Real Estate Words Glossary Archive


Junior mortgage

Wednesday, December 12th, 2007
Any mortgage, such a second or third mortgage on a property, which is subordinate to the first one in priority.


Judgment

Wednesday, December 12th, 2007
Court decree stating that one person is indebted to another. Also specifies the amount of the debt.


Interim financing

Wednesday, December 12th, 2007
Short-term loan usually made during the construction phase of a building project or until a permanent, long-term loan can be obtained. Also called a construction loan.


Interest

Wednesday, December 12th, 2007
A fee paid for the use of money; also a share or right in something.


Installment payment

Wednesday, December 12th, 2007
Periodic payment, usually monthly, of interest and principal on a mortgage or other loan.


Inspection

Wednesday, December 12th, 2007
The act of physically examining and testing a piece of property to ascertain certain information.


Improvement

Wednesday, December 12th, 2007
Any form of land development or man-made addition, such as the erection of a building or fence, to enhance the value of private property; also an improvement to publicly owned structures, such as a sewer or road.


HUD

Wednesday, December 12th, 2007
Acronym for the Department of Housing and Urban Development, an agency from which almost all of the federal government's housing programs flow.


Housing codes

Wednesday, December 12th, 2007
Local regulations that set minimum conditions under which dwellings are considered fit for human habitation. It guards against unsanitary or unsafe conditions and overcrowding.


Homestead protection

Wednesday, December 12th, 2007
State and federal laws that protect against the forced sale of a person's home by creditors. Also, upon the death of one spouse, provides the other with a home for life.


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