An acquisition loan is a type of loan used specifically for the purchase of real estate properties. These loans are generally utilized by buyers to acquire commercial, residential, or undeveloped land.
An Acquisition, Development, and Construction (ADC) Loan is a specialized type of loan used to fund the acquisition of land, the development of building sites, and the construction of residential or commercial properties.
The American Society of Home Inspectors (ASHI) is a professional organization of home inspectors in the U.S. and Canada, committed to raising the standards of the home inspection practice and building public awareness about the industry.
Attached housing refers to dwelling units that are connected to each other on at least one side, often separated by firewalls or other physical partitions. This stands in contrast to detached housing, where structures are standalone.
A bungalow is an early-twentieth-century-style, one-story house that often features an open or enclosed front porch. It’s known for its simple, practical design, and is usually free-standing.
A contingent offer in real estate is a bid or offer that is proposed with specific conditions which must be met for the sale to proceed. These conditions, called contingencies, protect the buyer and ensure their interests are safeguarded before finalizing the purchase.
Certified Residential Specialist (CRS) is a designation awarded to experienced REALTORS® who have completed advanced training and demonstrated outstanding achievement in buying, selling, and managing residential real estate.
Detached housing residential buildings are standalone dwelling units that are completely separated from adjacent residences, typically situated on individual lots.
A manufactured home consisting of two single units joined together at the home site. The finished home is at least 20 feet wide.
A duplex is a type of multi-family home that features two distinct living units within one building and a single structure.
An efficiency unit or apartment is a small dwelling unit, often consisting of a single room, within a multifamily structure. In most cases, kitchen and bath facilities are not complete.
Fireproof construction refers to the use of materials that have a high degree of resistance to fire, thereby reducing the risk of damage or destruction due to fire. These materials can either be noncombustible or protected by other noncombustible materials.
A gated community is a type of residential area with restricted access. These communities often feature fences, walls, or other barriers, as well as security personnel, to control access and provide additional security for residents.
Gross Building Area (GBA) is the total floor area of a building, typically measured from the external walls and including all areas within the building. It encompasses the entire footprint of the building.
Housing stock refers to the total number of dwelling units available in a specific area, including both occupied and vacant units, but excluding specific types such as group quarters and congregate housing.
Lead-based paint is considered a hazardous material and capable of causing poisoning. Disclosure of its existence in a property is mandatory when selling or leasing, as dictated by federal laws such as the Residential Lead-Based Paint Hazard Reduction Act of 1992.
Multifamily housing represents residential structures containing more than one dwelling unit within the same building, designed to accommodate multiple households. These types of properties range from smaller multi-unit buildings like duplexes to larger apartment complexes.
Overbuilding occurs when there is more real estate construction in a specific area than the market can absorb within a reasonable amount of time. This imbalance between supply and demand often leads to vacant properties and lower rental rates.
Redfin is a popular real estate brokerage and listings service that provides detailed information on residential properties for sale, including photos, pricing, and factual details. It also connects users with brokers who are Redfin agents.
Regulation Z, also known as the Truth in Lending Act (TILA), requires creditors to provide full disclosure of the terms of a loan, including the interest rate as an Annual Percentage Rate (APR). This regulation is compulsory for anyone who arranges credit for more than five sales of residential real estate in a year.
The rental rate is the periodic charge per unit for the use of a property. The period may be a month, quarter, or year, and the unit may be a dwelling unit, square foot, or other unit of measurement.
The S&P/Case-Shiller Index, also known as the Case-Shiller/S&P Home Price Index, is a collection of indices that tracks changes in the value of residential real estate in the United States. It is one of the most trusted measures for house price fluctuations across various metropolitan regions.
Trading Up refers to the process of buying a larger or more expensive property, often done to accommodate growing families, enhance lifestyle, or secure better investment opportunities.
The underimprovement occurs when a property or development exists at a lower investment or utility level than the optimal usage potential of the site.
Upgraders are homeowners who seek to purchase what they believe is a better home, often referred to as 'move-up' buyers. This usually involves acquiring a larger, more conveniently located home, or one with additional amenities. Typically, the new home costs more than the proceeds from the sale of the old home.
