AJAX progress indicator
  • Term
    Definition
  • An inspection made by a municipal building inspector after the drywall material is hung with nails and screws (and before taping).
  • A set of rules governing safe wiring methods. Local codes-which are backed by law-may differ from the NEC in some ways.
  • A set of rules governing safe wiring methods. Local codes-which are backed by law-may differ from the NEC in some ways.
  • A transparent finish which does not seriously alter the original color or grain of the natural wood. Natural finishes are usually provided by sealers, oils, varnishes, water repellent preservatives, and other similar materials.
  • Cabinets that are shipped without a finish are considered natural finish cabinets. Natural finish cabinets offer the flexibility of finishing the cabinets in your own unique style if you don't mind the extra work.
  • A gas mixture consisting mainly of methane that is sometimes used to heat homes and for gas-powered ovens and stove tops.
  • An increase in the balance of a loan caused by adding unpaid interest to the loan balance; this occurs when the payment does not cover the interest due.
  • Rental rate adjusted for lease concessions.
  • Amount of monthly income remaining after all deductions (including taxes and benefit withholdings) have been taken.
  • Amount of monthly income remaining after all deductions (including taxes and benefit withholdings) have been taken.
  • A lease agreement in which the tenant is responsible for both property taxes and premiums for insuring the building.
  • A lease agreement in which the tenant is responsible for both property taxes and premiums for insuring the building.
  • A lease agreement in which the tenant is responsible for both property taxes and premiums for insuring the building.
  • A before-tax figure showing all property revenue after subtracting essential operating expenses while not including amortization, capital expenditures, and depreciation.
  • A before-tax figure showing all property revenue after subtracting essential operating expenses while not including amortization, capital expenditures, and depreciation.
  • The value of a company or individual’s assets, including cash, less total liabilities.
  • The net yield is the annual profit (income minus costs) generated by any asset divided by its price. In real estate terms, the net yield provides an assessment of the return that you’ll get from a property after all expenses have been deducted.
  • Homes that use energy produced by solar panels, so the amount of energy they create is equal to the amount they use over a course of a year.
  • Usually color-coded white, this carries electricity from an outlet back to the service panel.
  • A support post placed vertically, generally joining sections with railing and balusters.
  • The large starting post to which the end of a stair guard railing or balustrade is fastened.
  • Labels given to a standard piece of lumber before it is finished by planning; sometimes sanded down to its actual dimensions.
  • A statement in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender.
  • A mortgage loan that does not conform to regulatory limits such as loan amount, loan-to-value ratio, and other characteristics.
  • In non-disclosure states, the sales price of real property is not recorded and made available through the public record. There are 12 non-disclosure states (Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah and Wyoming).
  • An asset that cannot easily be converted into cash.
  • A real estate classification that means the property owner does not occupy the property as their personal residence (primary residence or second home).
  • A specialized type of mortgage that falls outside the Consumer Financial Protection Bureau’s (CFPB) requirements to be considered qualified mortgages and uses non-traditional methods of income verification to help a borrower get approved for a loan to be used for new home purchases, refinances, investment homes, or second homes.
  • A specialized type of mortgage that falls outside the Consumer Financial Protection Bureau’s (CFPB) requirements to be considered qualified mortgages and uses non-traditional methods of income verification to help a borrower get approved for a loan to be used for new home purchases, refinances, investment homes, or second homes.
  • A mortgage or deed of trust securing a note without recourse allows the lender to look only to the security (property) for repayment in the event of default, and not personally to the borrower. The lender's only recourse in the event of default is the security (property), and the borrower is not personally liable.
  • Condo projects and properties which don't meet Fannie Mae and Freddie Mac warrantability standards and is therefore ineligible to financing through a conforming conventional mortgage.
  • A wall inside a property that does not bear any structural weight of a building.
  • A wall inside a property that does not bear any structural weight of a building.
  • The projecting edge of a molding or drip or the front edge of a stair tread.
  • A crosswise groove at the end of a board.
  • A written promise to pay a specified amount under the agreed upon conditions.
  • The interest rate stated on a mortgage note, or other loan agreement.
  • A notification given to a borrower stating that he or she has not made their payments by the predetermined deadline or is otherwise in default on the mortgage contract. Initiated action in a non-judicial foreclosure proceedings involving a public sale of the real property securing a deed of trust. The trustee under the deed of trust records a Notice of Default and Election to Sell ("NOD") the real property collateral in the public records.
  • A notification given to a borrower stating that he or she has not made their payments by the predetermined deadline or is otherwise in default on the mortgage contract. Initiated action in a non-judicial foreclosure proceedings involving a public sale of the real property securing a deed of trust. The trustee under the deed of trust records a Notice of Default and Election to Sell ("NOD") the real property collateral in the public records.
  • In nonjudicial foreclosure states, there is no trial. Lenders simply issue a notice of intent to foreclose, alerting the borrower that the foreclosure process has begun. They will also need to advertise the sale, usually in a newspaper, for at least a few weeks before the scheduled sale date. The property's actual selling is done via auction, and usually by the local sheriff’s department. In many cases, banks and lenders are forced to purchase the properties back due to a lack of buyer interest. These are then dubbed bank-owned properties or real estate-owned properties (REOs), and the lender then makes efforts to sell those directly to a buyer. Many banks and larger financial institutions list their REO properties somewhere on their website.

Get in Touch

Want more information? Have a deal you'd like to discuss? Let us know!

Give us a ring

407-476-2500
Mon – Fri, 9:00am – 6:00pm ET

E-mail us

[email protected]

Contact Us