Home Improvement Loews,

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

TURNKEY PROJECT
A development term meaning the complete construction package from ground breaking to the completion of the building. All that is left undone is to turn over the keys to the buyer.

GOVERNMENT SURVEY
A system of land description in which large blocks of land are divided into tracts bounded by imaginary lines conforming to the true meridian.

PROMISSORY NOTE
An unconditional written promise of one person to pay a certain sum of money to another, or order, or bearer, at a future specified time.

TAX SALE
Public sale of property by a government authority as a result of non-payment of taxes.

REALTY
Land and everything permanently affixed thereto.

WALK-THROUGH
A final inspection of a home to check for problems that may need to be corrected before closing.

SWEAT EQUITY
Value added to a property in the form of labor or services of the owner rather than cash.

COMPARABLES
Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property.

PENTHOUSE
An apartment located on the roof of a building, or more commonly, an apartment on the top floor of a building.

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

ACCRUED INTEREST
Interest earned but not yet paid.

UNDERWRITING
In mortgage lending, the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan.

DECLARATION OF RESTRICTIONS
A statement of all the covenants, conditions and restrictions ("CC&R's") which affect a parcel of land.

INITIAL RATE
The rate charged during the first interval of an ARM loan.

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

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

ENTIRETY, TENANCY BY
A form of joint ownership of property between husband and wife with the right of survivorship.

ESCROW
The process by which money and/or documents are held by a disinterested third person (a "stakeholder") until the satisfaction of the terms and conditions of the escrow instructions (as prepared by the parties to the escrow).

ACRE
A measure of land equaling 43,560 square feet; 4,840 square yards; 160 square rods.

QUIET TITLE ACTION
A circuit court action intended to establish or settle the title to a particular property, especially where there is a cloud on the title.

JUDICIAL FORECLOSURE
A method of foreclosing upon real property by means of a court supervised sale. After an appraisal, the court determines an upset price below which no bids to purchase will be accepted.

DUAL AGENCY
Representing both principals (buyer and seller) to a transaction.

VERIFICATION OF DEPOSIT (VOD)
Document signed by the borrower's bank or other financial institution verifying the borrower's account balance and history.

CONTINGENCY
A provision placed in contract which requires the completion of a certain act or the happening of a particular event before a contract is binding.

LESSEE
The person to whom property is rented or leased; called a "tenant" in most residential leases.

ALLODIAL SYSTEM
The free ownership of land by individuals.

BANKRUPTCY
A proceeding in a federal court to relieve certain debts of a person or a business unable to pay its debts.

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.