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Jim Casey REALTOR
Coleman & Sons
Real Estate
451 Main St.
Waltham, MA
02452
Phones:
Office: 781-894-7100
Mobile: 781-775-5937
Fax: 781-894-9707
E-mail: homes451@ix.netcom.com
www.WalthamHomesInfo.com
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A B C D E F G H I J L M N O P Q R S T U V W Z - A -Acceleration Clause - Clause used in an installment note and mortgage (or deed of trust), which gives the lender the right to demand payment in full upon the happening of a certain event, such as failure to pay an installment by a certain date, change of ownership without the lender's consent, destruction of the property, or other event which endangers the security of the loan. Acceptance - Voluntarily agreeing to the price and terms of an offer. Offer and acceptance create a contract. Acre - A measure, usually of land, equal to 160 sq. rods (43,560 sq. ft.) in any shape. Addendum - Something added. A list or other material added to a document, letter, contractual agreement, escrow instructions, etc. Additional Deposit - A buyer of real property will generally give a small deposit with an offer, and a more substantial deposit after the offer has been accepted. The second deposit is the "additional deposit". Adjustable Mortgage Loans (AML's) - Mortgage loans under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustments are agreed to at the inception of the loan. Also called: Adjustable Rate Loans, Adjustable Rate Mortgage's (ARM's), Flexible Rate Loans, Variable Rate Loans. Administrator - A person given authority by a proper court to manage and distribute the estate of a deceased person when there is no will. Agency - Any relationship in which one party (agent) acts for or represents another (principal) under the authority of the latter. Agency involving real property should be in writing, such as listings, trusts, powers of attorney etc. Agent - One who is authorized to act for or represent another (principal), usually in business matters. Authority may be express or implied. Amendment - A change, either to correct an error or to alter a part of an agreement without changing the principal idea or essence. Amenities - Those things which enhance the enjoyment (and therefore the value) of real estate but are not necessary for its intended use. Examples: a scenic view, swimming pool etc. Amortization Schedule - A schedule showing each payment of a loan to be amortized and breaking down the payment into the amount applied to principal and the amount applied to interest. Annual Percentage Rate (A.P.R.) - The yearly interest percentage of a loan, as expressed by the actual rate of interest paid. The A.P.R. is disclosed as a requirement of federal truth in lending statutes. Appraisal - An opinion of value based upon a factual analysis. Legally, an estimation of value by two disinterested persons of suitable qualifications. Appraisal Report - A written report by an appraisor containing his opinion as to the value of a property and the reasoning leading to this opinion. The factual data supporting the opinion, such as comps, appraisal formulas, and the qualifications of the appraisor, will also be set forth. Appraised Value - An opinion of the value of a property at a given time, based upon facts regarding the location, improvements, etc., of the property and surroundings. Arrears - (1) Payment made after it is due is in arrears. (2) Interest is said to be paid in arrears since it is paid to the date of payment rather than in advance, as is rent. Asbestos - A fire and heat resistant material used in insulation, roofing, etc. Asking Price - The price at which the seller is offering property for sale. The eventual selling price may be less after negotiation with a buyer. Assessment - (1) The estimating of value of property for tax purposes. (2) A levy against property in addition to general taxes. Usually for improvements such as streets, sewers, etc. Back to the top - B -Backup Offer - A secondary offer to buy property, used in case the first (primary) offer fails. A backup offer is especially useful when the primary offer contains difficult contingencies. Balloon Note - A note calling for periodic payments which are insufficient to fully amortize the face amount of the note prior to maturity, so that a principal sum known as a "balloon" is due at maturity. Bay Window - A window which projects in a curve out from a wall, giving a bay -like effect to the interior. Beamed Ceiling - A ceiling having one or more of its beams exposed. Betterment - An improvement to a structure which is not a repair, restoration, or enlargement and which increases the value of the property. Breach of Contract - Failure to perform a contract, in whole or part, without legal excuse. Breezeway - (1)In construction of a house with no garage, a canopy which extends from the house over the driveway as a protection from the weather for an automobile and for those people going between the house and the automobile. (2) A covering over a porch or patio, connecting two sections of a house or a house and garage. Open on two sides, allowing air circulation (breeze). Broom Clean - A term used to describe the condition of a building, delivered to a buyer or tenant. As the term indicates, the floors are swept and free of debris. Back to the top - C -Cashier's Check - A check drawn by a bank on itself rather than on an account of a depositor. A cashier's check is generally acceptable to close a sale without waiting for the check to clear. Certified Check - A personal check drawn by an individual which is certified (guaranteed) to be good. The bank holds the funds to pay the certified check and will not pay any other checks drawn on the account if such payment would impede payment of the certified check. The bank also will not honor a stop payment of a certified check. Circuit Breaker - An electrical device which has taken the place of the fuse in most homes. The circuit is broken (electricity shut off) when there is an overload. The circuit breaker can be reset rather than replaced as a fuse must be. Clapboard - Narrow boards used as siding for frame houses, and having one edge thicker than the other. The boards run horizontally with the thicker edge overlapping the thinner edge. Closing - (1) In real estate sales, the final procedure in which documents are executed and/or recorded, and the sale (or loan) is completed. (2) A selling term meaning the point at which the client or customer is asked to agree to the sale or purchase and sign the contract. (3) The final call in a metes and bounds legal description which "closes" the boundaries of the property. Closing Costs - Expenses incidental to a sale of real estate, such as loan fees, title fees, appraisal fees, etc. Cloud on Title - An invalid encumbrance on real property, which, if valid would affect the rights of the owner. The cloud may be removed by quitclaim deed, or, if necessary, by court action. Condominium - A structure of two or more units, the interior spaces of which are individually owned; the balance of the property (both land and building) is owned in common by the owners of the individual units. The size of each unit is measured from the interior surfaces (exclusive of paint and other finishes) of the exterior walls, floors, and ceiling. The balance of the property is called the common area. Contingency - Commonly, the dependence upon a stated event which must occur before a contract is binding. Conveyance - Transfer of title to land, includes most instruments by which an interest in real estate is created, mortgaged, or assigned. Crawl Space - A space between the ground and the first floor of a structure (usually a house). Repair of utilities under the house may be made by a person crawling through the shallow space. Credit Report - A report on the past ability of a loan applicant to pay installment payments. Several national and local companies make such reports. Cul de Sac - A street or alley open at one end only. Modernly, a street in a subdivision, open at one end, and having a large, rounded, closed end to facilitate U turns. Back to the top - D -Dead-End Street - A street having ingress and egress at one end only. Differs from a cul de sac in that the dead-end street does not have an enlarged area at the closed end for U turns. Deposit - (1) Money given by the buyer with an offer to purchase. Shows good faith. Also called earnest money. (2) A natural accumulation of resources (oil, gold, etc.) which may be commercially recovered and marketed. Dormer Window - (1) A window which rises vertically above the roof line of a sloping roof. (2) Originally any bedroom window. Double-Hung Window - A window which opens vertically from the top and bottom, containing two separate sashes with a locking device, usually at the center where the top of the lower sash meets the bottom of the upper sash. Down Payment - Cash portion paid by a buyer from his own funds, as opposed to that portion of the purchase price which is financed. Back to the top - E -Easement - A right created by grant, reservation, agreement, prescription, or necessary implication, which one has in the land of another. It is either for the benefit of land (appurtenant), such as right to cross A to get to B, or "in gross", such as a public utility easement. Back to the top - F -Fair Market Value - Price that probably would be negotiated between a willing seller and a willing buyer in a reasonable time. Usually arrived at by comparable sales in the area. First Refusal Right - A right, usually given by an owner to a lessee, which gives the lessee a first chance to buy the property if the owner decides to sell. The owner must have a legitimate offer which the lessee can match or refuse. If the lessee refuses, the property can then be sold to the offeror. Flashing - Sheet metal or similar material, used at different points in a structure to prevent water seepage, such as around vent pipes, chimneys, etc. Flood Insurance - Insurance indemnifying against loss by flood damage. Required by lenders (usually banks) in areas designated (federally) as potential flood areas. The insurance is private but federally subsidized. Back to the top - G -Grandfather Clause - The clause in a law permitting the continuation of a use, business etc., which, when established, was permissible but, because of a change in the law, is now not permissible. Back to the top - H -Holdback - Portion of a loan held back by the lender until a contingency is met. In the sale of a home insured by the V.A. or F.H.A., funds may be held back to make necessary improvements to bring the property to V.A. or F.H.A. standards. The money to make "these" repairs may not be available until closing. One and one half to double the estimated amount necessary is held back. If repairs are not made in the time allowed, these funds are used to make the repairs. In construction financing, funds are held back until, for example, a certain percentage of a subdivision has been sold, or a certain portion of a building has been completed. Homeowner's Insurance - Includes the coverage of Hazard Insurance plus added coverage such as personal liability, theft away from the home (items stolen from the insured's car), and other such coverage. Back to the top - I -Institutional Lenders - Banks, savings and loan associations, and other businesses which make loans to the public in the ordinary course of business, rather than individuals, or companies which may make loans to employees. Intestate - Without leaving a will, or leaving an invalid will so that the property of the estate passes by the laws of succession rather than by direction of the deceased. Back to the top - J -Joint Tenancy - An undivided interest in property, taken by two or more joint tenants. The interests must be equal, accuring under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased. Back to the top - L -Lien - An encumbrance against property for money, either voluntary or involuntary. All liens are encumbrances but all encumbrances are not liens. Life Estate - An estate in real property for the life of a living person. The estate then reverts back to the grantor or on to a third party (remainderman). Lis Pendens - A legal notice recorded to show pending litigation relating to real property, and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation. Listing - An agreement between an owner of real property and a real estate agent, whereby the agent agrees to secure a buyer or tenant for specific property at a certain price and terms in return for a fee or commission. Low Doc Loans - Loans requiring less documentation then is usually required from the borrower. For example: The borrower would provide a statement of income but not be required to provide tax returns to prove said income. These loans are sometimes called "no qualifying loans". Back to the top - M -Maintenance Fee - As applied to condominiums and planned developments, the amount charged each unit owner to maintain the common area. Usually a monthly fee paid as part of the budget. Mansard Roof - A four sided roof, each side having two separate slopes of different degree; the lower slope is at a much steeper angle than the upper slope. Market Data Approach - Appraising the value of a property by comparing the price of similar properties (comps) recently sold. The degree of similarity (physical characteristics and locations) of the properties and circumstances of the sale (time and terms) are the important considerations. Marketable Title - Title which can be readily marketed (sold) to a reasonably prudent purchaser aware of the facts and their legal meaning concerning liens and encumbrances. Market Value - The highest price a willing buyer would pay and a willing seller accept, both being fully informed, and the property exposed for a reasonable period of time. The market value may be different from the price a property can actually be sold for at a given time. Mechanic's Lien - A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements. Minimum Lot - The smallest allowable lot size for development, as stipulated by local zoning laws. Mortgage Banker - A company providing mortgage financing with its own funds rather than simply bringing together lender and borrower, as does a mortgage broker. Although the mortgage banker uses its own funds, these funds are generally borrowed and the financing is either short term or, if long term, the mortgages are sold to investors (many times insurance companies) within a short time. Mortgage Broker - One who, for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as security. Also called a loan broker. Mortgage Insurance - Insurance written by an independent mortgage insurance company (referred to as 'MIC') protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage of the sale price. The Federal Government writes this form of insurance through the FHA and the VA. Multiple Listing - An exclusive listing, submitted to all members of an association, so that each may have an opportunity to sell the property. Back to the top - N -Net Lease - A lease requiring the tenant to pay, in addition to a fixed rental, the expenses of the property leased. such as taxes, insurance, maintenance etc. In some states the terms net net, net net net, triple net, and other such repetitions are used. Nonconforming Use - A property which does not conform to the zoning of the area. Usually, the property was built in conformity and then the zoning was changed. Notary Public - One who is authorized by the state or federal government, to administer oaths, and to attest to the authenticity of signatures. A federal authorization may extend to the authority to attest to the authenticity of certain documents, and to act as a notary in foreign countries. Note - A unilateral agreement containing an express and absolute promise of the signer to pay to a named person, or order, or bearer, a definite sum of money at a specified date or on demand. Usually provides for interest and, concerning real property, is secured by a mortgage or trust deed. Null An Void - Void. Not legally binding. Back to the top - O -Offer - A presentation or proposal for acceptance, in order to form a contract. To be legally binding, an offer must be definite as to price and terms. Back to the top - P -Personal Property - Any property which is not designated by law as real property. PITI (Principal, Interest, Taxes and Insurance) - Used to indicate what is included in a monthly payment on real property. Principal, interest, taxes and insurance are the four major portions of a usual monthly payment. Pilot Plan - A plan of the location of improvements on a parcel of land. Also called the plot map. Don't confuse with plat. Power of Attorney - An authority by which one person (principal) enables another (attorney in fact) to act for him. (1)General power-Authorizes sale, mortgaging, etc. of all property of the principal, invalid in some jurisdictions. (2)Special power-Specifies property, buyers, price and terms. How specific it must be varies in each state. Principal - (1) The person who gives authority to an agent or attorney. (2) Amount of debt, not including interest. The face value of a note, mortgage, etc. Procuring Cause - A direct cause of an event, or the direct cause of a series of causes leading to an event. A broker is entitled to a commission under an open listing if proven to be the procuring cause of a sale. Property Tax - Generally, a tax levied on both real and personal property; the amount of tax is dependent on the value of the property. Public Records - Usually at a county level, the records of all documents which are necessary to give notice. The records are available to the public. All transactions for real estate sales should be recorded. Back to the top - Q -Quitclaim Deed - A deed operating as a release; intended to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor. Back to the top - R -Real Estate - (1)Land and anything permanently affixed to the land, such as buildings, fences, and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items which would be personal property if not attached. The term is generally synonymous with real property, although in some states a fine distinction may be made. (2) May refer to rights in real property as well as the property itself. REALTOR® - A designation given to a real estate broker or sales associate who is a member of a board associated with the National Association of Realtors® or with the National Association of real Estate Boards. Referral - In the real estate business, generally the act of a past client recommending a real estate broker or agent to one currently a buyer or seller. Also, any recommendation by one real estate agent of another for a referral fee. Refinance - (1) The renewing of an existing loan with the same borrower and lender. (2) A loan on the same property by either the same lender or borrower. (3) The selling of loans by the original lender. Renegotiable Rate Mortgage - A real property loan calling for an adjustment in the interest rate at a given time. RESPA (real Estate Settlement Procedures Act) - A federal statute effective June 20, 1975, requiring disclosure of certain costs in the sale of residential (one to four family) improved property which is to be finance by a federally insured lender. Revenue Stamps - Formerly, federal tax on sale of real property. Cancelled and replaced by state tax stamps. The stamps (similar to postage stamps) are affixed to the conveyancing instrument (deed), or a rubber stamp is used to show the amount of the tax. Right of Survivorship - The right of a survivor of a deceased person to the property of said deceased. A distinguishing characteristic of a joint tenancy relationship. Right of Way - A strip of land which is used as a roadbed, either for a street or railway. The land is set aside as an easement or in fee, either by agreement or condemnation. May also be used to describe the right itself to pass over the land of another. Room Count - The number of rooms in a residential property. There is no national method of counting but, generally, bathrooms are specified and counted separately. Running With The Land - Usually concerned with easements and covenants. Passing with the transfer of land. Back to the top - S -Seasoned - A term referring to a land contract or mortgage, indicating that payments have been made regularly over a period of time, and that the contract or mortgage is not a new one. Secondary Mortgage Market - The buying and selling of first mortgages or trust deeds by banks, insurance companies, government agencies, and other mortgagees. This enables lenders to keep an adequate supply of money for new loans. The mortgages may be sold at full value (par) or above, but are usually sold at a discount. The secondary mortgage market should not be confused with second mortgage. Selling Agent - The real estate agent obtaining the buyer rather than listing the property. The listing and selling agent may be the same person or company. Septic System - A sewage system, whereby waste is drained through pipes and a tile field into a septic tank. Found in areas where city or county sewers have not yet been installed. Set Back Ordinance - Part of a zoning ordinance. Regulates the distance from the lot line to the point where improvements may be constructed. Sprinkler System - (1) When used in reference to residential property, a system of pipes under a lawn, used for watering the grass. (2) In commercial or industrial property, a system of pipes and valves in the ceiling, sensitive to ambient temperatures., which automatically sprinkles water or a chemical in case of fire. Square Foot - The area contained by boundaries of 1 foot long and 1 foot wide. There are 9 square feet in 1 square yard. Statute of Frauds - State laws, requiring certain contracts to be in writing. All contracts for the sale of real property must be in writing. Leases (personal property) for more than one year must be in writing. Succession - The passing of real property by will or inheritance, rather than by grant of a deed or any other form of purchase. Sump Pump - A pump used to force the collected liquids from a sump. Back to the top - T -Tax Lien - (1) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (2) A federal income tax lien. May attach to all property of the one owing the taxes. Tax Rate - Traditionally, the ratio of dollars of tax per hundred or per thousand dollars of valuation. Modernly, has become to be expressed as a percentage of valuation. Tenancy by the Entirety - A form of ownership by husband and wife whereby each owns the entire property. In the event of the death of one, the survivor owns the property without probate. Tenancy in Common - An undivided ownership in real estate by two or more persons. The interests need not be equal, and, in the event of the death of one of the owners, no right of survivorship in the other owners exists. Tenant at Will - One who holds possession of premises by permission of the owner or landlord, but without agreement for a fixed term of possession. Termite Inspection - An inspection required in certain types of sales of property, to determine if termites are present within a building. Termites - Insects, similar to ants, which feed on wood, causing destruction to wooden structures. Testate - Having written a last will and testament. Thermal Window - An insulating window of two panes of glass with air between. Title - The evidence one has of right to possession of land. Title Insurance - Insurance against loss resulting from defects of title to a specifically described parcel of real property. Defects may run to the fee (chain of title) or to encumbrances. Title Search - A review of all recorded documents affecting a specific piece of property to determine the present condition of title. Trespass - Legally covers a variety of wrongs against person or property. Most commonly used to describe the wrongful entry of a person onto another's land, although encroachment of an inanimate object, such as a building or fence, is a form of trespass. Trust - A fiduciary relationship under which one holds property (real or personal) for the benefit of another. Thew party creating the trust is called the settlor, the party holding the property is the trustee, and the party for whose benefit the property is held is called the beneficiary. Truth in Lending - Also referred to as Regulation A. Part of the Consumer Credit Protection Act. Federal legislation designed to protect borrowers by requiring lenders to furnish information regarding the cost of the loan. The law requires interest to be expressed as the annual percentage rate (APR) to the nearest 1/8 of one percent. The APR must include charges such as loan fees, discount points, servicing fees, etc., as well as interest. The law applies to 1 to 4 family residential property only. Also applies to other consumer loans. Back to the top - U -Unmarketable Title - Not saleable. A title which has serious defects. Back to the top - V -Variable Interest Rate - An interest rate which fluctuates as the prevailing rate moves up or down. In mortgages there are usually maximums as to the frequency and amount of fluctuation. Also called "flexible interest rate". Veteran's Administration (V.A.) Loans - Housing loans to veterans by banks, savings and loans, or other lenders which are insured by the Veteran's Administration, enabling veterans to buy a residence with little or no down payment. Back to the top - W -Warm Air Heating System - Also called hot air heating system. A heating system whereby air is heated in a furnace and moves through ducts to the areas to be heated. Water Table - (1)The depth, measured from the surface, at which natural underground waters are found. (2) A ledge to aid the run-off of rainwater, built at or above the top of the foundation wall. Back to the top - Z -Zero Lot Line - The construction of a building on any of the boundary lines of a lot. Usually built on the front line, such as a store built to the sidewalk. Zoning - The division of a city or county by legislative regulations into areas (zones), specifying the uses allowable for the real property of these areas. Zoning Ordinance - A law (generally at the city or county level) controlling the use of land and construction of improvements in a given area (zone). Back to the top |