Home Appraisal Denver,

CHAIN OF TITLE
The recorded history of matters which affect the title to a specific parcel of real property, such as ownership, encumbrances and liens, usually beginning with the original recorded source of the title.

APPRAISAL
The process of estimating, fixing, or setting the market value of real property. An appraisal may take the form of a lengthy report, a completed form, a simple letter, or even an oral report.

PUNCH LIST
A discrepancy list showing defects in construction which need some corrective work to bring the building up to standards set by the plans and specifications.

MAINTENANCE
The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. If maintenance is deferred, the building will suffer a loss in value.

COVENANTS AND CONDITIONS
Covenants are promises contained in contracts, the breach of which would entitle a person to damages. Conditions, on the other hand, are contingencies, qualifications or occurrences upon which an estate or property right would be gained or lost.

EQUITY
The difference between the current market value of a property and the total debt obligations against the property. On a new mortgage loan, the down payment represents the equity in the property.

MORTGAGOR
The one who gives a mortgage as security for a debt; the borrower; usually the landowner; the borrower or debtor who hypothecates or puts up his property as security for an obligation.

ESCHEAT
The reversion of property to the state when a decedent dies intestate and there are no heirs capable of inheriting, or when the property is abandoned.

REDUCTION CERTIFICATE
An instrument which shows the amount of the unpaid balance of a mortgage, the rate of interest and the date of maturity.

PARTY WALL
A wall which is located on or at a boundary line between two adjoining parcels and is used or is intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective lots.

HUD
Housing and Urban Development. A U.S. government agency established to implement federal housing and community development programs; oversees the Federal Housing Administration.

TAX SHELTER
A phrase often used to describe some of the tax advantages of real estate investment, such as deductions for depreciation, interest, taxes, etc., which may offset the investor's other ordinary income to reduce the investor's overall tax payment.

DEVISE
A transfer of real property under a will.

PROPRIETARY LEASE
A written lease in a cooperative apartment building, between the owner-corporation and the tenant-stockholder, in which the tenant is given the right to occupy a particular unit.

WAIVER
Voluntary relinquishment or surrender of some right or privilege.

JOINT LIABILITY
Liability shared among two or more people, each of whom is liable for the full debt.

EFFECTIVE RATE
The effective rate is a consumer-oriented rate that takes into account the projected amount of time you tell us you will actually have the loan, as well as the specific costs, fees, and potential rate changes associated with it. The fees and costs are distributed over the time you plan to be in the house, allowing you to do an apples-to-apples comparison of a variety of loan types. The effective rate is not the APR. It is similar in that it factors in interest, mortgage insurance, and other fees (including points); however, the APR assumes that you keep your loan for the entire term, while the effective rate takes into account how long you tell us you plan to be in your house.

MONEY
The cash deposit (including initial and additional deposits) paid by the prospective buyer of real property as evidence of his good faith intention to complete the transaction; called hand money or a binder in some states.

ESCROW
A transaction in which a third party acts as the agent for seller and buyer, or for borrower and lender, in handling legal documents and disbursement of funds.

ORIGINATION FEE
Fee charged by a lender to cover administrative costs of processing a loan.

ACCRUED
That which has accumulated over a period of time such as accrued depreciation, accrued interest or accrued expenses.

RETALIATORY EVICTION
An act whereby a landlord evicts the tenant in response to some complaint made by the tenant.

GROSS INCOME
Total income before taxes or expenses are deducted.

CAPITAL GAIN
The taxable profit derived from the sale of a capital asset.

QUANTITY SURVEY
A method of estimating construction cost or reproduction cost; a highly technical process used in arriving at the cost estimate of new construction and sometimes referred to in the building trade as the price take-off method.

DEVISE
A transfer of real property under a will.

NOTICE OF COMPLETION
Document filed to give public notice that a construction job has been completed and that mechanics' liens must be filed within ,say, 45 days to be valid.

GARNISHMENT
A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee").

SETTLEMENT
The act of adjusting and prorating the various credits, charges and settlement costs to conclude a real estate transaction.

POLICE POWER
The constitutional authority and inherent power of a state to adopt and enforce laws and regulations to promote and support the public health, safety, morals and general welfare.

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