A B C D E F G H I J K L M N O P Q R S T U V X Y Z

Abstract of judgment

• 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

• 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.
  

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.

If you are buying or selling a home in Mississauga or Brampton area, you've got to have Martin as your Mississauga Real Estate Agent.   Martin has earned the respect and admiration of his most important critics; his clients.  Martin sells all types of residential properties: houses, condominiums, townhouses and waterfront.