REAL ESTATE 101
Real Estate Glossary - A
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Tax Lien
Claim against a property for unpaid taxes.
Term
The length of time during which you pay a specific interest rate on your mortgage loan. You may not have paid off your entire mortgage principal at the end of a term because your amortization period will likely be longer than the term.
Tenancy
The right to use and occupy all or part of a property under a rental agreement.
Term Loan
A loan that comes due on a given date, often before the periodic payments would pay the loan out.
Title (Freehold or Leasehold)
A freehold title is evidence of ownership of land and buildings for an indefinite period of time. A leasehold title is evidence of a right to sue and occupy land and buildings for a defined period of time. In a leasehold arrangement actual ownership of the land (and perhaps buildings) remains with the landlord.
Total Debt Service Ratio (TDS)
The percentage of gross annual income required to cover all payments for housing and all other debts such as car payments.
Type Of House
These definitions apply to the different types of housing on the market
- Single Family Detached: This is what most American's want. It is free standing on its own lot and is occupied by one family.
- Semi-detached: One of two single-family houses joined by a common wall.
- Duplex:Two dwelling units, one above the other. Often the owner lives in one unit and rents the other.
- Row or town house: One of several single-family homes joined by common walls.
- Link or carriage homes: Row houses where homes are joined by garages or carports which provide access between the front and rear yards. Builders sometimes join basement walls so that, when see above ground, link houses look like singles on small lots.
- High-rise buildings: Multistory residential buildings containing apartments for rent or condominium units. Mobile or manufactured housing: A factory-built, single family dwelling designed to be transported to its ultimate site. They come in single widths or multiple width which have to be joined on site.
Note: A condominium is not a type of house. It is a type of ownership. Condominiums are most often in high-rise buildings or in row houses arrangements.
|
