A description of a dwelling or property that is appropriate for human occupancy.
1. A tragic prince of Denmark
2. A small community, smaller than a village.
A descriptive term for a property which requires significant work to bring it up to normal standards of condition and repair. Often marketed at a lesser price.harbor line: A boundary set by local authorities marking the extent of the area allowed for development along the sides of a navigable river or other body of water. We have New York City apartments for sale.
A description of a style of sales personship in which the potential purchaser is placed
under extreme pressure and bombarded with information and sales pitches.
A type of insurance designed to cover damage caused by a peril specified in the policy of insurance (i.e. fire, flood, etc.) Slang term for any person with substantial resources.
The establishment of local by-laws or ordinances which restrict the height of buildings in a certain area. May be used in areas near airports (for safety reasons) or natural
attractions (to maintain the view) or simply to allow the flow of air or sunlight.
person who is entitled by law to the property, rights, privileges or position of another
A person if that other person dies without a will (intestate). A descriptive term for any property that one is able to inherit.
A break or gap. In discussions of land, an area of land that lies between two parcels of land but appears from legal descriptions and public records not to be a part of either.
Qualities of a property which may not be immediately noticeable but add to the value of the property, such as high quality materials used in construction.
A mortgage in which the amount of money borrowed is equal to or greater than 75% of the purchase price/appraised value of the property against which it is secured. Will require some sort of insurance, usually provided by a government agency.
Apartment in New York City. A descriptive term for any building that has enough floors to make an elevator a necessity. The highest point on the shoreline to which water in a lake, river, stream or other body of water will rise under normal weather conditions.
Buying an apartment in New York City? An analysis of a property which is aimed at discovering the most profitable way to develop the property.
In common parlance, a road which offers higher speed limits than a normal urban street. In legal parlance, any road which is available to use by the public. A classification (whether under zoning, heritage or other authority) of a specific area of
a community in which the buildings and improvements have a historical value or significance which may not be reflected in their market value.
Designation as such a district may also involve strict rules regarding the way the buildings and properties are dealt with. Looking for an apartment in New York City?
A term describing the original cost of a project, stated in dollars of the time in which
the project was completed, with no adjustment for inflation. An attempt to predict the interest rate fluctuations of a Variable or Adjustable Rate.
A clause in a contract in which one party releases another party for legal liability for a stated risk.
A percentage of a contract price which is retained by a contractor or lender until the
project is complete and all bills for that project are paid. The percentage may be set by custom or by statute. New York City apartments for sale.
A person who takes title to a property without being notified of a defect on title or a
competing claim.The span of time in which a particular party holds title to a property. May be expressed as the total time (i.e. five years) or as a specific period (May, 1999 to July, 2004).
Also known as "over holding", the term used to describe the action of a tenant who retains possession of a premises after the lease has expired.
A testamentary document which is written entirely in the hand of the testator (the person making the will). Is a valid will in many jurisdictions despite the fact that it may not be properly witnessed, so long as it shows an intention on the part of the writer that the document be her will, it deals with the person's assets and there are no ncerns with regard to fraud, coercion or lack of capacity.
Originally recognized to aid soldiers in the field who, in the face of death, wished to settle their estate. New York real estate for sale.
Also known as a "reverse mortgage", a loan designed specifically for people
without income but with a great deal of equity in their home (i.e. retired people).
The loan may require periodic payments or may simply accumulate interest on the original principal until the property is sold (by the borrower or after the death of the borrower).
A special kind of loan (also known as a "revolving loan") which is secured against a property and allows the owner to borrow and repay money at her leisure.
Periodic payments of at least accumulated interest are required but the loan is fully open: may be paid out in whole or in part at any time and, if there is still money available under the loan ceiling, the borrower may take more money for her use.
Apartment in New York City
A loan made for the purposes of making improvements to a property.
The written statement of the results of the inspection of a given property by a
professional home inspector.
Will show problems and potential problems with the property not always visible to an average purchaser (i.e. a deteriorating roof, an ancient furnace, termites, wood rot, basement seepage).
Many purchasers make their offer to purchase conditional upon obtaining a satisfactory Home Inspection report.
A person who offers a service of making a physical inspection of homes. Qualifications may vary.
New York City real estate agents.
A cooperative effort by property owners in a given neighborhood aimed at improving quality of life, providing a unified political voice or combating identified ills.
Liability coverage for property owners covering both loss/damage to property or dwelling and personal liability.
Common name for the state's transferring of power to the local governments to pass
regulations regarding land use.
A tax break for home owners offered in certain jurisdictions which sees property tax
assessments reduced by a certain percentage as a result of the fact that the taxpayer
resides in the property.
May require evidence of the status of ownership to be filed periodically with taxing authority. New York for sale.
The non-profit organization that oversees the common elements in a planned unit
development (PUD) or condominium project.
A capital gain exemption of the first $125,000.00 in gains earned from the sale of a
principal residence by a qualified taxpayer.
A warranty program offered by a division of the National Association of Home Builders through certain builders. The program sets standards for construction and requires warranties ranging from one to ten years in duration on everything from minor defects in workmanship to major structural problems.
A method of protecting some assets from creditors by registering a declaration on title to the owner's homestead property.
A mortgage specifically designed to allow owners to improve their existing homes.
A description of the state of having very little disposable income after paying the
financing and carrying costs of one's home.
National Association of Realtors analysis, issued on a monthly basis, of the ability of
the average family to afford the average home with only 20% down.
Federal Agency charged with the duty of overseeing a number of enactments relating to housing in America. Apartments in New York City can be a coop or a condo.
Funded by HUD, an agency designed to support low-income housing development in rural areas.
Municipal rules setting minimum standards for dwellings. A comparison of a family's monthly gross income with the carrying costs of their home.
State body whose function is to provide loans to citizens who cannot obtain home ownership loans through normal channels.
An economic indicator, the number of dwelling units (including apartments) on which
construction is begun in a given period of time.
"Housing and Urban Development". The form in which the costs of purchasing a home are itemized.
Used in determining eligibility for various HUD programs, the average income for a family in a specific area. See Settlement Statement".
The benchmark for comparisons, the property location which provides the best rental income per square foot for a particular type of building.
A form of mortgage in which the compensation to the lender may include receiving income directly from the use of the property.
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