| A |
| |
| ABS |
A type of black plastic pipe commonly used for waste water lines. |
| Acceptance |
Agreement to a contract. |
| Accrued interest |
Interest owed but not yet paid. |
| Acre |
A measure of land equal to 43,560 square feet. |
| Adjustable rate mortgage loans (ARM) |
Loans with interest rates that are adjusted periodically based on changes in a preselected index. |
| Adjusted basis |
The original cost of a property plus the cost of any improvements such as an addition. |
| Aggregate |
Gravel or pebbles that are added to concrete and sometimes left exposed on the surface of the concrete for decoration. |
| Air duct |
Pipes that carry warm or cold air in to rooms and back to the furnace or air conditioning system. Part of the HVAC system (heating, ventilation, air conditioning). |
| Amortization |
Payment of a loan with regular installments calculated to pay off the loan at the end of a fixed period of time. |
| Amperage or AMPS |
A unit of electrical current or volume. Most homes have an electrical service that provides between of 100 and 300 amps. |
| Anchor bolts |
Bolts that are set in the concrete foundation and used to attach the framing of the house to the foundation. |
| Annual percentage rate (APR) |
A percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan. It is not necessarily the loan's interest rate. APR was created to help consumers more easily compare loans. |
| Application |
An initial statement of personal and financial information, which is required to approve your loan. |
| Application fee |
Fee charged by a lender to cover the initial costs of processing a loan application. |
| Appraisal |
An estimate of a property's current market value. |
| Appreciation |
An increase in the value or worth of a property; opposite of depreciation. |
| APR |
See annual percentage rate. |
| ARM |
See adjustable rate mortgage loans. |
| Asbestos |
Formerly a common building material because of its fire resistance. For more information see the EPA web site or look for asbestos removal firms in the phone book. |
| Asking price |
The price placed on a property for sale. Also known as the list price. |
| Asphalt |
A black waterproof material used for roofing and pavement. |
| Assessor |
A local government official who determines the value of the property for taxation purposes |
|
| B |
| Backfill |
Dirt or gravel used to fill in against a wall or foundation. |
| Backflow |
A reverse flow of water into the water supply pipes, caused by negative pressure in the pipes. |
| Balloon mortgage |
A mortgage that has regular payments for a period of time, typically 3 to 7 years, and a large single payment at the end of the period to pay off the entire balance. |
| Baseboard |
A decorative board placed above the floor against walls and partitions to hide gaps. |
| Batt |
Insulation in the form of a blanket, rather than loose filling. Commonly used for insulation in new construction of walls, floors, and ceilings. |
| Beam |
A horizontal framing member designed to carry a load between two walls or other supports. |
| Bearing wall |
A wall that supports the ceiling, roof, or second story. |
| Bill of sale |
A written document given to pass the title of a property between people. |
| Blue prints |
A method of copying architectural drawings. Can also refer to the drawings themselves. |
| Board and batten |
A style of exterior siding where seams between wide vertical boards are covered by narrow vertical boards. |
| Bona fide |
In good faith. |
| Brokerage |
A company that brings together, for a commission or fee, parties interested in buying, selling, exchanging, or leasing real property. |
| Building paper |
Heavy paper used on exterior walls and under tile in showers to protect the framing from water and moisture. |
| Bump out |
A small addition that does not necessarily have a foundation because it is cantilevered or suspended. |
| Buy-down |
A payment to a lender to reduce the interest rate of a loan. |
