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Real Estate Dictionary
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Acceptance - Voluntarily agreeing to the price and terms of an offer. Offer and acceptance create a contract. An offers' consent to enter into a contract and be bound by the terms of the offer.
Access Right - A right to enter to and exit from one's property. It may be expressed or implied. See also Right of Ingress or Egress.
Adjustable Rate Mortgage (ARM) - A mortgage loan with an interest rate that fluctuates in accordance with a designated market indicator, such as the weekly average of one-year U.S. Treasury Bills over the life of the loan. To avoid constant and drastic fluctuations, ARM's typically limit how often and by how much the interest rate can vary. As opposed to Fixed Rate Mortgage.
Administrator - A person appointed by a probate court to administer the estate of a person who died intestate (without a will).
Agency - An office providing real estate services. Can be private or part of a chain. Agency involving real property should be in writing, such as listing, trusts, power of attorney, etc.
Agency Problem - Conflicts of interest among stockholders, bondholders and managers.
Agent - One who acts on behalf of another, representing that person's interests and serving as an intermediary. Any relationship in which one party (agent) acts for or represents another (principle) under the authority of the latter. See also Broker, and Realtor.
Agreement of Sale - A contract which defines the sale agreed. It is synonymous with either a purchase agreement. See also Contract.
Amenities - Those settings or improvements to property which increase the desirability or enjoyment other than necessities. For example a swimming pool.
Amenity - A feature of real property that enhances its attractiveness and increases the occupant's or user's satisfaction although the feature is not essential to the property's use. Natural amenities include a pleasant or desirable location near water, scenic views of the surrounding area, etc. Human-made amenities include swimming pools, tennis courts, community buildings, and other recreational facilities.
Amortization - The reduction of the value of an asset by prorating its cost over a period of years Also refer to the portion of a loan payment including the interest and the principal. The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time. See also Depreciation.
Annuity - An amount paid yearly or at other regular intervals, often on a guaranteed dollar basis.
Apartment - A separate unit inside a building, in which there are more than 2 units. A residential unit in a shared building, and has its own separate room, a kitchen and bathroom.
Appraisal - A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby. An opinion of value based upon a factual analysis done by a disinterested person of suitable qualifications. The three methods are: Cost, Market Value, or Income. The purpose of an appraisal is for getting a mortgage, a fair market value before purchasing or before selling in order to know what are the taxes to pay ("the assessed value"), or to know how to compensate and divide money between parties who have holding in the same property.
Appraiser - An individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers work directly for mortgage lenders, most work in the free market.
Architect - A person qualified and skilled in the art of planning and designing. There are architect for different kinds of purposes, for instance building. One who understands architecture, design and plan different kinds of shapes and structures.
"Arnona" - The tax paid in Israel for all the services the municipality provides. The Arnona is paid per built square meters, whether it is in license or not.
"AS IS" Condition - Premises accepted by a buyer or tenant in the condition existing at the time of the sale or lease, including all physical defects.
Asking Price - The price a seller is offering property for sale. The eventual selling price may be lower or higher after negotiation and depend on the specific supply and demand of the market.
Arbitrage - A zero risk, zero net investment strategy that still generates profit. An arbitrage profit can be done by purchase of one security and simultaneous sale of another to give a risk free profit, based on the differences between the opening and closing hours of different stock market/exchange.
Arbitrator - Someone who was chosen by both parties of a controversy and has the power to judge both parties and decide about the solution for the controversy. The Arbitrator's duty is to solve a problem without using the courts system.
Assessed value - The valuation placed on property by a public tax assessor for purposes of taxation.
Assessment - The placing of a value on property for the purpose of taxation.
Assessor - A public official who establishes the value of a property for taxation purposes.
Asset - Items of value owned by an individual. Assets that can be quickly converted into cash are considered "liquid assets." There are real assets such as real estate and financial assets such as bank accounts, stocks, bonds, mutual funds, and so on. Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others.
Assignment - The transfer of a mortgage from one person to another.
Assumption - The transfer of the seller's existing mortgage to the buyer.
Attached in the Tabu - Any real estate right which belongs directly to the property, for instance, garden or parking. Refers to the space which is not the apartments or the common areas in a shared apartments building. The attached garden, roof, parking etc, is supposed to be written in the Tabu, written on the land registration extract.
Attorney-in-fact - One who holds a power of attorney from another to execute documents on behalf of the grantor of the power.
Auction Market - A market where all traders in a good meet at one place to buy or sell an asset.
Auxiliary Farm - A property in a Moshav. A land which is not an Estate ("Meshek"/"Nahala"), and also not a regular plot. Its purpose is residential and agriculture. Usually bigger than a regular plot in the same "Moshav". Called in Hebrew "Meshek Ezer".
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