Home Improvement Store,

VENDOR
The seller of realty. The seller under an agreement of sale.

LITTORAL LAND
Land bordering on the shore of a sea or ocean and thus affected by the tide currents.

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

WEAR AND TEAR
The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable.

VARIABLE RATE
Interest rate that changes periodically in relation to an index.

CLOSING
The final stage of consummating a real estate transaction when the seller delivers title to the buyer, in exchange for the purchase price.

SPECIFIC PERFORMANCE
A legal action brought in a court of equity to compel a party to carry out the terms of a contract.

INTEREST
Charge paid for borrowing money, calculated as a percentage of the remaining balance of the amount borrowed.

CONCESSIONS
Discounts given by landlords to prospective tenants to induce them to sign a lease.

DISCOUNT POINTS (OR POINTS)
Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. Points and interest rates are inherently connected: in general, the more points you pay, the lower the interest rate you get. However, the more points you pay, the more cash you need up front since points are paid in cash at closing.

MARGINAL LAND
Land which is of little value because of some deficiency, such as poor access, lack of adequate rainfall, or steep terrain.

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.

BENCH MARK
A mark affixed to a permanent reference or monument, such as an iron post or a brass marker (usually embedded in a cement sidewalk), used to establish elevations and altitudes over a surveyed area.

HYPOTHECATE
To pledge specific real or personal property as security for an obligation, without surrendering possession of it.

APPRECIATION
An increase in the worth or value of property due to economic or related causes, which may prove to be either temporary or permanent.

INTEREST RATE
The annual rate of interest on the loan, expressed as a percentage of 100.

WARRANTY DEED
A deed in which the grantor fully warrants good clear title to the premises. Also called a general warranty deed.

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.

PREPAYMENT
Full or partial repayment of the principal before the contractual due date.

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