The time period used by the IRS to determine a long or short term capital gain. The period during which the taxpayer owns the capital asset.

One who continues to occupy property after the lease expires.

See: Cavity Wall.

A circular stairway having a hollow center. Usually the curve of the circle is severe.

A will written and executed entirely in the handwriting of the testator.

The reverse mortgage program insured by the Federal Housing Administration, a federal government agency. See: Reverse Mortgage.

See: Equity Line of Credit.

A banking term for loans to construct or property of no more than 4 units.

A private company goes through the property being sold and writes a report detailing any structural and/or mechanical problems. If the inspection is a condition of purchase, the buyer may then cancel the purchase or offer a lower amount if defects are found.

(1) An association of people who own homes in a given area, formed for the purpose of improving or maintaining the quality of the area. (2) An association formed by the builder of condominiums or planned developments, and required by statute in some states. The builder’s participation as well as the duties of the association are controlled by statute.

Ownership as opposed to a rental status. See also: Ownership.

Private insurance insuring a buyer against defects (usually in plumbing, heating, and electrical) in the home he has purchased. The period of insurance varies and both new and used homes may be insured.

A reverse mortgage loan from the Federal National Mortgage Association for persons 62 and older. The loan is used to purchase a home with a small down payment and no credit and income requirements. The loan is based on the number and age of the borrowers and the appraised value of the home.

Includes the coverage of Hazard Insurance plus added coverage such as personal liability, theft away from the home (items stolen from the insured’s car), and other such coverage.

The dwelling (house and contiguous land) of the head of a family. Some states grant statutory exemptions, protecting homestead property (usually to a set maximum amount) against the rights of creditors. Property tax exemptions (for all or part of the tax) are also available in some states. Statutory requirements to establish a homestead may include a formal declaration to be recorded.

See: Homestead.

Similar or the same. In appraisal, an area having similar style properties or properties of similar use is considered more valuable than a heterogeneous area.

A projecting canopy, as over a door or window. Any covering serving the protective purpose of a clothing hood.

A device used on the sides of hospital windows to prevent drafts.

See: Hospital Window.

Limestone deposits under the C horizon.