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 salesperson
ship 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.
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 behavior 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).
Also known as "over holding",
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 combating 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).
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