Most homes are heated with forced warm air, hot water, steam or electric
heat. Heating systems are rated based on their ability to produce heat in
British thermal units (Btu's). The relative cost of fuels can benefit or
detract from the value of a home based on the system installed.
A property that can be inherited, including a personal, real or corporate
and Best Use
A use of a property that provides the greatest net return to the owner in
the form of profit or amenities over a given time. The use must be a
reasonably probable one that is physically adaptable, legally permissible,
financially or economically feasible and maximally productive.
Historic properties have been recognized as special by the government with
tax breaks and tax incentives since the late 1930's, and special districts
and designations have been adopted in real estate to protect them. Some
historic areas have been federally certified after an intensive review
that complies with the requirements of the National Register.
A loan given to a home owner by a financial institution that is usually
secured against the equity of the home. Home equity loans are often second
loans, and they hold a second position in the event of a foreclosure.
policies written for a homeowner insure against theft of personal
property, fire, wind and water damage from most causes and liability
protection. While policy terms vary, personal injuries caused by an
insured party's negligence, medical payments and physical damage to the
property of others are typically covered losses. Coverage is normally put
in force on the day of closing, when title passes to a new buyer. The
Seller may assume the risk of loss to all or part of the property during
the contract period.
on a home is normally provided against property damage caused by unnatural
acts. Natural acts, like floods and earthquakes, often require special
supplemental insurance. A
homeowner's insurance policy also often contains some personal liability
A term generally used to identify a primary residence, a dwelling where an
individual resides. Special protections against judgments and reduced
taxes are often placed on homestead properties.
The Department of Housing and Urban Development. This organization was
created from the Federal Housing Administration (FHA). It is a large
government agency with responsibility for a number of programs related to
housing those in need.