The glossary below is by no means complete and is no substitute for the careful guidance of an experienced real estate agent, but it can serve as a good primer for consumers getting their feet wet in real estate for the first time.
This is our final installment in this series; Part 1; Part 2; Part 3.
Breezeway - A roofed passage way with open sides.
Comparable sales - Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps."
Condominium
A form of property ownership in which the homeowner holds title to an individual dwelling unit, an undivided interest in common areas of a multi-unit project and sometimes the exclusive use of certain limited common areas.
Cooperative
A type of multiple ownership in which the residents of a multi-unit housing complex own shares in the corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.
Deed
Legal document conveying title to a property.
Deed of Trust
Document used in some states instead of a mortgage; title is conveyed to a trustee rather than to the borrower.
Default
Failure to make a mortgage payment on a timely basis, or comply with other requirements of a mortgage.
Delinquency
Situation in which a payment is overdue but not yet in default.
Dry Rot - Decay of seasoned wood caused by fungus.
Easement - A right or interest in the use of the land of another which entitles the holder to some use, privilege or benefit, such as to place power lines, pipe lines or roads.
Egress - The exit point from a property.
Energy Star - A joint program through the U.S. Environmental Protection Agency and the U.S. Department of Energy that sets energy efficiency guidelines for products, homes and businesses.
Fixtures - Those parts of a property affixed to structures or land, usually in such a manner that they cannot be independently moved without damage to themselves or the property housing supporting or pertinent to them. Fixtures are usually included in a sale and commonly include but are not limited to items such as carpets and awnings.
Green building - Also known as sustainable building or environmental building, this definition varies depending on the agency or group. Generally it means to construct a building to the highest environmental standards by minimizing the use of energy, water and materials. A green building, for example, might have skylights, recycled building materials and solar panels.
Ingress - The entry point to a property.
Joint Tenancy
A form of co-ownership giving each tenant equal interest and equal rights in the property, including the right of survivorship.
MLS (Multiple Listing Service) - An MLS is an organization that collects, compiles and distributes information about homes listed for sale by its members, who are real estate brokers. MLS's are local or regional.
Plat - A plan, map or chart of a tract or town site dividing a parcel of land into lots.
Planned Unit Developments (PUDs)
A project or subdivision that consists of common property that is owned and maintained by an owners' association for the benefit and use of the individual PUD unit owners.
Power-of-Attorney
Legal document authorizing one person to act on behalf of another. Specific power-of-attorney authorizes another person to act only under certain circumstances, such as signing the closing documents in a real estate transaction.
Seller Concessions
Anything of value given up by the seller to the buyer in a real estate transaction.
Subdivision - An area of land laid out and separated into lots, blocks, and building sites, and in which public facilities such as streets, alleys, parks, and easements for public utilities are also planned.
Helping you find your home is our goal
Getting you through the process is our expertise
Reechia & Keith
Plano Texas Real Estate
