Julie Alfano - Genovali Realty, Inc.

Technology will never surpass the importance of quality service. I will provide highly personalized and professional service thoughout the entire buying and selling process.

Location, location, location….

Julie Alfano – Genovali Realty, Inc.
860.388.1228 ext. 214
julie@julie-realestate.com

Home is where I want to be
Pick me up and turn me round ... -Talking Heads

Common Terms

Acre: A measure of land equal to 43,560 square feet, 4,480 square yards, 4,047 square meters.

Ad valorem tax: A tax levied according to value, generally used to refer to real estate tax. Also called the general tax.

Agency: The relationship between a principal and a agent wherein the agent is authorized to represent the principal in certain transactions.

Agent: One who acts or has the power to act for another. A fiduciary relationship is created under the law of agency when a property owner, as the principal, executes a listing agreement or management contact authorizing a licensed real estate broker to be his or her agent.

Amortized loan: A loan in which the principal as well as the interest is payable in monthly or other periodic installments over the term of the loan.

Appraisal: An estimate of the quantity, quality or the value of something. The process through which conclusion of property value are obtained; also refers to the report that set forth the process of estimation and conclusion of value.

Balloon payment: A final payment of a mortgage loan that is considerably larger than the required periodic payments because the loan amount was not fully amortized.

Bargain and sale deed: A deed that carries with it no warranties against liens or other encumbrances but that does imply that the grantor has the right to convey title. The grantor may add warranties to the deed.

Bench mark: A permanent reference mark or point established for use by surveyors in measuring differences in elevation.

Beneficiary: (1) The person for whom a trust operates or in whose behalf the income from a trust estate is drawn.; (2) A lender in a deed of trust loan transaction.

Binder: An agreement that may accompany an earnest money deposit for the purchase of real property as evidence of the purchaser’s good faith and intent to complete the transaction.

Breach of contract: Violation of any terms or conditions in a contract without legal excuse; for example, failure to make a payment when it is due.

Broker: One who acts as an intermediary on behalf of others for a fee or commission.

Brokerage: The bringing together of parties interested in making a real estate transaction.

Buffer zone: A strip of land, usually used as a park if designated for a similar use, separating land dedicated to one use from land dedicated to another use (eg, residential from commercial)

Building code: An ordinance that specifies minimum standards of construction for buildings to protect public safety and health.

Building permit: Written governmental permission for the construction, alteration or demolition of an improvement, showing compliance with building codes and zoning ordinance.

Bundle of legal rights: The concept of land ownership that includes ownership of all legal rights to the land – for example, possession, control with the law and enjoyment.

Buydown: A financing technique used to reduce the monthly payments for the first few years of a loan.

Buyer-agency agreement (buyer broker): A principal-agent relationship in which the broker is the agent for the buyer. The broker represents the buyer under the law of agency.

Capital gain: Profit earned from the sale of an asset.

Cash flow: The net spendable income from an investment, determined by deducting all operating and fixed expenses from the gross income.

Caveat emptor: A Latin phrase meaning Let the buyer beware.

Closing statement: A detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made and all cash paid out in the transaction.

Cloud on title: Any document, claim, unreleased lien or encumbrance that may impair the title to real property or make the title doubtful; usually revealed by a title search and removed by either a quitclaim deed or suit to quiet title.

Clustering: The grouping of homesites within a subdivision on smaller than normal lots, with the remaining land used as common areas.

Code of ethics: A written system of standards for ethical conduct.

Commission: Payment to a broker for services rendered, such as in the sale or purchase of real property; usually a percentage of the selling price of the property.

Comparable: Properties used in as appraisal report that are substantially equivalent to the subject.

Competitive market analysis (CMA): A comparison of the prices of recently sold homes that are similar to a listing seller’s home in terms of location, style and amenities.

Condominium: The absolute ownership of a unit in a multiunit building based on a legal description of the airspace the unit actually occupies, plus as undivided interest in the ownership of the common elements.

Contingency: A provision in a contract that requires a certain act to v=be done or a certain event to occur before the contract becomes binding.

Contract: A legally enforceable promise or set of promises that must be performed and for which, if a breach of the promise occurs, the law provides a remedy.

Conventional loan: A loan that requires no insurance of guarantee.

Conveyance: A term used to refer to any document that transfers title to real property.

Co-ownership: Title ownership held by two or more persons.

Counteroffer: A new offer made in response to an offer received. It has the effect of rejecting the original offer, which cannot be accepted thereafter unless revived by the offerer.

Credit: On a closing statement, an amount entered in a persons favor.

Deed: A written instrument that, when executed and delivered, conveys title to or an interest in real estate.

Deed in lieu of foreclosure: A deed given by the mortgagor to the mortgagee when the mortgagor is default under the terms of the mortgage. This is the way for the mortgagor for avoid foreclosure.

Deed in trust: An instrument that grants a trustee under a land trust full power to sell, mortgage and subdivide a parcel of real estate.

Deed restrictions: Clauses in a deed limiting the future uses of the property. Deed restrictions may impose a vast variety of limitations and conditions – for example, they may limit the density of buildings, dictate the types of structures that can be erected or prevent buildings from being used for specific purposes even from being used at all.

Default: The non performance if a duty, whether arising under a contract or otherwise; failure to meet an obligation when due.

Depreciation: 1) In appraisal, a loss of a value in property due to any cause, including physical deterioration, functional obsolescence and external obsolescence.; (2) In real estate investment, an expense deduction for tax purposes.

Developer: One who attempts to put land to its most profitable use through the construction of improvements.

Dual agent: Representing both parties in a transaction.

Earnest money: Money deposited by a buyer under the terms of a contract, to be forfeited if the buyer defaults but applied to the purchase price it the sale closed.

Easement: A right to use the land of another for a specific purpose, such as for a right-of-way of utilities; an incorporeal interest in land.

Eminent domain: The right of a government or municipal quasi-public body to acquire property for public use through a court action called condemnation, in which the court determines the compensation to be paid to the owner.

Encroachment: A building or some portion of it that extends beyond the land of the owner and illegally intrudes on some land of an adjoining owner or a street of alley.

Encumbrance: Anything, such as a mortgage, tax or judgement lien, an easement, a restriction on the use of the land or an outstanding dower right, that may diminish the value or use and enjoyment of a property.

Escheat: The reversion of property to the state or county, as provided by state law.

Escrow: The closing of a transaction through a third party called an escrow agent, or escrow, who receives certain funds and documents to be delivered up on performance of certain conditions outlined in the escrow instructions.

Escrow account: The trust account established by a broker under the provisions of the license law for the purpose of holding funds on behalf of the broker’s principal or some other person until the consummation of termination of a transaction.

Estate taxes: Federal taxes on a decedent’s real and personal property.

Exclusive agency listing: A listing contact under which the owner appoints a real estate broker as his or her exclusive agent for a designated period of time to sell the property for a commission. The owner reserves the right to sell without paying anyone a commission if he or she sells to a prospect who has not been introduced of claimed by the broker.

Exclusive-right-to-sell listing: A listing contract under which the owner appoints a real estate broker as his or her exclusive agent for a designated period of time, to sell the property and agrees to pay the broker a commission when the property is sold, whether by the broker, the owner or another broker.

Executed contract: A contract in which all parties have fulfilled their promises and thus performed the contract.

Fair Housing Act: The federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status and national origin.

FHA loan: A loan insured by the Federal Housing Administration and made by an approved lender in accordance with FHAís regulations.

Fiduciary: One in whom trust and confidence is placed.

Foreclosure: A legal procedure whereby property used as security for a debt is sold to satisfy the dept in the event of default in payment of the mortgage note or default of other terms in the mortgage document.

General lien: The right of a creditor to have all of a debtor’s property – both real and personal- sold to satisfy a dept.

General warranty deed: A deed in which the grantor fully warrants good and clear title to the premises.

Grantee: A person who receives a conveyance of real property for a grantor.

Grantor: The person transferring title to or an interest in real property to a grantee.

Heir: One who might inherit or succeed to an interest in land under the state law of descent when the owner dies without leaving a valid will.

Highest and best use: The possible use of a property that would produce the greatest net income.

Home equity loan: A loan under which a property owner uses his or her residence as collateral and can draw funds up to a prearranged amount against the property.

Homeowners insurance policy: A standardized package insurance policy that covers residential real estate owners against financial loss from fire, theft, public liability and other common risks.

Inheritance tax: State-imposed taxes on a decedent’s real and personal property.

Joint tenancy: Ownership of real estate between two or more parties who have been named in one conveyance as joint tenants. Upon the death of a joint tenant, the interest passes to the surviving joint tenant or tenants by the right of survivorship.

Junior lien: An obligation, such as a second mortgage, that is subordinate in right or lien priority to an existing lien on the same realty.

Land: The earth’s surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature such as trees and water.

Lease: A written or oral contract between a landlord and a tenant that transfers the right to exclusive possession and use of the landlord’s real property for a specified period of time and for a stated consideration.

Lease option: A lease under which the tenant has the right to purchase the property either during the lease term of at its end.

Lease purchase: The purchase of real property, the consummation of which is preceded by a lease, usually long-term.

Legal description: A description of a specific parcel of real estate complete enough for an independent surveyor to locate and identify it.

Lien: A right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale.

Lis pendens: A recorded legal document giving constructive notice that an action affecting a particular property has been filed in a state of federal court.

Listing agreement: A contract between an owner and a real estate broker by which the broker ins employed as agent to find a buyer for the owner’s real estate on the owner’s terms for which service the owner agrees to pay a commission.

Listing broker: The broker in a multiple-listing situation from whose office a listing agreement is initiated.

Loan Origination fee: A fee charged to the borrower by the lender for making a mortgage loan.

Market: A place where goods can be bought and sold and a price established.

Market value: The most probable price property would bring in an arms-length transaction under normal conditions on the open market.

Mechanic’s lien: A statutory lien created in favor of contractors, labors and material suppliers, who have preformed work , furnished material in the repair or erection of a building.

Mill: One-tenth of one cent. Some states use a mill rate to compute real estate taxes.

Mortgage: A conditional transfer of pledge of real estate as security for the payment of a debt.

Mortgage banker: Mortgage loan companies that originate, service and sell loans to investors.

Mortgage broker: An agent of a lender who brings the lender and the borrower together.

Multiple-listing -service (MLS): A marketing organization composed of member brokers who agree to share their listing agreements with one another in the hope of procuring ready, willing and able buyers for their properties.

Nonconforming use: A use of property that is permitted to continue after a zoning ordinance prohibiting it has been established for the area.

Percolation test: A test of the soil to determine if it will absorb and drain water adequately to use a septic system for sewage disposal.

Plat map: A map of a town, section or subdivision indicating the location and boundaries of individual properties.

Power of attorney: A written instrument authorizing a person, the attorney in fact, to act as agent for another person to the extent indicated in the instrument.

Private mortgage insurance (PMI): Insurance provided by private carrier that protects a lender against loss in the event of foreclosure and deficiency.

Probate: A legal process by which a court determines who will inherit a MI property and what the estate’s assets are.

Procuring cause: The effort that brings about the desired result.

Quitclaim deed: A conveyance by which the grantor transfers whatever interest he or she has in the real estate, without warranties or obligations.

Rate cap: The limit on the amount the interest rate can be increased at each adjustment period in an adjustable rate loan. The cap may also set the maximum interest rate that can be charged during the life of the loan.

Real estate license law: State law enacted to protect the public from fraud, dishonesty and incompetence in the purchase and sale of real estate.

Realtor: A registered trademark term reserved for the sole use of active members of local Realtor boards affiliated with the National Association of Realtors.

Rent: A fixed, periodic payment made by a tenant of a property to the owner for possession and use.

Right of way: The right given by one landowner to another to pass over the land, construct a roadway or use as a pathway, without actually transferring ownership.

Security deposit: A payment by a tenant, held by the landlord during the lease term and kept on default or destruction of the premises by the tenant.

Subdivision: A tract of land divided by the owner, known as the subdivider, into blocks, building lots and streets according to a recorded subdivision plat, which must comply with local ordinances and regulations.

Tax credit: An amount by which tax owed is reduced directly.

Tax lien: A charge against property, created by operation of law. Tax liens and assessments take priority over all other liens.

Time is of the essence: A phrase in a contract that requires the performance of a certain act within a stated period of time.

Title: (1) The right to or ownership of land. (2) The evidence of ownership of land.

Title insurance: A policy insuring the owner or mortgagee against loss by reason of defects in the title to a parcel of real estate, other than encumbrances, defects and matters specifically excluded by the policy.

Title search: The examination of public records relating to real estate to determine the current state of the ownership.

Valid contract: A contract that complies with all the essentials of a contract and is binding and enforceable on all parties to it.

Variance: Permission obtained for zoning authorities to build a structure or conduct a use that is expressly prohibited by the current zoning laws.

Voluntary lien: A lien placed on property with the knowledge and consent of the property owner.

Zoning ordinance: An exercise of police power by a municipality to regulate and control the character and use of property

I wanna be home again and feelin' right...
- Carole King

Location, location, location….

Common Terms

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