Home Improvement Lead,

OBSOLESCENCE
A type of depreciation of property.

HABITABLE
Being fit to live in. The residential landlord has an obligation to keep the leased premises in a habitable condition.

CLOSING STATEMENT
A detailed cash accounting of a real estate transaction prepared by an escrow officer or other person designated to process the mechanics of the sale, showing all cash that was received, all charges and credits which were made, and all cash that was paid out in the transaction; also called a settlement statement.

SECURITY AGREEMENT
A security document which creates a lien upon chattels, including chattels intended to be affixed to land as fixtures; known as a chattel mortgage prior to the adoption of the Uniform Commercial Code.

CAPITALIZATION
A mathematical process for converting net income into an indication of value, commonly used in the income approach to appraisal.

DOUBLE ESCROW
An escrow set up to handle the concurrent sale of one property and purchase of another property by same party.

REALTOR
A registered word which may only be used by an active real estate broker who is a member of the state and local real estate board affiliated with the National Association of Realtors. The use of the name REALTOR and the distinctive seal in advertising is strictly governed by the rules and regulations of the National Association.

DEPTH TABLE
Tables of percentage designed to provide a uniform system of measuring the additional value to lots which accrues because of added depth, with the extra depth valued according to the added utility which it creates.

LIBOR (LONDON INTERBANK OFFERED RATE)
The interest rate charged among banks in the foreign market for short-term loans to one another. A common index for ARM loans.

BUILDING PERMIT
A written permission granted by the County Building Department and required prior to beginning the construction of a new building or other improvement (including fences, fence walls, retaining walls and swimming pools).

PLANNED UNIT DEVELOPMENT (PUD)
A modern concept in housing designed to produce a high density of dwellings and maximum utilization of open spaces.

TOWNHOUSE
A type of dwelling unit normally having two floors, with the living area and kitchen on the base floor and the bedrooms located on the second floor.

ABATEMENT
A reduction or decrease in amount, degree, intensity or worth.