Glossary of real estate terms for new green luxury home builder Houston of patio and townhomes

.	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.

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