The difference between face value of an installment note and mortgage or deed of trust, and the present cash value.

A real estate broker charging a lower than the usual commission. The broker will have the seller take on some of the tasks normally performed by the broker, such as showing the property to prospective purchasers.

See: Discount Points.

The amount of money the borrower or seller must pay the lender to get a mortgage at a stated interest rate. One discount point equals one percent of the loan. For example, each discount point on a $125,000 loan would cost $1250. Discount points allow the borrower to get a better interest rate, and allow the lender to sell the loan at less than face value and still make a profit.

The amount of money the borrower or seller must pay the lender to get a mortgage at a stated interest rate. One discount point equals one percent of the loan. For example, each discount point on a $125,000 loan would cost $1250. Discount points allow the borrower to get a better interest rate, and allow the lender to sell the loan at less than face value and still make a profit.

The present value of future cash flow, determined by a given discount rate.

Refusal to sell or rent property or make a loan based on reasons forbidden by federal or state law. This can include race, gender, pregnancy, color, religion, national origin, age, disability or sexual orientation. Discrimination extends beyond real estate to areas such as hiring and firing and refusing admittance to private schools and other organizations. All the reasons above do not apply to all areas.

An estimate of value of real estate by one having no personal interest in the property.

See: Spendable Income.

A system of clay tiles and gravel used to dispose of the waste draining from a septic tank. The percolating qualities of the soil determine the extent of the field needed. (Also, called a tile field).

The giving up or alienating of property.

A statement that the buyer will occupy the property being purchased even though the buyer owns other property. The buyer states that the other property will be sold or rented. Particulars must be given as to any loan on the property and the equity or rent to payment amounts.

Eviction proceedings by a landlord to remove a tenant from possession because of nonpayment of rent or other breach of the rental agreement. The term is not widely used.

A wrongful dispossession of someone seised (in rightful possession) of real property.

A cancellation or annulment of a contract or business association, such as a partnership or corporation.

A mixing of paint with egg whites or size, to use as background decoration for a painting on a wall or ceiling.

To take (legally or illegally) personal property and keep it until its owner performs an obligation. Commonly, a landlord taking personal property (furniture, etc.) of a tenant until rent is paid.

A sale of property when the seller is under extreme pressure to sell. Generally the property is sold for less than market value.

(1) See: Fuse Box. (2) An underground box which receives the waste from a septic tank and distributes it laterally to a disposal field.

A board containing electrical circuits which distribute the main load to branch circuits.