The Real Estate
Encyclopedia: A-E

An assignment is a transfer to another of any property, real or personal, or of any rights or estates in said property. In real estate contract law, an assignment is the transfer of a party’s rights and obligations under a contract to another person or entity. This...

An area whose boundaries are set for tax assessment purposes only. An assessment district is a defined geographic area where property owners are charged an additional fee or tax to help pay for specific public improvements or services that benefit that area. These...

An assessment is an estimate of value for tax purposes. Also referred to as assessed valuation. An assessment is a value assigned to a property, most commonly by a local government, for the purpose of calculating property taxes. This assessed value is typically...

The price at which the seller is offering property for sale. The asking price is the amount of money a seller lists a property for when it is put on the market, and it serves as the starting point for buyer interest and negotiations. The asking price is usually based...

Premises accepted by a buyer or tenant in the condition existing at the time of the sale or lease, including all physical defects. “As-is condition” means the property is being sold in its current state, with the seller indicating they will not make repairs,...

A hazardous material, used for fire resistance, once commonly used in insulation, flooring, and roofing materials. Asbestos is a naturally occurring mineral fiber that was widely used in building materials because it resists heat, fire, and corrosion, but it is now...

Any part of real property which passes upon the transfer, either attached or not, such as a barn or an easement. An appurtenance is something that is attached to or associated with a property and is considered a permanent part of it, meaning it typically transfers to...

An increased value of property due to either a positive improvement of the area or elimination of negative factors, but not due to an increase in value from inflation. Appreciation in real estate refers to an increase in the value of a property over time. When a home...

An opinion of value based upon factual analysis. An appraisal is an opinion or conclusion as to the value of a property on a given date. An appraiser gives an opinion as to value. The appraiser does not set value, nor does the appraiser determine or create value....

The yearly interest percentage of a loan, as expressed by the actual rate of interest paid, including up-front loan fees. The interest rate on a mortgage loan, sometimes called the note rate, is the percentage the lender charges you to borrow the principal amount of...