The “to have and to hold” clause which may be found in a deed that describes the extent of the interest conveyed such as fee or life estate which is no longer an essential part of a deed

The ability to live in according to the interpretations of the courts which is broader than “tenantability” which complies with the Civil Code.

A room in a home that contains a toilet and sink but no facilities such as a bathtub or shower stall.

Direct costs.

The cash including the cash proceeds from a loan as distinguished from credit extended by a seller. See Soft money.

A debt that is taken on in exchange for cash.

A form of insurance that protects against certain risks such as from fires or storms.

A type of contaminant regulated under CERCLA.

A title defect that is not apparent for an examination of the public records

A home equity refinancing loan typically at 125% of the market value of a home which makes it inherently high-risk and reserved for only the lowest-risk borrowers since a portion of the loan is unsecured and where the lender is gambling on the borrower's integrity. Example: When the Dawsons refinanced their old $90,000 mortgage, they were able to get a high loan-to-value loan of $125,000, despite the fact that their home was worth only $100,000. They used the $35,000 cash proceeds of the transaction (minus transaction costs) to remodel and retire other existing debts

An appraisal phrase that is the starting point for appraisal indicating the highest level according to the current zoning classifications that improvements can be built and then indicating the best use the property can be put so it will produce the greatest net return to the land over a given period of time

An indefinite term used to describe the modern apartment building with an elevator and over five stories

A contractual clause whereby one parry agrees to protect another party in the event of any claims. Example: Big Buy Foods is leasing property from its landlord, Lucky Lessors. A customer is injured by a falling light fixture, and she sues both Big Buy Foods and Lucky Lessors. In the lease, Big Buy Foods agreed to a hold harmless clause whereby they indemnified Lucky Lessors against such events.

A party who has taken a note, check or bill of exchange in the due course of a transaction, before it was overdue and in good faith and for value and without knowledge that it has been previously dishonored and without notice of any defect at the time it was negotiated to him or her.

The period of time during which a party owns a capital asset.

An owner standing in the path of an assemblage who attempts to realize the highest possible price by refusing to sell during the early stages of assemblage.

A tenant remaining in possession of leased property after the leased term has expired.

A loan sometimes called a “line of credit” where an owner uses his or her residence as collateral for a loan which permits the draw of funds up to a preset amount

A professional who in some states must be bonded or licensed who evaluates the structural and mechanical condition of a home prior to transfer of title. Example: Before closing on their new home, the Felixes hired a home inspector to check the condition of the structure. The inspector discovered an unsafe furnace burner and a leaking faucet. The seller agreed to have the problems repaired before the closing.

See Mortgage.

An organized group of homeowners whose members regulate and enforce the rules and standards of their community.

A standardized insurance policy package that covers residential real estate owner against financial loss from fire, theft, public liability and other common risks.

A federal agency that refinanced mortgages in default in the early 1930s.

(HUD) A department of the federal government created in 1965 which is responsible for the implementation and administration of the U.S. government housing and urban development programs which include FNMA, FHA, Public Housing Urban Renewal and Community Facilities.

A local government ordinance that sets minimum standards of safety and sanitation for existing residential buildings. See Building codes. Example: Because of violations of the housing code, including a badly leaking roof and rat infestation, the old apartment building was condemned.

See Housing and Urban Development.

See Uniform settlement statement.

An abbreviation for Heat, Ventilation, and Air-Conditioning and refers to the climate control system in a building.