Homeownership


Definition of "Homeownership"

Residing in a structure that the individual owns.

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Popular Real Estate Terms

Homeowner's Association

An organized group of homeowners in a home subdivision, condominium, or cooperative complex who share common concerns regarding environmental code enf ...

Round Timber

Timber in an original form, such as a pole. ...

Assessment

(1) Valuation: Evaluation of property by a taxing authority for the purpose of levying a property tax. (2) Taxation: Actual amount of property tax lev ...

Gap Loan

Temporary financing meeting a developer's financial difference between a construction loan and a permanent mortgage. ...

Backfill

Dirt around a building's foundation for support. Holes are filled in. ...

Marginal Utility

Additional utility an individual receives when purchasing an additional unit of a commodity or service. Represents a trade off between units of cost a ...

Popular Real Estate FAQ

What Is Commission?

The fee an agent earns for the sale of a home-usually a percentage of the selling price. ...

Who Is A Subagent?

A subagent is an agent who works with you to purchase a house but is paid by the seller. ...

What Is A Quit Claim Deed?

A quit claim deed is a formal document that denies a claim to a certain property. Often used to clear problems with a title or as part of a divorce se ...

What Is An Overall Debt Ratio?

An overall debt ratio is the percentage of your overall debt (housing payments plus any other long-term debt) to your monthly gross income. Lenders us ...

What Is A Multiple Listing Service (MLS)?

A multiple listing service is a computerized listing of the homes for sale in an area listed with a realtor. Agents are granted access to the MLS and ...

What Is A Spec House?

The textbook definition of a spec house is \"one built on a speculative basis, without an order on the books\". Commonly, a buyer will be unsatisfied ...

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