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Take a look at our real estate glossary to learn definitions of common words and phrases used in the industry.
Real Estate Glossary
Use the real estate glossary to learn definitions of common words and phrases used in the industry.
A movable plate in a fireplace that allows smoke and fumes to travel up the chimney's flue.
Days on the market
The period of time a property is listed for sale until it is sold or taken off the market
Locks that require a key to open from the outside and a turn button from the inside.
Any amount one person owes to another.
A roofless, floored area that adjoins a house.
The legal document that transfers ownership of a piece of property.
Deed of trust
A document that gives a lender the right to foreclose on a piece of property if the borrower defaults on the loan.
Deep-seal floor drain
A drain used to dispose of water from the basement floor to a sewer line.
The failure to fulfill a duty or promise or discharge an obligation, such as making monthly mortgage payments.
Any repair or maintenance of a piece of property that has been postponed, resulting in a decline in property value.
A mortgage that involves a borrower who is behind on payments. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings.
An analysis of soil to determine if the surface can support the foundation of a house.
Small rectangular blocks that project from a building, usually under cornices or along rooflines.
Money given by the buyer with an offer to purchase property. Also called earnest money.
The decline in value of a piece of property.
A project in which the owner contracts directly with an individual or company to perform design and construction.
Unlike architects, designers are limited to drawing blueprints.
Images that are incorporated into house listings to give potential buyers a view of the property.
Plans which show the layout of a house but are less detailed than full blueprints.
An insurance policy which covers an individual's ability to produce income.
A statement to a potential buyer listing information relevant to a piece of property, such as the presence of radon or lead paint.
Fees that a borrower pays at the time the lender makes the loan. A point equals 1 percent of the total loan amount.
Property that is in poor physical or financial condition.
Document needs list
A list of documents a lender requires when a potential submits a loan application.. The required documents range from paycheck stubs to credit card statements.
A hemispherical ceiling that projects upward without support.
A person's primary or permanent home.
A window set upright in a sloping roof.
A window that consists of two sashes that slide up and down.
Joints that lock two pieces of wood together with meshed teeth.
The amount of money a buyer agrees to give the seller when a sales agreement is signed. Complete financing is later secured with a lender.
A vertical gutter that empties water from the roof to the ground.
A system of gutters and drainpipes that carry water away from the foundation of a house.
A payment made to subcontractors or suppliers from a construction loan.
A flat ceiling built lower than the original ceiling.
A fungal decay that causes wood to become brittle and crumble.
A construction material composed of gypsum or plaster wrapped in paper and produced in large sheets that can be nailed to wall studs.
A relationship in which a real estate agent or broker represents both parties in a transaction.
Any kind of pipe or channel that carries water, wiring or conditioned air through a house.
Standard language in a mortgage which states that the loan must be paid when a house is sold.
A structure that consists of two separate family units.
Dutch colonial style
A design that features barn-like gambrel roof, a ground-level front porch, and dormers.