See: Metes and Bounds.

An offer by one owner of a business or real estate to buy out the interest of another owner of the same business or real estate (a partner or other shareholder), or to sell the offeror’s interest at the same price or proportionate price if unequal ownership. Example: A and B each own a 1/2 interest in lot 1. A offers to buy B’s interest for $10,000, or to sell A’s interest to B for $10,000. Theoretically, very fair, since B has the option to buy or sell. However, B’s interest may be worth $12,000, but B is financially unable to buy A’s interest (also worth $12,000).

A payment to the lender from the seller, buyer, third party, or some combination of these, causing the lender to reduce the interest rate during the early years of a loan. The buydown is usually for the first 1 to 5 years of the loan. See also: Certificate Backed Mortgage.

The account holding funds to be used to pay additional amounts during the buydown period. See: Buydown.

AGENCY AGREEMENT – An agreement by a real estate broker to represent a buyer of property. A broker’s agreement to represent a seller is commonly called a listing agreement. See: Agency.

A market condition favoring the buyer. In real estate, when more homes are for sale than there are interested buyers.

A real estate agent representing the interests of the buyer. Rules of confidentially between buyer and agent are stricter than if the agent represented both buyer and seller.

The main conduits coming into a home. Electrical wiring run through metal conduits.

Rules and regulations, adopted by an association or corporation, which govern its activities.

A road designed to avoid or pass by a high density area, such as a business section of a city, in order to ease traffic congestion. Also called a belt highway.

The horizon (layer) of the Earth below the A and B horizons. Called the substratum, it is usually not affected by rain, change of temperature, or other surface conditions.

An assessor who, through the completion of required courses, experience, and examination, has earned this designation by the International Association of Assessing Officers.

Any interior carpentry which will be seen and must be finished with skill and care. One who does this work is called a cabinet maker or, more commonly, a finish carpenter.

Inventory of real property in a community for tax and assessment purposes.

A watertight chamber in which men work underwater, or in an open excavation where loose soil or sand cave in on the workers. It may also be filled with concrete after it is used, and become a support.

Real estate loans available to armed forces veterans from California, at low interest rates.

A sprawling, one story, ranch-style building, lending itself to interior flexibility in floor plan design.

Originally a term used when a bond is redeemed prior to maturity, it is now also used in describing mortgages. [See Call(2)].

A loan payable upon demand.

A clause in a note and mortgage allowing the lender to demand full payment of the loan before the full term.