March 24, 2009

I want to share with you a good real estate glossary on the web.  It has an extensive list of terms with easy to understand definiteons.  If you are a fellow realtor it might serve as a good resource for your clients that are wanting to understand some more real estate "jargon" on their own.  It also works as a good reference.  I have included the link and also the first page of "A" listings in the glossary to show you an example of what it contains.  Hope you find this helpful!

Entire Real Estate Glossary: http://www.frontdoor.com/Home-Finance/Real-Estate-Glossary-A/80

Real Estate Glossary "A" from www.frontdoor.com

Abstract of title -- A condensed version of the title history to a piece of land or property. Lists any transfers in ownership and any liabilities attached to it, such as mortgages.

Abutting -- Bordering upon or next to; the joining or touching of adjoining land; sharing a common boundary.

Acceleration clause -- Allows the lender (mortgage company) to demand immediate payment of the outstanding loan balance (interest and principal) if the borrower (mortgager) defaults, misses payment(s), or when/if the home is sold (in this case, also known as the due-on-sale clause).

Accretion -- An addition to or expansion of land through natural causes. An increase of land along the shore of a body of water through water-borne sediment.

Acre -- A measurement of land equal to 4,840 square yards or 43,560 square feet.

Additional principal payment -- Monies paid by the borrower in addition to the principal amount due, usually monthly. If you have extra money occasional months, it's a good idea to make additional principal payments in order to more quickly reduce your remaining balance.

Adjustable rate mortgage (ARM) -- Mortgage loans in which the interest rate is adjusted periodically based on predetermined factors such as an assigned index or designated market factor (such as the weekly average of US Treasury Bills over a one-year period). There is typically a limit to how often and by how much the interest rate can fluctuate. Also known as renegotiable rate mortgages or variable rate mortgages. The adjustment date is the date the interest rate changes. The adjustment interval (or adjustment period) is the time between changes in the interest rate and/or the monthly payment (typically one, three or five years).

Adjusted basis -- Original cost of the property plus capital expenditures for improvements minus depreciation.

Adjustments -- Any money that the buyer and seller "credit" each other at closing, such as taxes, down payments, etc.

Ad valorem -- In proportion to the value, according to value.

Amortization -- The loan payment is made up of two parts: one portion will be applied to pay the accruing interest on a loan and the other portion is applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time. Typical amortization periods are 15 or 30 years. Therefore, an amortized mortgage is one that requires periodic payments that include both interest and principal. An amortization schedule is a table that provides a breakdown of the principal and interest payments and the amount owed at any given point during the amortization period.

Annual percentage rate (APR) -- An interest rate reflecting the cost of a mortgage as a yearly rate. Because it takes into account points and other credit costs, the APR is likely to be higher than the mortgage rate. It is a basis of comparison for mortgage loan costs.

Affordability analysis -- A detailed analysis of the borrower's ability to buy a home, made up of factors such as: income, holdings, debts, the type of mortgage that will be used, the location of the home, and closing costs.

Amenity -- A feature of a home (like a pool or a garage) which isn't crucial to the home's existence. Things like a roof and doors are not amenities.

Appraisal, appraised value -- An appraiser's estimate of the value of the property. Banks require appraisals to determine how much money it will lend you.

Appreciation -- An increase in the value of a property due to changes in market conditions or for other reasons, such as additions and renovations. Opposite of depreciation.

Assessment -- A local tax levied against a property for a specific purpose, such as a sewer or streetlights. An assessor is a public official who establishes the value of a property for taxation.

Asset -- Anything with a dollar value that you own. Banks consider your assets when determining how much you can borrow.

Assignment -- The transfer of a mortgage from one person to another.

Assumable mortgage -- A mortgage that can be taken over by the next buyer of the home. An assumption is the agreement between buyer and seller in which the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan is usually beneficial to both seller and buyer. Because it is an existing mortgage debt, it lessens the costs and red tape involved, unlike a new mortgage where closing costs and new (possibly higher) interest rates may apply. However, the lender usually charges the buyer an assumption fee if the buyer assumes an existing mortgage.
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Keller Williams Office Listings

		000 Grubbs Rd, Oroville	$2,275,000
		Small acreage residential homesite development land located in Oroville. This parcel has 194 acres of rolling residential acreage currently zoned low density residential with ... More Information on 000 Grubbs Rd

		2925 Godman Ave, Chico	$2,200,000
			18359 Sq. Ft.
		This is 4.3 acres of development ground, not just 24 units. Build 26 new units while you collect rent on the existing units. Assumable loan of just over one million dollars;... More Information on 2925 Godman Ave

		2925 Godman Ave, Chico	$2,200,000
		This is 4.3 acres of development ground, not just 24 units. Build 26 new units while you collect rent on existing units. Assumable loan of just over one million dollars; sel... More Information on 2925 Godman Ave

		975 & 977 E Lassen Ave, Chico	$1,000,000
			3500 Sq. Ft.
		Brand new triplexes with all new appliances, linoleum & carpet. Tile in bathrooms. Carpets on the stairs and bedrooms. 2 tone paint. Washer/dryer hookup is upstairs. PG&E ... More Information on 975 & 977 Lassen Ave

		60 Lazy S Ln, Chico	$950,000
		6 Bedroom 4 Bath	4867 Sq. Ft.
		A remarkable house in a remarkable neighborhood. This property backs up to Little Chico Creek, which in this location, flows most of the year. The neighborhood has mostly es... More Information on 60 Lazy S Ln

		22375 Chittenden Rd, Corning	$800,000
		The highest and best use of this property is commercial 2.63 acres were just purchased by the state for new off ramp to South ave. Appraisal was $55,000 per acre. 16.73 acres ... More Information on 22375 Chittenden Rd

		22375 Chittenden Rd, Corning	$800,000
		3 Bedroom 2 Bath	1900 Sq. Ft.
		The highest and best use of this property is commercial. Wonderful home with seperate garage, RV storage and barn 16.73 acres between i-5 and Barham. Wal Mart has just purcha... More Information on 22375 Chittenden Rd

		2050 4th Street, Thermalito	$695,000
			6100 Sq. Ft.
		Quality bank owned commercial property with a great location. Parcel is 1.39 acres. Potential uses of property include boat, RV or auto dealership, mechanic shop, tire shop an... More Information on 2050 4th Street

		2493 Marsh Ct, Durham	$599,000
		4 Bedroom 3 Bath	3255 Sq. Ft.
		Beautiful Country Estate. This home has 2 master bedrooms-would be great for an in-law set up. Formal living and dining rooms with crown mouldings, wainscoting and coffered ce... More Information on 2493 Marsh Ct

		898 Pearman Ct, Chico	$595,000
		4 Bedroom 2.5 Bath	3115 Sq. Ft.
		An absolutely beautiful and well kept home. This is a must see! It has separate living & dining rooms with bedrooms upstairs. A scenic backyard along with the pool provides ... More Information on 898 Pearman Ct