Home Improvement Outsourcing Retail,

RENTAL POOL
A rental arrangement whereby participating owners of rental apartments agree to have their apartment units available for rental as determined by the rental agent, and then share in the profits and losses of all the rental apartments in the pool according to an agreed formula.

ANNUAL PERCENTAGE RATE
The relationship of the total Finance Charge to the total amount to be finance as required under the Federal Truth-in-Lending Law.

LEVEL PAYMENT MORTGAGE
A mortgage which is scheduled to be repaid in equal periodic payments which include both principal and interest.

GOOD FAITH
Bona fide. An act is done in good faith if it is in fact done honestly, whether it be done negligently or not.

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.

AMENITIES
Features, both tangible and intangible, which enhance and add to the desirability of real estate.

DESCENT
The acquisition of an estate by inheritance, where an heir succeeds to the property by operation of law. Descent literally means the hereditary succession of an heir to property of an ancestor who dies intestate.

EXCLUSIVE AGENCY
A written listing agreement giving one agent the right to sell property for a specified time, but reserving to the owner the right to sell the property himself without payment of any commission.

PRINCIPAL
The capital sum; interest is paid on the principal. NOT spelled principle.

SURVEY
A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts.

TIME SHARING
A modern approach to communal ownership and use of real estate which permits multiple purchasers to buy undivided interests in real property (which is usually in a resort condominium or hotel) with a right to use the facility for a fixed or variable time period.

AGENT
One who is authorized to represent and to act on behalf of another person (called the principal). A real estate broker is the agent of his client, be it the seller or buyer, to whom he owes a fiduciary obligation. A salesman is the agent of his broker and does not have a direct personal contractual relationship with either the seller or buyer.

HIGH RISE
A popular expression for a condominium or apartment building generally higher than six stories.

TITLE INSURANCE
A comprehensive contract of indemnity under which the title company agrees to reimburse the insured for any loss if title is not as represented in the policy.

ACCRETION
The gradual and imperceptible addition to land by alluvial deposits of soil through natural causes, such as shoreline movement caused by streams or rivers.

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).

GOOD FAITH ESTIMATE
Written estimate of the settlement costs the borrower will likely have to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide this disclosure to the borrower within three days of receiving a loan application.

SHOPPING CENTER
A modern classification of retail stores, characterized by off-street parking and clusters of stores, subject to a uniform development plan, and usually with careful analysis given to the proper merchant mix.

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

MORTGAGE
A legal document by which real property is pledged as security for the repayment of a loan.

ZONING ORDINANCES (OR ZONING REGULATIONS)
Local law establishing building codes and usage regulations for properties in a specified area.

MORTGAGE
A legal document by which real property is pledged as security for the repayment of a loan.

LAND CONTRACT
Another name for an installment purchase contract, by which the buyer obtains equitable title (the right to use the property) while the seller retains legal title (recorded title)as security for payment of the balance of the purchase price.

LANDSCAPING
Shrubs, bushes, trees and the like, on the grounds surrounding a structure.

CERTIFICATE OF TITLE
Written opinion of the status of title to a property, given by an attorney or title company. This certificate does not offer the protection given by title insurance.

BOOT
Money or other property given to make up any difference in value or equity between two exchanged properties.

SUBJECT TO MORTGAGE
A grantee taking title to real property "subject to mortgage" is not personally liable to the mortgagee for payment of the mortgage note. In the event the grantor-mortgagor defaults in paying the note, the grantee could, however, lose property, and thus his equity, in a foreclosure sale.

CERTIFICATE OF VETERAN STATUS
FHA form filled out by the VA to establish a borrower's eligibility for an FHA Vet loan. Obtainable through local VA office by submitting form DD 214 (Separation Paper) with form 26-8261a (request for certificate of veteran status).