Real Estate Glossary

A financial statement showing a person's assets liabilities and net worth.

When the final payment on a note is greater than the preceding normal installments the final installment is termed a balloon payment. An installment promissory note providing for the last payment to be much larger than any previous payment. By statute any payment more than twice the smallest payment is a balloon payment although in practice generally the term refers only to the last payment.

Molding used at the top of the baseboard.

Molding used at junction of baseboard and floor sometimes called a carpet strip.

Imaginary lines used by surveyors from which they find measure and describe the location of lands.

A board that goes around the room against the wall and next to the floor.

Narrow strips of wood or metal used to cover joints on the interior or exterior of a building; they are also used for decorative effect.

A horizontal structural member supporting a load.

A wall or partition that supports any vertical load in addition to its own weight.

A location indicated on a permanent marker by surveyors.