Asheville NC Real Estate Glossary A-E

 A - E ~ F - L ~ M - S ~ T - Z

A 

• Amortization   The process of paying the principal and interest on a loan through regularly scheduled installments.
• Amortization tables   Mathematical tables that lenders use to calculate a borrower's monthly payment.
• Amperage   The strength of an electrical current.
• Anchor bolt   A large steel bolt anchored in concrete and attached to a building to prevent the structure from moving.
• Annual   Any kind of plant that must be planted every year.
• Annual mortgagor statement   A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest.
• Annual Percentage Rate (APR)   The cost of the loan expressed as a yearly rate on the balance of the loan.
• Annuity   The payment of a fixed sum to an investor at regular intervals.
• Anticipatory breach   A communication that informs a party that the obligations of the original contract will not be fulfilled.
• Application   A document that details a potential borrower's income, debt and other obligations to determine credit worthiness.
• Application fee   The fee that a lender charges to process a loan application.
• Appraisal   An opinion of the value of a property at a given point in time.
• Appraisal fee   The fee that an appraiser charges to estimate the market value of the property.
• Appraisal report   A detailed written report on the value of a property based on recent sales of comparable sites in the area.
• Appraised value   An opinion of the current market value of a property.
• Appreciation   An increase in the value of a home or other property..
• Arbitration   A method of resolving a dispute in which a third party renders a decision.
• Arbor   An area shaded by trees, shrubs or vines on a latticework structure.
• Arch   A curved structure that supports weight over an area, such as a doorway.
• Architect   A licensed professional who designs homes, buildings and other structures.
• Architectural fees   The fee an architect charges for services. In general, architects charge for their services by the hour, by the square foot, or by a percentage of the project budget.
• Arpent   A French measurement of land equal to .84625 acres.
• Asbestos   A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard.
• As-is condition   The purchase or sale of a property in its existing condition.
• Asking price   A seller's initial price for a property.
• Assessed value   A tax assessor's determination of the value of a home in order to calculate a tax base.
• Assessment   The estimated value of a piece of real estate or a levy placed on property in addition to taxes.
• Assessment rolls   A list of taxable property compiled by the assessor.
• Assets   Items of value which include cash, real estate, securities and investments.
• Assignor   A person who transfers rights and interests of a property.
• Assumable mortgage   A mortgage that can be transferred to another borrower.
• Assumption clause   A provision that allows a buyer to take responsibility for the mortgage from a seller.
• Assumption fee   A fee the lender charges to process new records for a buyer who assumes an existing loan.
• Average price   The price of a home determined by totaling the sales prices of all houses sold in an area and dividing that number by the number of homes.
• Avigation easement   An easement over private property near an airport that limits the height of structures and trees.
• Awning windows   Single-sash windows that tilt outward and up.
• Abstract of judgment,law   The summary of a court judgment that creates a lien against a property when filed with the county recorder.
• Accelerated cost recovery system   A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property.
• Acceleration clause   A provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment.
• Accelerated depreciation   A bookkeeping method that depreciates property faster in the early years of ownership.
• Acceptance   The seller's written approval of a buyer's offer.
• Access   Any means by which a person can enter property.
• Accessibility   The degree to which a building or site allows access to people with disabilities.
• Accretion   The gradual addition to the shore or bank of a waterway by deposits of sand or silt.
• Acknowledgment   A written declaration affirming that a person acted voluntarily.
• Acre   A measurement of land equal to 43,560 square feet.
• Acre foot   The volume of material needed to cover an acre of land one foot deep.
• Active solar system   A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use.
• Actual age   The number of years a structure has been standing.
• Addendum   An addition or change to a contract.
• Additional principal payment   Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan.
• Add-on interest   The interest a borrower pays on the principal for the duration of the loan.
• Adjustable-rate mortgage (ARM)   A loan with an interest rate that is periodically adjusted to reflect changes in a specified financial index.
• Adjusted cost basis   The cost of any improvements the seller makes to the property. Deducting the cost from the original sales price provides the profit or loss of a home when it is sold.
• Adjustment period   The amount of time between interest rate adjustments in an adjustable-rate mortgage.
• Administrator   A person given authority to manage and distribute the estate of someone who died without leaving a will.
• Administrator's deed   A legal document that an administrator of an estate uses to transfer property.
• Adverse possession   The acquisition of title to property through possession without the owner's consent for a certain period of time.
• Adverse use   The access and use of property without the owner's consent.
• Aeolian soil   Soil that is composed of materials deposited by the wind.
• Affiant   A person who makes a sworn statement.
• Affirmation   A substitution for an oath granted to people based on religious reasons.
• A-frame design   An interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters.
• Agency   The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract.
• Agency closing   The process by which a lender uses a title company or other firm as an agent to complete a loan.
• Agent   A person licensed by the state to conduct real estate transactions.
• Agreed boundary   A compromise boundary to which property owners agree in order to resolve a dispute.
• Agreement of sale   A document the buyer initiates and the seller approves that details the price and terms of the transaction.
• Alcove   A recessed section of a room, such as a breakfast nook.
• Alienation clause   A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred.
• Alkali   Mineral salt found in soil.
• Alkaline soil   Soil that contains a higher concentration of mineral salt than natural acid.
• Alley   A lane behind a row of buildings or between two rows of buildings.
• Allowances   Budgets offered by builders of new homes for the purchase of carpeting and fixtures.
• Alternative mortgage   Any home loan that does not conform to a standard fixed-rate mortgage.
• Aluminum-clad windows   Wooden windows with aluminum covering the exterior.
• Aluminum siding   A metal covering that provides an alternative to paint for owners of wood homes.
• Amenities   Parks, swimming pools, health-club facilities, party rooms, bike paths, community centers and other enticements offered by builders of planned developments.
• American Society of Home Inspectors   The American Society of Home Inspectors is a professional association of independent home inspectors. Phone: (800) 743-2744.
• Americans with Disabilities Act   A law passed in 1990 that outlaws discrimination against a person with a disability in housing, public accommodations, employment, government services, transportation and telecommunications.

B

• Back fill   Soil used to solidify the foundation of a structure.
• Back title letter   A letter that a title insurance company gives to an attorney who then examines the title for insurance purposes.
• Back-to-back escrow   Arrangements that an owner makes to oversee the sale of one property and the purchase of another at the same time.
• Backup offer   A secondary bid for a property that the seller will accept if the first offer fails.
• Backwater valve   A valve in a sewer line that prevents sewage from flowing back into a house.
• Balance sheet   A statement that shows the assets, liabilities and net worth of an individual.
• Balloon-frame construction   A type of framing used in two-story homes in which studs extend from the ground to the ceiling of the second floor.
• Balloon loan   A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.
• Balloon payment   The final lump sum payment due at the end of a balloon mortgage.
• Balustrade   Railing held up by a set of posts on a porch or stairway.
• Bankruptcy   A proceeding in which an insolvent debtor can obtain relief from payment of certain obligations. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.
• Bargain sale   The sale of a piece of property for less than market value.
• Baseboard   Any board or molding found at the bottom of an interior wall.
• Baseboard electric heat   Heating units installed in the floor that can be controlled by a central thermostat.
• Basement   The area of a home below ground level.
• Basis Point   A basis point is one one-hundredth of one percentage point. For example, the difference between a loan at 8.25 percent and a mortgage at 8.37 percent is 12 basis points.
• Bay   The opening between two columns or walls that forms a space.
• Bay window   A window that projects outward in a curve.
• Bearing wall   A wall that supports its own weight in addition to other parts of a structure.
• Beneficiary   The lender who makes a loan, also called a mortgagee. The person borrowing money is the mortgagor.
• Before-tax income   Total income before taxes are deducted.
• Bequest   Personal property given to a person through a will.
• Betterment   An improvement that increases a property's value as opposed to repairs that maintain the value.
• Bidding war   Offers from multiple buyers for a piece of property. Agents also sometimes compete to list a house for sale.
• Bilateral contract   A contract in which the parties involved give mutual promises. Also called "reciprocal" contracts.
• Bill of sale A document that transfers ownership of personal property.   
• Binder   A report issued by a title insurance company that details the condition of a home's title. and provides guidelines for a title insurance policy.
• Biweekly mortgage   A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.
• Blanket insurance policy   A policy that covers more than one person or piece of property.
• Blanket mortgage   A mortgage that covers more than one property owned by the same borrower.
• Blighted area   A neighborhood that has deteriorated.
• Blind nailing   Nails driven into a wall and concealed with putty.
• Blueprint   
• Blue-ribbon condition   A house maintained close to its original condition. Also called mint condition.
• Blue sky laws   Regulations on the sale of securities to prevent consumers from investing in fraudulent or high-risk companies without being informed of the risks.
• Board-and-batten siding   Siding is composed of 8- to 12-inch wide wooden boards nailed vertically to create a barn-like exterior.
• Board foot   Measurement of lumber that is the equivalent of 144 cubic inches.
• Board of Equalization   A state board charged with ensuring that local property taxes are assessed in a uniform manner.
• Boilerplate   Form language used in deeds, mortgages and other documents. Details can be added by individual parties.
• Bona fide   A legal term that refers to actions or persons that are honest and in good faith.
• Bond   An agreement that insures one party against loss by acts or defaults of another party.
• Book value   The value of a property as a capital asset based on its cost plus any additions, minus depreciation.
• Boring test   An analysis of soil in which holes are bored into the ground and samples are removed.
• Borough   A section of a city that has authority over local matters.
• Borrow   Sand, gravel or other material used for grading.
• Borrow pit   The hole at a site that has been excavated.
• Boulevard   A street lined with trees or constructed with a landscaped median.
• Boundary   The dividing line between two adjacent properties.
• Braced framing   A construction method in two-story homes in which the frame is reinforced with posts and braces.
• Breach of contract   The failure to perform provisions of a contractwithout a legal excuse.
• Breach of covenant   The failure to obey a legal agreement.
• Breach of warranty   A seller's inability to pass clear title to a buyer.
• Break-even point   The point in which the owner's rental income matches expenses and debt.
• Breast height   The height at which the diameter of a tree is measured: four feet, six inches above the ground.
• Breezeway   A roofed passageway with open sides.
• Brick   Building material made from clay molded into oblong blocks and fired in a kiln.
• Bridge loan   A short-term loan for borrowers who need more time to find permanent financing.
• Brokerage   The act of bringing together two or more parties in exchange for a fee or commission.
• Broker   A person licensed by the state to deal in real estate.
• Broom clean   The ideal condition of a building when it is turned over to an owner or tenant.
• Brownstone   A vintage row house constructed of red sandstone.
• Buffer strip   A parcel of land that separates two or more properties.
• Building and loan association   An organization that raises money to helps its members purchase real estate or construct a building.
• Building code   A comprehensive set of laws that controls the construction or remodeling of a home or other structure.
• Building inspector   A city or county employee who enforces the building code and ensures that work is correctly performed.
• Building moratorium   A halt on home construction to slow the rate of development.
• Building paper   A thick, water-resistant paper that serves as insulation.
• Building permit   A permit issued by a local government agency that allows the construction of home or renovation of a house.
• Builder upgrades   Extra house features or better finishing materials that a builder offers.
• Building line or setback   Guidelines that limit how close an owner can build to the street or an adjacent property.
• Building restrictions   Regulations that limit the manner in which property can be used.
• Built-ins   Appliances or other items that are framed into a home or permanently attached.
• Bulkhead   A retaining wall designed to hold back water from the ocean or another body of water.
• Bundle of rights   The various interests or rights an owner has in a property.
• Bungalow   A small one-story house or cottage.
• Butterfly roof   A roof formed by two gables that dip in the middle to resemble a butterfly's wings.
• Buy-down mortgage   A home loan in which the lender receives a premium as an inducement to reduce the interest rate during the early years of the mortgage.
• Buyer broker   A real estate broker who exclusively represents the buyer's interests in a transaction and whose commission is paid by the buyer rather than the seller.
• Buyer's market   A slow real estate market in which buyers have the advantage.
• Buyer's remorse   An emotion felt by first-time homebuyers after signing a sales contract or closing the purchase of a house.
• Bylaws   The rules and regulations that a homeowners association or corporation adopts to govern activities.

C

• Caveat emptor   A legal principle derived from Latin than means "let the buyer beware."
• Ceiling height   The standard height of a ceiling is eight feet.
• Central air conditioning   A device that generates cold air through an outside unit that is connected to ductwork inside the house.
• Central business district   The area of a city where most large businesses are located.
• Certificate of Deposit (CD)   A document which shows that the bearer has a specified amount of money on deposit with a bank, stock-brokerage firm or other financial institution.
• Certificate of deposit index   An index based on the interest rates on six-month CDs. It used to determine the interest rate for some adjustable-rate mortgages.
• Certificate of eligibility   A document issued by the Veterans Administration that verifies the eligibility of a veteran for a loan program.
• Certificate of occupancy   A document which states that a home or other building has met all building codes and is suitable for habitation.
• Certificate of sale   A document issued at a judicial sale, which entitles the buyer to receive a deed after court confirmation of the purchase of the property.
• Certificate of title   A written opinion on the status of a piece of property based on an examination of the public record.
• Chain of title   The official record that details the ownership history of a piece of property.
• Chair railing   Decorative trim installed on a wall about 32 inches above the floor, which protects against scuffs from furniture.
• Change order   A modification of the construction contract to authorize a change in the work, an adjustment in the amount of the contract or a change in the contract time. The owner, architect and contractor must sign the change.
• Change frequency   The adjustment schedule on an adjustable-rate mortgage.
• Chattel   Personal property such as furniture, clothing or a car.
• Chattel mortgage   A lien on personal property used as collateral for a loan.
• Chimney back   The back wall or lining of a fireplace or furnace chimney.
• Chimney flue   The passage inside a chimney that channels smoke and heat to the outside.
• Chimney pot   A short pipe at the top of a chimney that increases ventilation to the fireplace and reduces smoke.
• Cinder block   A block made of ash and cement that is used in construction.
• Cinder fill   Cinders used below a basement or around a foundation to promote drainage.
• Circuit breaker   An electric fuse that activates or deactivates a circuit.
• Cistern   A tank used to store rainwater.
• Classified property tax   A tax that varies in rate depending on the use of the property.
• Clear title   A property that does not have liens, defects or other legal encumbrances.
• Closing   The final procedure in which documents are signed and recorded, and the property is transferred.
• Closing costs   Expenses incidental to the sale of real estate, including loan, title and appraisal fees.
• Closing statement   A document which details the final financial settlement between a buyer and seller and the costs paid by each party.
• Cloud on title   An invalid encumbrance on real property.
• Cluster development   A method of squeezing more homes into less space.
• Codicil   A change to a will that adds or subtracts provisions or clarifies portions of the document.
• Co-housing   Individual housing units that are clustered around a common building where residents share cooking and other activities.
• Coign   The cornerstone of a building that differs in shape or color from the rest of the wall.
• Co-insurance   Coverage that involves the use of two or more insurers..
• Collar beam   The structural element that connects roof rafters.
• Collateral security   Additional security that a borrower supplies to obtain a loan.
• Collection   The series of steps a lender takes to bring a delinquent mortgage up to date.
• Collusion   The action of two or more people to break the law.
• Colonia   Unincorporated communities along the U.S.-Mexico border.
• Column   A slender upright structure that consists of a base, a round or square shaft and a capital.
• Column footing   The support base for a load-bearing column. The footing is usually made of reinforced concrete.
• Co-maker   A person who signs a promissory note with the borrower and assumes responsibility for the loan.
• Combination door   An outer door with interchangeable screen and glass panels.
• Combination window   A window with interchangeable screen and glass panels.
• Commercial bank   A financial institution that provides a broad range of services, from checking and savings accounts to business loans and credit cards.
• Commercial property   An area that is zoned for businesses.
• Commingling   The mixing of money held in trust with other funds.
• Commission   The negotiable percentage of the sales price of a home that is paid to the agents of the buyer and seller.
• Commitment   A promise by a lender to make a loan with specific terms for a specified period.
• Commitment fee   The fee a lender charges for promising to make a loan.
• Common area   An area inside a housing development that is owned by all residents.
• Common-area assessments   Fees paid by the owners of a condominium project or planned-unit development to maintain, repair, improve or operate common areas.
• Common-interest development   A project composed of individually owned units that share usage and financial responsibility for common areas.
• Common law   A body of laws based on custom, usage and rulings by courts in various jurisdictions.
• Community property   Property accumulated through the joint efforts of husband and wife. It is a classification of property peculiar to certain states.
• Community Reinvestment Act   A federal law that encourages financial institutions to loan money in the neighborhoods where minority depositors live.
• Commute   The distance and time it takes a person to reach the workplace.
• Comparables   Properties used as comparisons to determine the value of a certain property.
• Comparative market analysis   An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.
• Competent   A term for a buyer who is legally fit to enter into a sales contract.
• Compound interest   The interest paid on the principal balance in a mortgage and on the accrued and unpaid interest of the loan.
• Concrete tilt-up   The process of pouring concrete into forms on the ground, allowing the forms to harden and then raising the material to a vertical position to form walls.
• Condemnation   The process the government uses to take private property for public use without the consent of the owner.
• Conditional commitment   A promise by a lender to make a loan if the borrower meets certain conditions.
• Condominium   Individual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms and recreational areas are owned by all the residents.
• Condominium conversion   The change in title from a single owner of an entire project or building to multiple owners of individual units.
• Conduit   A metal pipe that houses electrical wiring.
• Consent judgment   A binding written agreement between two parties to have a judgment entered and recorded.
• Conservator   A court-appointed guardian.
• Consideration   Anything that is legal, has value and induces a person to enter into a contract.
• Construction budget   The funding that an owner arranges for the construction of a project.
• Construction documents   Drawings and specifications from an architect that provide detailed requirements for the construction of a project.
• Construction loan   Short-term loans a lender makes for the construction of homes and buildings. The lender disburses the funds in stages.
• Construction to permanent loan   The conversion of a construction loan to a longer-term traditional mortgage after construction has been completed.
• Consumer Credit Counseling Service (CCCS)   A nationwide, nonprofit organization that helps consumers get out of debt and improve their credit profile. National headquarters: 8701 Georgia Avenue., Suite 507, Silver Springs, MD 20910. Phone: (800) 388-2227.
• Contemporary style   A design that features streamlined shapes, large unadorned windows and industrial materials.
• Contiguous lots   Pieces of property that are adjoined.
• Contingency   A condition specified in a purchase contract, such as a satisfactory home inspection.
• Contingency listing   A property listing with a special condition attached.
• Contingent fee   A fee that must be paid if a certain event occurs.
• Contract   An agreement between two or more parties that creates or modifies an existing relationship.
• Contract for deed   A contract in which the seller agrees to defer all or part of the purchase price for a specified period of time.
• Contract to purchase   A contract the buyer initiates which details the purchase price and conditions of the transaction and is accepted by the seller. Also known as an agreement of sale.
• Contractor   The individual who contracts for the construction of a home or project.
• Contractual lien   A voluntary obligation such as a mortgage or trust deed.
• Controlled growth   Any restrictions imposed on the amount or type of new development in an area.
• Conventional loan   A long-term loan a lender makes for the purchase of a home.
• Convertible adjustable-rate mortgage   A mortgage which starts as an adjustable-rate loan, but allows the borrower to convert the loan to a fixed-rate mortgage during a specified period of time.
• Conveyance   The transfer of title of property.
• Conveyance tax   A tax imposed on the transfer of real property.
• Cooperating broker   A real estate broker who finds a buyer for a property that another broker has listed.
• Cooperative corporation   A business trust that holds the title to a cooperative residential building and grants occupancy rights to shareholders in the corporation.
• Cooperative mortgages   Any loans related to a cooperative residential project.
• Cooperative project   A project in which a corporation holds title and sells shares representing individual units to buyers who then receive a proprietary lease as their title.
• Cornice   A horizontal molding that projects from the top of a structure or wall.
• Corporate relocation   An arrangement by which employers pay to transfer and move employees.
• Co-signer   A second party who signs a promissory note and takes responsibility for the debt.
• Counteroffer   A response to an offer.
• Corner bead   A reinforcement placed in the corner where two walls intersect.
• Corner influence   The effect on the value of a property because it is situated on a corner or near a corner.
• Corrective work   Necessary or desired repairs to remedy problems uncovered by a home or specialized inspection.
• Cost-plus contract   A construction contract that determines the builder's profit based on a percentage of the cost of labor and materials.
• Cottage   A small, one-story house.
• Covenant   A legal assurance or promise in a deed or other document, or implied by the law.
• Covenants, conditions and restrictions (CC&Rs)   Rules and regulations for a development, such as acceptable landscaping or improvements that can be made to individual units.
• Craftsman style   An architectural style that evolved as part of the Arts and Craft movement near the turn of the century.
• Crawl space   The space between the ground and the first floor of a home, usually no higher than four feet.
• Creative financing   Innovative home-financing arrangements that help sell a property.
• Credit   The money a lender extends to a buyer for a commitment to repay the loan within a certain time frame.
• Credit history   A record of an individual's current and past debt payments.
• Creditor   An individual or institution to whom a debt is owed.
• Credit life insurance   Insurance that pays off a mortgage in the event of the borrower's death.
• Credit rating   The degree of credit worthiness assigned to a person based on credit history and financial status.
• Credit report   A credit bureau report that shows a loan applicant's history of payments made on previous debts. Several companies issue credit reports, but the three largest are Trans Union Corp., Equifax and Experian (formerly TRW ).
• Credit repository   Large companies that gather financial and credit information from various sources about individuals who have applied for credit.
• Credit union   Nonprofit cooperative organizations that provide banking and financial services, including mortgages, home improvement loans and home equity loans, to their members.
• Cross-bridging   The strengthening of a structure by bracing cross members between beams.
• Cul de sac   A street or alley that is closed at one end.
• Cupola   A dome-like structure that sits on top of a roof.
• Curable defect   A deficiency in a property that is easy or inexpensive to fix, such as chipping paint.
• Curb appeal   The first impression of a house as seen from the street.
• Curtain wall   An exterior wall that encloses a yard or other area but does not provide any structural support to a home.
• Custom builder   A builder who constructs a home or building based on plans created by the owner.
• Custom home   A structure designed by an architect hired by the owner.
• Call option   A clause in a loan agreement that allows a lender to ask for the balance at any time.
• Can lights   Cylindrical chambers with bulbs recessed into the ceiling.
• Cancellation clause   A clause that details the conditions under which each party may terminate the agreement.
• Cantilever   A projecting structure supported on one end, such as a balcony.
• Cap   A limit on the amount the interest rate or monthly payment can increase in an adjustable-rate mortgage.
• Cape Cod style   A wood-frame or shingled house with a steep roof and several windows projecting from the second floor.
• Capital   Money used to create income, such as funds invested in rental property.
• Capital expenditure   The cost of making improvements on a property.
• Capital gains   Profits an investor makes from the sale of real estate or investments.
• Capital gains tax   A tax placed on the profits from the sale of real estate or investments.
• Capital improvement   Any improvement that extends the life or increases the value of a piece of property.
• Capitalization   A mathematical formula that investors use to compute the value of a property based on net income.
• Capitalization rate   The percentage rate of return estimated from the net income of a piece of property.
• Caravan   A group of real estate agents who tour a house that has been recently listed for sale.
• Carport   A roof that covers a driveway or other parking area.
• Casement window   A window hinged on its sides to allow it to swing open vertically.
• Cash flow   The amount of cash a rental property investor receives after deducting operating expenses and loan payments from gross income.
• Cashier's check   A check the bank draws on itself rather than on a depositor's account.
• Cash-out refinance   The refinancing of a mortgage in which the money received from the new loan is greater than the amount due on the old loan. The borrower can use the extra funds in any manner.
• Cathedral ceiling   A high open ceiling formed by finishing exposed roof rafters.
• Caulk   An acrylic or silicon sealant used to fill cracks, crevices and holes in a home.
• Cavedium   A courtyard or atrium.
• Caveat   A formal notice, that asks a court to suspend action until the party which filed the challenge can be heard.

D

• Damper   A movable plate in a fireplace that allows smoke and fumes to travel up the chimney's flue.
• Days on the market   The period of time a property is listed for sale until it is sold or taken off the market
• Deadbolt lock   Locks that require a key to open from the outside and a turn button from the inside.
• Debt   Any amount one person owes to another.
• Deck   A roofless, floored area that adjoins a house.
• Deed   The legal document that transfers ownership of a piece of property.
• Deed of trust   A document that gives a lender the right to foreclose on a piece of property if the borrower defaults on the loan.
• Deep-seal floor drain   A drain used to dispose of water from the basement floor to a sewer line.
• Default   The failure to fulfill a duty or promise or discharge an obligation, such as making monthly mortgage payments.
• Deferred maintenance   Any repair or maintenance of a piece of property that has been postponed, resulting in a decline in property value.
• Delinquent mortgage   A mortgage that involves a borrower who is behind on payments. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings.
• Density test   An analysis of soil to determine if the surface can support the foundation of a house.
• Dentils   Small rectangular blocks that project from a building, usually under cornices or along rooflines.
• Deposit   Money given by the buyer with an offer to purchase property. Also called earnest money.
• Depreciation   The decline in value of a piece of property.
• Design/build   A project in which the owner contracts directly with an individual or company to perform design and construction.
• Designer   Unlike architects, designers are limited to drawing blueprints.
• Digital images   Images that are incorporated into house listings to give potential buyers a view of the property.
• Dimension plans   Plans which show the layout of a house but are less detailed than full blueprints.
• Disability insurance   An insurance policy which covers an individual's ability to produce income.
• Disclosure   A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.
• Discount points   Fees that a borrower pays at the time the lender makes the loan. A point equals 1 percent of the total loan amount.
• Distressed property   Property that is in poor physical or financial condition.
• Document needs list   A list of documents a lender requires when a potential submits a loan application.. The required documents range from paycheck stubs to credit card statements.
• Domed ceiling   A hemispherical ceiling that projects upward without support.
• Domicile   A person's primary or permanent home.
• Dormer   A window set upright in a sloping roof.
• Double-hung window   A window that consists of two sashes that slide up and down.
• Dovetail joints   Joints that lock two pieces of wood together with meshed teeth.
• Down payment   The amount of money a buyer agrees to give the seller when a sales agreement is signed. Complete financing is later secured with a lender.
• Down spouts   A vertical gutter that empties water from the roof to the ground.
• Drainage   A system of gutters and drainpipes that carry water away from the foundation of a house.
• Draw   A payment made to subcontractors or suppliers from a construction loan.
• Dropped ceiling   A flat ceiling built lower than the original ceiling.
• Dry rot   A fungal decay that causes wood to become brittle and crumble.
• Drywall   A construction material composed of gypsum or plaster wrapped in paper and produced in large sheets that can be nailed to wall studs.
• Dual agency   A relationship in which a real estate agent or broker represents both parties in a transaction.
• Duct   Any kind of pipe or channel that carries water, wiring or conditioned air through a house.
• Due-on-sale clause   Standard language in a mortgage which states that the loan must be paid when a house is sold.
• Duplex   A structure that consists of two separate family units.
• Dutch colonial style   A design that features barn-like gambrel roof, a ground-level front porch, and dormers.

E

• Early occupancy   The condition in which buyers can occupy the property before the sale is completed.
• Earnest money   Money a buyer gives with an offer to purchase a property. Also called a deposit.
• Earthquake insurance   A policy that provides coverage against damage to a home from an earthquake.
• Easement   A right given to a third party to use a portion of the property for certain purposes, such as power lines or water mains.
• Eaves   The projecting overhang at the lower edge of a roof.
• Effective age   The age of a structure estimated by its condition rather than its actual age.
• Effective gross income   Additional income that a lender considers when assessing the loan application of a potential borrower.
• Electric service panel   A panel that transfers power from the utility line into a house to be distributed through fuses or circuit breakers.
• Elevations   The exterior view of a home design that shows the position of the house relative to the grade of the land.
• Ell   An extension or wing of a house that is at right angles to the main structure.
• Eminent domain   The government's right to condemn private land for public use, such as the routing of a public highway.
• Employer-assisted housing   Programs which help employees purchase homes through special plans developed with lenders.
• Empty nesters   Potential buyers who have raised their families and want to move into a smaller home.
• Encroachment   Fences or other structures that extend into the property of another owner.
• Encumbrance   A claim or lien on a property which complicates the title process.
• End loan   The conversion from a construction loan to permanent financing a condominium buyer secures after all units in a project have been completed.
• Endorser   A person who signs over ownership of property to another party.
• English Tudor style   An architectural design that features stone or brick exterior walls and exposed beams.
• Environmental impact statement   A government-mandated evaluation of all aspects and effects a development will have on the environment of a proposed site.
• Environmentally friendly home construction   A method of construction that utilizes recycled materials.
• Equal Credit Opportunity Act.   A federal law that prohibits a lender or other creditor from refusing to grant credit based on the applicant's sex, marital status, race, religion, national origin or age. The law also prohibits a creditor from refusing to grant credit because the applicant receives public assistance.
• Equifax   Equifax Credit Information Services, Inc., is one of the "Big Three" credit-reporting bureaus that operate nationwide. Address: P.O. Box 740249, Atlanta, GA 30374.
• Equity   A determination of the value of a property after existing liens are deducted.
• Errors and omissions insurance   A policy that pays for any mistakes a builder or architect makes in a project.
• Escrow   A neutral third party holds the documents and money involved in a real estate transaction and ensures that all conditions of a sale are met.. Escrow also refers to a speci