A qualifying ratio is a debt-to-income ratio used by lenders to assess a borrower's ability to repay a mortgage. One way a qualifying...

A party wall is a wall that is shared by two or more properties. For example, the common wall between two adjacent condominium units...

The pitch or slope of a roof is the angle from the lowest point to the peak. It's expressed as a faction of the number of inches of...

A percolation test (perc test) is used to determine the suitability of a piece of land for a septic tank. The percolation rate indicates...

A point of beginning, or POB, is the starting point for a property boundary description. A metes and bounds description starts at the POB...

A plat is a map that shows the boundaries of a property. For example, a plat of a subdivision will show the entire subdivision, its legal...

A porte-cochère is a covered entrance to a building, like a porch, where vehicles stop to discharge passengers. Would you like to learn...

An option contract gives a buyer the right, but not the obligation, to purchase a property at a specified price within a specified...

An open house is a scheduled event where a property for sale is open for viewing by potential buyers without requiring an appointment....

An offer is a formal proposal made usually by a buyer to a seller to purchase a property. Would you like to learn more about Real Estate?...

A novation is new agreement that replaces an existing agreement. In real estate, novation is often used to modify the terms of a...

Net operating income (NOI) is the income a property generates after deducting operating expenses such as property taxes, insurance, and...

A net lease is a type of rental agreement in which the tenant is responsible for paying some or all of the property taxes, insurance, and...

Market value is the estimated price at which a property would sell in a competitive, open market after a reasonable amount of time of...

A mixed-use development includes residential, commercial, and office space uses all within one building or development. By co-locating...

A mansard roof has a double slope, frequently used on Victorian-era homes or modern homes trying to replicate the look. This style can...

Marketable title is title to a property that is free and clear of any liens, encumbrances or rights of others except those the buyer is...

A mechanics lien or sometimes called a contractor's lien is a lien that a contractor or other worker can place on a property to ensure...

A maintenance fee is a monthly, quarterly or annual fee paid by the owner of a condominium or other type of common-interest development...

A land contract, also called a contract for deed, is a type of financing agreement in which the seller of a property agrees to sell the...