Real Estate Words Glossary Archive


Assessment

Tuesday, December 11th, 2007
Tax or charge levied on property by a taxing authority to pay for local improvements such as sidewalks, streets, and sewers.


Assessed value

Tuesday, December 11th, 2007
A value placed on a property by an agency of the government for taxation and other purposes.


As is

Tuesday, December 11th, 2007
Said of property offered for sale in its present condition with no guarantees as to quality and no promise of repair or fix-up by the seller; property is purchased in exactly the condition in which it is found.


Appurtenance

Tuesday, December 11th, 2007
Whatever is annexed to land or used with it that will pass to the buyer with conveyance of title, such as a garage or fence.


Appreciation

Tuesday, December 11th, 2007
Increase in property value or worth due to economic or related factors; the opposite of depreciation.


Appraisal

Tuesday, December 11th, 2007
A formal estimate of property value conducted by a professional qualified to make such an opinion.


Annual percentage rate (APR)

Tuesday, December 11th, 2007
Combines the interest rate with other loan costs, such as points and loan fees, into a single figure that shows the true annual cost of borrowing.


Amortize

Tuesday, December 11th, 2007
Pay a debt in monthly or other periodic installments until the total amount, along with the interest, if any, is paid.


Air rights

Tuesday, December 11th, 2007
Right to occupy and use the open space above a parcel of land or property, such as in the leasing of air space over existing buildings or highways.


Agent

Tuesday, December 11th, 2007
Person authorized to act by and on behalf of another.


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