute.
- Agreement of sale A document
the buyer initiates and the seller approves
that details the price and terms of the
transaction.
- Agricultural Property
Farm Land.
- Air Rights Right to use air
space.
- Alcove A recessed section of a
room, such as a breakfast nook.
- Alienation Transfer
of property from one person to another.
- Alienation clause A provision
that requires the borrower to pay the
balance of the loan in a lump sum after the
property is sold or transferred.
- Alkali Mineral salt found in
soil.
- Alkaline soil Soil that
contains a higher concentration of mineral
salt than natural acid.
- Alley A lane behind a row of
buildings or between two rows of buildings.
- Allodial Modern
system of property ownership.
- Allowances Budgets offered by
builders of new homes for the purchase of
carpeting and fixtures.
- Alluvion Increase in
land due to water.
- Alternative mortgage Any home
loan that does not conform to a standard
fixed-rate mortgage.
- Aluminum-clad windows Wooden
windows with aluminum covering the exterior.
- Aluminum siding A metal
covering that provides an alternative to
paint for owners of wood homes.
- Ambiguity Double
Meaning.
- Amendment To change
something for the better.
- Amenities Parks, swimming
pools, health-club facilities, party rooms,
bike paths, community centers and other
enticements offered by builders of planned
developments.
- American Society of Home Inspectors The
American Society of Home Inspectors is a
professional association of independent home
inspectors. Phone: (800) 743-2744.
- Americans with Disabilities Act A
law passed in 1990 that outlaws
discrimination against a person with a
disability in housing, public
accommodations, employment, government
services, transportation and
telecommunications.
- Amortize Reduction of
principle in periodic installments.
- Amortization The process of
paying the principal and interest on a loan
through regularly scheduled installments.
- Amortization tables Mathematical
tables that lenders use to calculate a
borrower's monthly payment.
- Amperage The strength of an
electrical current.
- Anchor bolt A large steel bolt
anchored in concrete and attached to a
building to prevent the structure from
moving.
- Anchor Tenant Major
tenant in a shopping mall.
- Annexation To attach
one thing to another.
- Animus Testandi An
intention to make a last will and testament.
- Annual Yearly.
- Annual mortgagor statement A
yearly statement to borrowers that details
the remaining principal and amounts paid for
taxes and interest.
- Annual Percentage Rate (APR) The
cost of the loan expressed as a yearly rate
on the balance of the loan.
- Annuity The payment of a fixed
sum to an investor at regular intervals.
- Annul To Cancel,
Void.
- Anticipatory breach A
communication that informs a party that the
obligations of the original contract will
not be fulfilled.
- Antitrust Laws governing
unfair trade practices.
- Application A document that
details a potential borrower's income, debt
and other obligations to determine credit
worthiness.
- Application fee The fee that a
lender charges to process a loan
application.
- Appraisal An opinion of the
value of a property at a given point in
time.
- Appraisal fee The fee that an
appraiser charges to estimate the market
value of the property.
- Appraisal report A detailed
written report on the value of a property
based on recent sales of comparable sites in
the area.
- Appraised value An opinion of
the current market value of a property.
- Appraiser One who
appraises.
- Appreciation An increase in the
value of a home or other property.
- Appurtenance A right
which attaches to property.
- Arbitration A method of
resolving a dispute in which a third party
renders a decision.
- Arbor An area shaded by trees,
shrubs or vines on a latticework structure.
- Arch A curved structure that
supports weight over an area, such as a
doorway.
- Architect A licensed
professional who designs homes, buildings
and other structures.
- Architectural fees The fee an
architect charges for services. In general,
architects charge for their services by the
hour, by the square foot, or by a percentage
of the project budget.
- Arpent A French measurement of
land equal to .84625 acres.
- Asbestos A fire-resistant
mineral used for insulation and home
products that has been found to pose a
health hazard.
- As-is clause A clause
that shifts risk to the buyer.
- As-is condition The purchase or
sale of a property in its existing
condition.
- Asking price A seller's initial
price for a property.
- Assessed value A tax assessor's
determination of the value of a home in
order to calculate a tax base.
- Assessment The estimated value
of a piece of real estate or a levy placed
on property in addition to taxes.
- Assessment rolls A list of
taxable property compiled by the assessor.
- Assessor One who
determines assessed value.
- Assets Items of value which
include cash, real estate, securities and
investments.
- Assignee The party to
whom an assignment is made.
- Assignment Transfer of a
contract right.
- Assignor The party who assigns
an interest in a contract.
- Associate Broker An
individual who is licensed under another
broker and held to higher standards than a
REALTOR.
- Assumable mortgage A mortgage
that can be transferred to another borrower.
- Assumption clause A provision
that allows a buyer to take responsibility
for the mortgage from a seller.
- Assumption fee A fee the lender
charges to process new records for a buyer
who assumes an existing loan.
- Attestation The act
of witnessing an instrument in writing, at
the request of the party making the same,
and sub-scribing it as a witness.
- Attorney Person
licensed to practice law.
- Attorney in fact One who
holds a power of attorney.
- Attractive nuisance A
dangerous condition on land which attracts
children.
- Auction A sale of
property, conducted in public or after a
notice to the general public, to the highest
bidder.
- Authority Delegation
of power.
- Average price The price of a
home determined by totaling the sales prices
of all houses sold in an area and dividing
that number by the number of homes.
- Avigation easement An easement
over private property near an airport that
limits the height of structures and trees.
- Avulsion Sudden
change in a property boundary from action of
water.
- Awning windows Single-sash
windows that tilt outward and up.
Answer's to your questions or
concerns,
Call 248 684-9000 or
E-Mail us for further assistance
|
|
|
|
|
Copyright
1999-Present ©
Michigan Real Estate Today™
|
|
| |
