A square, rectangular, or arched opening usually in a wall at the base of a chimney, lined with stone or masonry, and used for an open fire within a structure. Modernly, a decorative, more than necessary, part of a home.

Having all exposed and load-bearing members of a noncombustible material, and structural members which can be injured by fire (such as iron or steel) protected by noncombustible materials.

See: Commitment (2); Conditional Commitment.

The flood plain of a river or stream.

A mortgage having priority over all other voluntary liens against certain property.

Failure of a borrower to make the first payment on the loan. May be grounds to investigate whether proper procedures were used in making the loan.

A right, usually given by an owner to a lessee, which gives the lessee a first chance to buy the property if the owner decides to sell. The owner must have a legitimate offer which the lessee can match or refuse. If the lessee refuses, the property can then be sold to the offeror.

A tax term signifying the one who builds or buys property and is the first one to put the buildings to use. Certain tax (depreciation) advantages are given to the first user. The term concerns only depreciable property (improvements) and prior use of the land only (farming) would not be considered.

See: For Sale By Owner.

An accounting year, which may be the calendar year, or any other one year period. The United States budget is based on a fiscal year from July 1, to June 30.

Permanent assets, necessary for the operation of a business, such as buildings, heavy machinery, etc.

Property expenses not effected by use or occupancy. Example: Property taxes would be fixed while maintenance would vary with use and occupancy.

A payment, usually monthly, not subject to change.

A liability that will not mature during a company’s fiscal period, such as a 20-year mortgage.

Payments of the same amount that are made to a borrower each month under a reverse mortgage.

A mortgage having a rate of interest which remains the same for the life of the mortgage.

A window which has no moveable parts, such as a picture window.

Personal property which is attached to real property, and is legally treated as real property while it is so attached. Fixtures, not specifically excepted from an accepted offer to purchase, pass with the real estate.

A decorative, flat, slate-like stone, used in walkways and patios, and processed in a variety of colors.

A projecting border, edge, rim, etc., used as a means of attachment to another object, as a method of adding strength, stability, etc.

The side of any structure, hill, etc.