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Early occupancy
The condition in which buyers can occupy the property before the sale is completed.
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Earnest money
Money a buyer gives with an offer to purchase a property. Also called a deposit.
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Earthquake insurance
A policy that provides coverage against damage to a home from an earthquake.
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Easement
A right given to a third party to use a portion of the property for certain purposes, such as power lines or water mains.
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Eaves
The projecting overhang at the lower edge of a roof.
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Effective age
The age of a structure estimated by its condition rather than its actual age.
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Effective gross income
Additional income that a lender considers when assessing the loan application of a potential borrower.
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Electric service panel
A panel that transfers power from the utility line into a house to be distributed through fuses or circuit breakers.
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Elevations
The exterior view of a home design that shows the position of the house relative to the grade of the land.
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Ell
An extension or wing of a house that is at right angles to the main structure.
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Eminent domain
The government's right to condemn private land for public use, such as the routing of a public highway.
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Employer-assisted housing
Programs which help employees purchase homes through special plans developed with lenders.
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Empty nesters
Potential buyers who have raised their families and want to move into a smaller home.
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Encroachment
Fences or other structures that extend into the property of another owner.
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Encumbrance
A claim or lien on a property which complicates the title process.
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End loan
The conversion from a construction loan to permanent financing a condominium buyer secures after all units in a project have been completed.
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Endorser
A person who signs over ownership of property to another party.
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English Tudor style
An architectural design that features stone or brick exterior walls and exposed beams.
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Environmental impact statement
A government-mandated evaluation of all aspects and effects a development will have on the environment of a proposed site.
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Environmentally friendly home construction
A method of construction that utilizes recycled materials.
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Equal Credit Opportunity Act.
A federal law that prohibits a lender or other creditor from refusing to grant credit based on the applicant's sex, marital status, race, religion, national origin or age. The law also prohibits a creditor from refusing to grant credit because the applicant receives public assistance.
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Equifax
Equifax Credit Information Services, Inc., is one of the "Big Three" credit-reporting bureaus that operate nationwide. Address: P.O. Box 740249, Atlanta, GA 30374.
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Equity
A determination of the value of a property after existing liens are deducted.
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Errors and omissions insurance
A policy that pays for any mistakes a builder or architect makes in a project.
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Escrow
A neutral third party holds the documents and money involved in a real estate transaction and ensures that all conditions of a sale are met.. Escrow also refers to a special account that a lender establishes to hold monthly installments from the borrower to cover property taxes and insurance.
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Escrow account
An account that a lender or mortgage servicer establishes to hold funds for the payment of expenses such as homeowners insurance and property taxes. Also known as an impound account.
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Escrow agent
A neutral third party who ensures that all conditions of a real estate transaction are met.
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Escrow analysis
A lender's periodic examination of an escrow account to determine if the lender is withholding enough funds from a borrower's monthly mortgage payment to pay for expenses such as property taxes and insurance.
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Escrow closing
Escrow closes when all conditions of a real estate transaction are met and the title of the property is transferred to the buyer.
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Escrow company
Firms that act as neutral third parties to ensure that all conditions that the buyer, seller and lender establish in a real estate transaction are met.
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Escrow payment
Funds that a mortgage servicer withdraws from a borrower's escrow account to pay property taxes and insurance.
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Estate
The total assets of a person, including real property, at the time of death.
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Eviction
A legal procedure to remove a tenant for reasons including failure to pay rent.
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Examination of title
An inspection by a title company of public records and other documents to determine the chain of ownership of a property.
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Excavation
The process of clearing trees, removing topsoil and grading land before the foundation is laid.
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Exclusive listing
A contract that gives an agent the exclusive right to market a property for a specific period of time.
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Executor
A person appointed to carry out the instructions in a will. If there is no will, a probate court will appoint an executor.
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Exhaust fan
Ventilating devices that remove water vapor, undesired smells or smoke.
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Experian
Experian, formerly known as TRW Information Systems & Services, is one of the "Big Three" credit-reporting bureaus.. Address: 505 City Parkway West, Orange, CA 92868.
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Façade
The part of a building facing the street or a courtyard.
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Fair Credit Billing Act
A federal law that governs credit and charge card billing errors. If a credit or charge card company violates any provision, consumers can sue to recover damages.
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Fair Credit Reporting Act.
A federal law passed in 1971 that regulates the activity of credit bureaus. It is designed to prevent inaccurate or obsolete information from staying in a consumer's credit file and requires credit bureaus to have reasonable procedures for gathering, maintaining and disseminating credit information. The act also requires credit bureaus to show a consumer their credit file if the consumer presents proper identification, although the bureau reserves the right to charge a fee for doing so.
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Fair Debt Collection Practices Act.
A federal law passed in 1977 which outlaws debtor harassment and other types of collection practices. The act regulates collection agencies, original creditors who set up a separate office to collect debts, and lawyers hired by the creditor to help collect overdue bills. An original creditor--the company or individual that originally granted the credit--is not covered by the act, but may be covered by similar measures approved by state governments.
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Fair Housing Act
Landmark federal law passed in 1965 and amended in 1988 that makes it illegal to deny rent or refuse to sell to anyone based on race, color, religion, sex or national origin. The 1988 amendment expanded the protections to include family status and disability.
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Fannie Mae
The official name of the Federal National Mortgage Association, it is a congressionally chartered, shareholder-owned company that buys mortgages from lenders and resells them as securities on the secondary mortgage market.
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Farmer's Home Administration
A U.S. Department of Agriculture agency that provides credit to farmers and rural residents.
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Fascia
A board that connects the ends of the roof rafters and provides a surface to support gutters.
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Federal Home Loan Mortgage Corporation,law
The Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac. The company buys mortgages from lending institutions, pools them with other loans and then sells shares to investors.
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Federal Housing Administration (FHA)
This government agency operates a variety of home-loan programs. Its most popular is the Sec. 203(b), program, which provides low-rate mortgages to buyers who make a down payment as small as 3 percent.
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Federal National Mortgage Association
Now officially dubbed Fannie Mae, this federally chartered agency buys mortgages from lending institutions, pools them with other loans and sells shares to investors.
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Federal Reserve Board
A group of economists and other experts who set the nation's monetary policy. Its chief tool to control inflation is the power to control interest rates.
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Federal style
The all-American home architecture style that evolved after the Revolutionary War. Details include bigger windows and a front doorway surrounded by glass and topped with an arched window.
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Federal Trade Commission
The government agency responsible for regulating a variety of companies and industries, from credit bureaus and collection agencies to timeshare operators and certain types of creditors. National headquarters: Sixth and Pennsylvania Avenue NW, Washington, D.C. 20580. Phone: (202) 326-2222.
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Fee simple
This type of ownership is the maximum interest a person can have in a piece of real estate. It entitles the owner to use the property in any manner they see fit, in accordance with state and local laws.
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Fee simple defeasible
The owner of the property holds a fee simple title contingent upon certain conditions.
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Feng shui
An ancient Chinese belief that the physical characteristics of a house and the positioning of the home will affect the fortunes of the owner.
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FHA loans
Mortgages that are insured by the Federal Housing Administration. The FHA's 203(b) loan program provides low-rate mortgages to buyers who make a down payment as small as 3 percent. The agency also operates loan plans for investors and purchasers of rural property.
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Fiduciary duty
The relationship of trust that buyers and sellers expect from a real estate agent. The term also applies to legal and business relationships.
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Field changes
Modifications made on the construction site that do not match blueprints.
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Fill dirt
Soil brought in to solidify a finished foundation.
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Filled land
An area where the ground has been raised by adding dirt, gravel or other fill material.
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Finder's fee
A fee in any amount that is paid to someone.
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Finish grade
A finish that prepares a lot for landscaping.
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Fire wall
A buffer composed of fire-resistant material.
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Firm commitment
A promise made by a lender when it agrees to loan money for the purchase of property.
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First mortgage
The primary mortgage on a property that has priority over all other voluntary liens.
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Fixed installment
The monthly payment on a home loan.
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Fixed time
The specific weeks in a year an owner of a timeshare arrangement has access to accommodations.
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Fixed-rate mortgage
A home loan with an interest rate that will remain at a specific rate for the term of the loan. About 75 percent of all home mortgages have fixed rates.
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Fixer-upper
A house that needs refurbishment or remodeling It usually sells at a below-market price.
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Fixture
Personal property permanently attached to a house, such as drapery rods, toilets, built-in bookcases or a furnace.
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Flashing
Metal strips placed around chimneys, skylights, vents, windows, doors, beneath shingles and along seams in the roof to prevent water seepage.
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Flat fee
A set fee charged by a broker instead of a commission.
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Flat roof
A roof with a level surface.
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Float floor drain
A drain that diverts water from the basement to a collection area. Water is then removed with a sump pump.
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Floating wall
Walls built to withstand movement in the basement floor.
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Flood insurance
Hazard coverage that is required in designated flood areas.
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Flood plain
Flat, flood-prone areas located along waterways.
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Floor area ratio
The calculation of the floor area of all homes or buildings in a project. It is used in the planning and development of a site.
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Florida rooms
Enclosed porches built on the side or back of a home.
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Footings
Concrete foundations that support a structure.
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For Sale By Owner (FSBO)
The owner acts as the agent to avoid paying a sales commission.
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Forbearance
A course of action a lender may pursue to delay foreclosure or legal action against a delinquent borrower.
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Foreclosure
The legal process reserved by a lender to terminate the borrower's interest in a property after a loan has been defaulted. When the process is completed, the lender may sell the property and keep the proceeds to satisfy its mortgage and any legal costs. Any excess proceeds may be used to satisfy other liens or be returned to the borrower.
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Forfeiture
The relinquishing of property rights by a delinquent borrower.
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Foundation
The support structure of a house.
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Foyer
The entrance hall to a home or building.
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Framing
The construction of the skeletal framework of a house.
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Freddie Mac
The common name for the Federal Home Loan Mortgage Corporation, a congressionally chartered institution that buys mortgages from lenders and resells them as securities on the secondary mortgage market.
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Free-market lots
Owners of these types of lots may hire any builder to construct their home.
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French doors
Two adjoining doors inlaid with glass that open from the middle.
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Frontage
The portion of property that borders a roadway or body of water.
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Fully amortized adjustable-rate mortgage
A mortgage that amortizes, or pays down, the balance of a loan.
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Furnace
An enclosed heating device powered by coal, oil, propane or natural gas.
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Fuse
A device that allows power to be channeled into a home.
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Gable
A triangular wall enclosed by the sloping ends of a ridged roof or a triangular decorative feature.
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Gable roof
A ridged roof that forms a triangle at each end.
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Gag rules
A provision in contracts signed by new buyers that prohibits the owners from publicizing complaints about the builder.
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Gambrel roof
A roof with two slopes, often seen on barns.
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General contractor
The person who hires all of the subcontractors and suppliers for a project.
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General plan
A government's long-range land-use plan.
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Geodesic dome
A structure constructed of lightweight bars forming a grid of polygons.
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Georgian style
Popular throughout the 18th century, this type of architecture is distinguished by a symmetrical facade, prominent front entrance and quoins-decorative blocks of masonry or wood set in the corners of the house.
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Gift
A cash gift a buyer receives from a relative or other source.
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Gingerbread decoration
An intricate, almost lacy, wood trim.
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Girders
Crossbeams that support floor joists.
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Good-faith estimate
An estimate from an institutional lender that shows the costs a borrower will incur, including loan-processing charges and inspection fees.
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Government National Mortgage Association
Commonly known as Ginnie Mae, this agency buys home loans from lenders, pools them with other loans and sells shares to investors. Ginnie Mae differs from its cousins, Fannie Mae and Freddie Mac, in that it only purchases loans backed by the federal government.
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Grace period
A specified amount of time to make a loan payment after its due date without penalty.
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Grade
The elevation of land above level ground.
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Grade level
The flat or sloping surface upon which a house is built.
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Graduated-payment mortgage (GPM)
A mortgage that requires a borrower to make larger monthly payments over the term of the loan. The payment is unusually low for the first few years but gradually rises until year three or five, then remains fixed.
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Granny flat
Slang term for a separate unit in a house or above the garage, which in the past may have been occupied by an elderly relative.
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Grantee
A person conveyed an interest in a piece of property.
Grantor
The person who conveys an interest in a piece of property to another person.
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Greek Revival style
A style introduced in the U.S. at the end of the 18th century. Its most prominent feature is a pillar-anchored pediment forming a portico in the front of the house.
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Greenbelt
Any stretch of park, open space or other natural setting in a community.
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Gross income
The total income of a household before taxes or expenses are subtracted.
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Ground fault circuit interrupter
Devices that detect leakage of electrical current to the ground and prevent accidental shock.
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Ground rent
The amount of money paid for the use of a piece of property when it is a leasehold estate.
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Group home
A single-family residence used as a living space for unrelated, developmentally disabled or mentally disabled people.
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Growing-equity mortgage
A fixed rate mortgage that increases payments over a specific period of time. The extra funds are applied to the principal.
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Guarantee mortgage
A loan guaranteed by a third party, such as a government institution.
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Gutters
Horizontal channels installed at the edge of a roof to carry rainwater or melted snow away from the house.
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Half-bath
Also called a powder room, a half-bath contains a toilet and a sink but no bathtub or shower stall.
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Hazard insurance
This provision of homeowners insurance covers damage by fire, wind or other disaster. It is required by all lenders before a loan is approved.
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Header
Crossbeams above windows and doors.
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Heat pump
An electric cooling and heating system.
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Hectare
The equivalent of 2.471 acres.
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High density
The concentration of housing units in a specific area or on a specific property.
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High-rise
Any building higher than six stories.
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Hip roof
A pitched roof with sloping sides.
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Historic preservation
The physical rehabilitation of a historic home or building, and the movement of the same name begun in the 1960s in the U.S. to preserve and protect landmarks and urban neighborhoods.
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Historic structure
A home or building listed in the National Register of Historic Places and certified as historic by the U.S. Secretary of the Interior.
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Home equity conversion mortgage
Loans made to older owners who want to convert equity into money. Because borrowers are qualified on the basis of the value of their home, e, the loan is not the same as a home equity loan. Also known as reverse mortgages.
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Home equity loan
A loan that allows owners to borrow against the equity in their homes.
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Home inspection
An examination of a home's construction, condition and internal systems by an inspector or contractor prior to purchase.
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Home rule
The power of a local government to adopt its own land-use regulations.
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Home warranty
A type of insurance that covers repairs to certain parts of a house and some fixtures.
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Homeowners' association
A group that governs a modern subdivision or planned community. An association collects monthly fees from all owners to pay for maintenance of common areas, handle legal and safety issues, and enforce the covenants, conditions and restrictions set by the developer.
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Homeowners' insurance
This insurance includes hazard coverage for any damages that may affect the value of a house, in addition to personal liability and theft coverage.
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Homeowners' warranty
Special insurance policies that cover certain home repairs for a specified amount of time.
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Homesteading
A document that to protects some of a home's equity from lawsuits.
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Hopper window
A window that contains a single sash that tilts inward.
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Hose bibb
A threaded faucet connection for devices such as a washing machine.
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House wrap
A polyethylene barrier wrapped around a house to save energy.
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Housing discrimination
The illegal practice of denying an individual or group the right to buy or rent a home based on race, color, religion, national origin, sex, disability or family status.
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Housing expense ratio
The percentage of gross monthly income devoted to housing costs.
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HUD-1 Uniform Settlement Statement
A closing statement or settlement sheet that outlines all closing costs on a real estate transaction or refinancing.
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