REAL ESTATE TERMS YOU MAY WANT TO KNOW WHEN BUYING OR SELLING A HOME IN THE ORLANDO AREA
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Get To Know The “Z’s” Of Real Estate
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Bent, galvanized metal flashing that’s installed above a horizontal trim board of an exterior window, door. It prevents water from getting behind the trim/brick and into the home..
A zero-coupon bond (also called a discount bond or deep discount bond) is a bond bought at a price lower than its face value, with the face value repaid at the time of maturity. It does not make periodic interest payments, or have so-called “coupons”, hence the term zero-coupon bond. When the bond reaches maturity, its investor receives its par (or face) value. Examples of zero-coupon bonds include U.S. Treasury bills, U.S. savings bonds, long-term zero-coupon bonds, and any type of coupon bond that has been stripped of its coupons.
In contrast, an investor who has a regular bond receives income from coupon payments, which are usually made semi-annually. The investor also receives the principal or face value of the investment when the bond matures.
A popular lure for infomercial pitches on late night TV, yet quite plausible and not as hard to do as many might think. The VA allows a form of the Zero Down purchase, and you could get a 80/20 loan, or a 80/10/10 or other variations of that type of loan program that essentially let you in with Zero Down. There may be other costs involved to make the purchase but even then there are ways to get those monies contributed or gifted to create a true No Money Down deal!
A loan on which interest does not accumulate. Rather, the borrower must only repay the principal. For example, one may borrow $5,000 and pay the lender $5,000 over a period of two years, at which point the debt is considered repaid. Zero-interest loans are the only loans permitted in Islamic finance. They are also extended to persons, companies and countries in desperate need of aid. See also: Zero-coupon bond.
A municipal zoning category wherein a building or other fixture may abut the property line. Normally associated with condominiums, townhouses, villas and apartments but can be found in other instances. This zoning category allows for two property lines to abut with no space between structures.
An area of a municipality or specific building that is zoned for a specific use, such as residential, commercial, etc. The area set off by the proper authorities for a specific use or in an area subject to certain restrictions or restraints.
A device, usually placed near the heater or cooler, which controls the flow of steam or water to parts of the building, and it is controlled by a zone thermostat..
Local laws established to control the uses of land within a particular area. Zoning laws are used to separate residential land from areas of non-residential use, such as industry or businesses. Zoning ordinances include many provisions governing such things as type of structure, setbacks, lot size, and uses of a building.
A map showing the various sections of a community and the division of the sections into zones of permitted land uses under the zoning ordinance in specific areas. Waivers can be made in certain cases, this is called a zoning variance. or just variance.
Zoning ordinance is a statement settling forth the type of use permitted under each zoning classification and specific requirements for compliance. An act by city or county authorities to regulate and control the use of real estate for the health, morals, safety and welfare of the general public.
AKA variance is where a property owner applies for special permission for an otherwise non-permitted use of land.
Keep in mind that this is by no means a complete list of terms, but it does highlight most of the more common terms used in the industry and is a constant work in progress as time passes.
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