Definition of Crawlspace Foundation

Crawlspace Foundation

The space between the ground and the first floor of a home, usually no higher than four feet.

Backfill

The replacement of excavated earth into a trench around or against a basement or crawlspace foundation wall.

Basement Foundation

A basement is a usable foundation that typically has ceiling heights of 8' and is often finished off as living or storage space.

Crawlspace Vent

An opening to allow the passage of air through the unexcavated area under a first floor. Ideally there should be at least two vents per crawlspace.

Slab Foundation

For a slab foundation, the site is leveled off, and a trench is dug around the perimeter of the home site. Gravel is then spread across the site, and concrete is poured approximately four inches thick over wire mesh and a moisture barrier. In areas of load bearing walls, trenches need to be dug to allow for additional thickness at this location. Slab foundations have no piers or floor joists, and the concrete slab is the floor system.

First To Die Coverage

This means that there are two or more life insured on the same policy but the death benefit is paid out on the first death only. If two or more persons at the same address are purchasing life insurance at the same time, it is wise to compare the cost of this kind of coverage with individual policies having a multiple policy discount.

Living Benefit

Some insurance companies include this benefit option at no cost to their policy holders. The insurer considers on a case to case basis, the need for insurance funds before death. If the insured can demonstrate a shortened life of less than two years and with some insurers one year, the insurer will consider releasing up to 50% or a maximum of $100,000 of the life insurance coverage held by the insured. Not all insurers offer this benefit for free. The need has resulted in specific stand alone living benefit/critical illness policies coming into existence. Look under "Different types of Life Insurance" for further information. You might have heard of "Viatical Settlements", the practice of seriously ill people selling the rights to their life insurance policies to third parties. This practice is common in the United States but has not caught on in Canada.

Living Will

This is a will which specifically expresses the testator's desire not to be kept alive on life support machines, should the occasion arise.

Replacement

This subject of replacement of existing policies is covered because sometimes existing life insurance policies are unnecessarily replaced with new coverage resulting in a loss of valuable benefits. If someone suggests replacing your existing coverage, insist on having a comparison disclosure statement completed.
The most important policies to examine in detail are those which were issued in Canada prior to December 2, 1982. If you have a policy of this vintage with a significant cash surrender value, you may want to consider keeping it. It has special tax advantages over policies issued after December 2, 1982.
Basically, the difference is this. The cash surrender value of a pre December, 1982 policy can be converted to an annuity in accordance with the settlement options in the policy and as a result, the tax on any policy gain can be spread over the duration of the annuity. Since only the interest element of the annuity payment will be taxed, there will be less of a tax impact on the annuitant. Policies issued after December 2, 1982 which have their cash surrender value annuitized trigger a disposition and the annuitant must pay tax on the total policy gain immediately. If you still decide to replace existing coverage, don't cancel what you have until the new coverage has been issued.

Agreement of Purchase and Sale

A legal agreement that offers a certain price for a home. The offer may be firm (no conditions attached), or conditional (certain conditions must be fulfilled before the deal can be closed).

Home Equity

The difference between the price for which a home could be sold (market value) and the total debts registered against it.

Coach home

One of a group of homes in a two-story building, with own garage and entrance.

Courtyard home

A home with a courtyard as its main entrance.

Home warranty

Like any other warranty, this guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.

Patio home

Small, single-family home with a patio.

Single-family home

A detached house.

Tray ceiling

A flat ceiling with a raised center portion.

Vaulted ceiling

An arched ceiling.

Air Space

The area between insulation facing and interior of exterior wall coverings. Normally a 1" air gap.

Area Walls

Corrugated metal or concrete barrier walls installed around a basement window to hold back the earth.

Balloon Framed Wall

Framed walls (generally over 10' tall) that run the entire vertical length from the floor sill plate to the roof. This is done to eliminate the need for a gable end truss.

Bull Nose Drywall

Rounded drywall corners.

Coffered Ceiling

A ceiling with recessed square panels, bordered with trim for ornamental purposes.

Crawlspace Vent

An opening to allow the passage of air through the unexcavated area under a first floor. Ideally there should be at least two vents per crawlspace.

Flat Ceiling

A ceiling with no change in elevation.

Gable End Wall

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

GFI -See Ground Fault Current Interrupter

Ground Fault Current Interrupter

An electrical device used to prevent injury from contact with faulty electrical appliances and faulty wiring
electrical shocks. GFIs should not be confused with AFIs, the later are designed to prevent electrical fires. GFIs are required in new home bathrooms, kitchen, garage, out of doors and in other locations where one might be in contact with a grounded surface or body of water and an electrical appliance. Most GFI's are located in the receptacle itself or a curcuit breaker and can be identified by the presence of a 'test' and a 'reset' button.

Insulated Ceiling (I.C.)

Marking on recessed lighting fixture indicating that it is designed for direct insulation contact.

aterial used to cover the interior framed areas of walls and ceilings

Knee Wall

A wall-like structure that supports roof rafters.

Living Square Footage

See Square Footage, living

Load-Bearing Wall

Includes all exterior walls and any interior wall that is aligned above a support beam or girder. Normally, any wall that has a double horizontal top plate.

Nonbearing Wall

A wall supporting no load other than its own weight.

Slab Foundation

For a slab foundation, the site is leveled off, and a trench is dug around the perimeter of the home site. Gravel is then spread across the site, and concrete is poured approximately four inches thick over wire mesh and a moisture barrier. In areas of load bearing walls, trenches need to be dug to allow for additional thickness at this location. Slab foundations have no piers or floor joists, and the concrete slab is the floor system.

Square Footage, Living

The square footage in a home that is heated and/or cooled. The space occupied by two-story rooms and stairwells is counted once in the lower floor's square footage. living square footage does not include garages, bonus rooms, or porches unless otherwise noted.

Stick-Built Home

A house built without prefabricated parts. Also called conventional building.

Subfloor

The structural material that spans across floor joists. It serves as a working platform during construction and provides a base for the finish floor.

Tray Ceiling

A decorative ceiling treatment used to add volume and/or height to a room. 2 Common types are: 1) Angled area toward the center leading to a flat ceiling surface, and 2) Stepped square edged leading toward the center of the ceiling.

Trombe Wall

A passive solar wall, usually masonry or concrete, used for passing heat from one room (like a sun room or solar garden room) to another.

Vaulted Ceiling

A ceiling that angles upward on one or both sides to create volume in the room.

Wall Out

When a painter spray paints the interior of a home.

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