Home Terms Main Page

This site contains comprehensive definitions for a wide range of terms that cover topics such as home, mortgage, insurance, homebuyer, real estate, property, buy home, home insurance, financing, home financing, home buyer, first time homebuyer, homes, homebuying, credit, condo...

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Attribution Rules

Legislation under which interest, dividends, or capital gains earned on assets you transfer to your spouse will be treated as your own for tax purposes. Interest or dividends relating to property transferred to children under 18 also will be attributed back to you. The exception to this rule is that capital gains relating to property transferred to children under 18 will not be attributed back to you.

Errors and Omissions Insurance

Insurance coverage purchased by the agent/broker which provides protection against loss incurred by a client because of some negligent act, error, oversight, or omission by the agent/broker.

Annuity Period

The time between each payment under an annuity.

Variable Annuity

A form of annuity policy under which the amount of each benefit is not guaranteed or specified. The amounts fluctuate according to the earnings of a separate investment account.

Equity

The interest of the owner in a property over and above all claims against the property. It is usually the difference between the market value of the property and any outstanding encumbrances.

Open Mortgage

A mortgage which can be prepaid at any time, without penalty.

Townhouse

One of a row of houses connected with common side walls.

Annual Percentage Rate (APR)

Annual cost of credit over the life of a loan, including interest, service charges, points, loan fees, mortgage insurance, and other items.

Baffles

Device to help achieve a ventilation space between insulation and roof sheathing. It helps assure air flow from the eave vents in attics and cathedral ceilings.

Draw

The amount of progress billings on a contract that is currently available to a contractor under a contract with a fixed payment schedule.

Emittance

Emittance refers to the ability of the surface to emit radiant energy. Emissivity ranges from 0 to 1 and a lower value indicates a reflective surface with a low level of radiation.

Gable End Wall

The triangular end of an exterior wall above the eaves formed under a gable roof.

Patio

An interior courtyard or a paved backyard area.

Plot Plan

An overhead view plan that shows the location of the home on the lot. Includes all easements, property lines, set backs, and legal descriptions of the home. Provided by the surveyor.

Shed Roof

A roof that pitches up further on one side than the other. Shed roofs are also used over some porches.