- Architectural ShinglesShingles that have added dimensionality because of extra layers or tabs, giving a shake-like appearance. Read More
- Area WellsThis is the metal or concrete holding back the earth to make space for basement windows. Read More
- Arm’s Length TransactionA transaction in which the buyers and sellers of a product act independently and have no relationship to each other. The concept of an(...) Read More
- As-IsA property that is stated as-is indicates the seller is unwilling to perform repairs. It could also mean the property’s price is as-is. It is(...) Read More
- AsbestosAsbestos (or magnesium silicate) is a material which was previously favored in construction and insulation products due to its stability and(...) Read More
- Assessed ValueTypically the value placed on property for the purpose of taxation. Read More
- AssessorA public official who establishes the value of a property for taxation purposes. Read More
- Assessor Parcel NumberA unique number assigned to each parcel of land by a county tax assessor. The APN is based on formatting codes depending on the home’s location.(...) Read More
- AssetAnything of monetary value that is owned by a person or company. Assets include real property, personal property, stocks, mutual funds, etc. Read More
- Asset-Based LoansAn asset-based loan or asset utilization loan uses assets as income for qualification purposes. A type of non-QM loan that allows borrowers to(...) Read More
- Asset DepletionAn asset-based loan or asset utilization loan uses assets as income for qualification purposes. A type of non-QM loan that allows borrowers to(...) Read More
- Asset Depletion LoanA type of non-QM loan that allows borrowers to use their substantial assets to qualify for a mortgage loan instead of employment income, whereby(...) Read More
- Asset Dissipation MortgageAn asset-based loan or asset utilization loan uses assets as income for qualification purposes. A type of non-QM loan that allows borrowers to(...) Read More
- Asset ManagementA systematic approach to the procurement, maintenance, operation, rehabilitation and disposal of one or more assets which integrates the(...) Read More
- Asset ValuationIn the real estate market, this expression is applied to the valuation of land, buildings, and/or plant and machinery generally for(...) Read More
- AssignmentThe transfer of ownership, rights, or interests in property by one person, the assignor, to another, the assignee. Read More
- Assignment of ContractSigning over of contract. Typically requires consent of other party prior to any liabilities can be assigned. Read More
- Assignment of MortgageA document evidencing the transfer of ownership of a mortgage from one party to another. Read More
- Assignment Recording FeeA fee assessed to cover recording fees associated with a loan transfers closing from a lender to a specialized loan servicer who handles the(...) Read More
- Assisted HousingA privately owned rental property that, through government subsidy, houses low-income residents who otherwise would not be able to afford market(...) Read More
- Assumable MortgageA mortgage loan that can be taken over (assumed) by the buyer when a home is sold. An assumption of a mortgage is a transaction in which the(...) Read More
- AssumptionA buyer’s agreement to take primary responsibility for paying an existing mortgage from a seller. Read More
- Assumption FeeThe fee imposed by a lender charges to allow a buyer to assume the existing borrower's mortgage. Read More
- AstragalA molding, attached to one of a pair of swinging double doors, against which the other door strikes. Read More
- Attic AccessAn opening that is placed in the drywalled ceiling of a home providing access to the attic. Read More
- Attic VentilatorsIn houses, screened openings provided to ventilate an attic space. Read More
- Attorney’s OpinionA lawyer's written statement formally stating the believed condition of a real estate title. Read More
- Awning WindowA type of window that is hinged at the top and the bottom panel, or sash, swings outward. Read More
- Back ChargeBillings for work performed or costs incurred by one party that, in accordance with the agreement, should have been performed or incurred by the(...) Read More
- Back PrimingTo prime, or apply paint to, the back or exterior of a piece of woodwork. Back Priming helps to prevent wood grain from contracting or swelling. Read More
- Back-To-Back ClosingWhen a wholesaler purchases a property and immediately resells it to an end buyer. A double close is different from an assignment of contract(...) Read More
- Backer RodOr "Foam Backer Rod". A flexible, cylindrical-shaped material used for chinking wide joints; for enhanced sealant/caulking performance. Read More
- BackfillThe replacement of excavated earth into a trench around or against a basement /crawl space foundation wall. Read More
- BackingSupportive framing lumber was installed between studs and behind drywall for towel holders, cabinets, and railings. Read More
- BackoutWork the framing contractor does after the mechanical subcontractors (Heating-Plumbing-Electrical) finish their phase of work at the Rough(...) Read More
- BacksplashThe upright surface, often made of tile, behind a kitchen counter, sink, or stove, that protects the wall from damage from splatter due to(...) Read More
- Backup OfferA binding contract to purchase a property, made in acknowledgment of an existing offer, should the existing transaction ultimately not close. At(...) Read More
- Balance SheetA financial statement that shows assets, liabilities, and net worth as of a specific date. Read More
- BallastA transformer that steps up the voltage in a florescent lamp. Read More
- Balloon Framed WallFramed walls (generally over 10' tall) that run the entire vertical length from the floor sill plate to the roof. This is done to eliminate the(...) Read More