An improvement to a structure which is not a repair, restoration, or enlargement. For example: the addition of aluminum siding over a frame wall; paving a street adjoining the structure; adding a fireplace or some similar improvement which increases the value of the property.

See: Balloon Frame Construction; Platform Frame Construction.

See: Clapboard.

A prefix meaning both “every two” or “twice in”. Biannual, for example, is twice in one year. Biennial is once every two years.

Two levels. Commonly refers to construction of a house. Also called “split” level.

Twice per year. Semiannual.

(1) An offer, usually in competition with others, such as at auction. A builder may bid for the right to do construction (especially for a government contract). (2) Used in some states to describe an offer to purchase real estate.

Every two years.

A contract formed by an exchange of promises. Performance of the contract takes place at a later time. The standard real estate sale’s agreement or lease is a bilateral contract. See also: Unilateral Contract.

A promissory note from which the interest is deducted in advance.

An instrument by which one transfers personal property.

A Structure annexed to land for the purpose of posting advertising.

(1) A report issued by a title insurance company setting forth the condition of title to certain property as of a certain date, and also setting forth conditions which, if satisfied, will cause a policy of title insurance to be issued. Also called a commitment. See also: Preliminary Title Report. (2) A policy of title insurance (used primarily by investors) calling for a reduced rate for a future policy if the property is sold within a specified period.

Obtaining the initial lead regarding property, buyers, investors, potential home improvement customers, etc. The lead is then followed up by one empowered to make the deal.

The number of births in a given area during a given period of time, based on per thousand population.

A mortgage repaid by biweekly payments. A biweekly payment is equal to one-half the regular monthly payment. This reduced payment is then paid biweekly or 26 times per year. Under this accelerated plan, the borrower pays off more principal than a borrower making monthly payments. Example: A $100,000.00, 30 year loan at 12% interest would have a monthly payment of $1,028.62. Making biweekly payments of $514.31 pays off the 30 year loan in 19 years and 2 weeks and saves $115,975.18 in interest.

Fictitious name used by legal writers to describe a specific property without a more complete description.

A black paving surface composed of a coal or asphalt material.

See: Blanket Mortgage.

A policy covering more than one property. Commonly used by builders of a tract.

(1) A mortgage covering more than one property of the mortgagor, such as a mortgage covering all the lots of a builder in a subdivision. (2) A mortgage covering all real property of the mortgagor, both present and future. When used in this meaning, it is also called a “general mortgage”.