Relatively Unusual Real Estate Terms That Apply to Aspen Home Sales

Relatively Unusual Real Estate Terms That Apply to Aspen Home Sales

gambrel roof – A roof that has two slopes on each side, often seen on barns. In Aspen, gambrel roofs are sometimes found on chalet-style homes.

green roof – A roof that is partially or completely covered with vegetation, which can help insulate the home and reduce stormwater runoff. Green roofs are becoming more popular in Aspen as awareness of their benefits grows.

What color to paint house with green roof

While there is no set rule, a light color such as white or cream can help reflect light and make the vegetated roof stand out.

More Real Estate Terms for Aspen, CO and everywhere.

sill plate – The horizontal board that rests on top of a foundation wall and to which the studs of the walls are attached. In Aspen, sill plates are often made of pressure-treated lumber to resist rot.

crawl space – A small, unfinished space between the first floor of a home

crawl space cover – A material, typically heavy plastic, that is used to cover the ground in a crawl space. This helps to prevent moisture and pests from entering the space.

lally column – A steel support column that is often used in basements and crawl spaces. Lally columns are adjustable, so they can be used to level a home if it settles unevenly.

bx cable – Electrical cable that is sheathed in metal, making it resistant to fire and damage. BX cable is often used in homes where there is a risk of fire, such as in homes with wood-burning stoves.

leasehold estate – An ownership interest in real property that is held under a lease. The lessee (the person who holds the lease) has the right to use the property for the term of the lease, but does not own the property.

partial payment – A payment that is less than the full amount owed. Partial payments are often accepted when a buyer is unable to pay the full purchase price up front.

chain of title – A record of all of the owners of a piece of property, from the current owner back to the original owner. The chain of title is used to determine who owns a property and whether there are any claims or liens against it.

What is an abstract of title – A summary of the chain of title for a piece of property. An abstract of title is often used when buying or selling a home, to make sure there are no claims or liens against the property.

cloud on title – Any encumbrance on a piece of property that would make it difficult to sell.

zero lot line – A property line that is close to, or even touches, the building on the property. Zero lot line homes are often found in urban areas, where land is at a premium.

ridge board – The horizontal board that runs along the ridge of a roof. The rafters are attached to the ridge board.

general lien – A lien that can be placed on any property owned by a debtor, in order to collect on a debt. General liens are often used to collect unpaid taxes or child support.

escrow analysis – An analysis of an escrow account, to make sure there is enough money in the account to pay the taxes and insurance on a piece of property

sill cock – A valve that is used to control the flow of water into a home. Sill cocks are often located on the sill plate of a home

quadraplex – A building that contains four units. Quadraplexes are often found in urban areas, where land is at a premium.

condominium – A type of ownership in which each unit owner has a deed to their unit and an undivided interest in the common areas of the property.

buffer zone – An area that is adjacent to a protected area, such as a park or nature preserve. Buffer zones are often used to protect the resources in the protected area.

latent defects – Defects that are not immediately apparent, but that could cause problems in the future. Latent defects are often not covered by warranties or insurance.

economic life – The length of time that an asset can be used before it needs to be replaced. Economic life is often used to determine the depreciation of an asset

subject property – The property that is being sold, leased, or financed.

comparables – Properties that are similar to the subject property, in terms of size, location, and amenities. Comparables are used to help determine the value of the subject property.

off-street parking – Parking that is not on the street, such as in a driveway or garage. Off-street parking is often required by zoning ordinances.

accessory building – A building that is on the same property as the primary building, but is not attached to it. Accessory buildings are often used for storage or as workshops.

marginal land – l and that is not suitable for agriculture or other intensive uses. Marginal land is often used for ranching or recreation.

deed of release – A document that releases a person from their obligations under a contract. Deeds of release are often used to settle disputes between parties.

effective age – The age of a property, taking into account its condition. Effective age is often used to determine the value of a property.

common areas – Areas of a property that are shared by all of the owners, such as lobbies, hallways, and recreation facilities. Common areas are often maintained by a homeowners’ association.

aesthetic value – The value of a property that is based on its appearance. Aesthetic value is often used to determine the market value of a property.

blighted area – An area that is in a state of disrepair, such as a slum or ghetto. Blighted areas are often considered to be undesirable

insurable title – A title that is free from any defects that would make it difficult to insure. Insurable title is often required by lenders in order to provide financing

lock-in – A provision in a contract that prevents the price from changes, such as in a lease. Lock-ins are often used to protect buyers or renters

tall lock valve – A valve that is used to control the flow of water into a home. These valves are often located in the basement or crawl space of a home

open splice – A joint or connection between two pieces of material, such as wires or pipes, that is not sealed or protected. Open splices are often considered

qualifying ratios – Ratios that are used to determine whether a borrower can afford a loan. Qualifying ratios are often used by lenders in the mortgage process.

convertible arm – An adjustable-rate mortgage that can be converted into a fixed-rate mortgage. Convertible arms are often used by borrowers who anticipate an increase in their income.

co-maker – A person who signs a promissory note with the borrower, and is therefore liable for the debt. Co-makers are often used by lenders to reduce the risk of a loan.

life cap – The maximum amount that the interest rate on an adjustable-rate mortgage can increase over the life of the loan. Life caps are often used to protect

appraisal principles – The basic concepts that are used in the appraisal of property. Appraisal principles are often used to determine the value of a property.

improved land – Land that has been developed, such as with buildings or other structures. Improved land is often more valuable than unimproved land.

unencumbered property – Property that is not subject to any claims or liens. Unencumbered property is often more valuable than encumbered property.

original principal balance – The amount of money borrowed, without interest or other charges. Original principal balance is often used to determine the amount of money that must be repaid.

deed of surrender – A document that relinquishes ownership of a property. Deeds of surrender are often used in foreclosure proceedings.

partial interest – An ownership interest in a property that is less than the whole. Partial interests are often used in trusts or other estate planning vehicles.

common house problems – Problems that are often found in houses, such as foundation issues or leaky roofs. Common house problems are often addressed by home inspectors.

net leasable area – The area of a property that is available for lease, after deducting common areas. Net leasable area is often used to determine the value of a property.

equity buildup – The increase in the value of a property that is due to the appreciation of the property. Equity buildup is often used to determine the amount of money that can be borrowed against a property.

condominium conversion – The process of converting a property from a traditional single-family home into a condominium. Condominium conversions are often done to increase the value of a property.

attached housing – Housing that is attached to another unit, such as a townhouse or row house. Attached housing is often less expensive than detached housing.

natural vacancy rate – The percentage of units in a property that are vacant, without taking into account any special circumstances. Natural vacancy rate is often used to determine the value of a property.

What is a special assessment – A charge that is assessed by a homeowners’ association or other entity, for the purpose of repairing or improving a property. Special assessments are often used to fund major repairs or improvements to a property.

non-conforming use – A use of a property that does not conform to the zoning regulations of the area. Non-conforming uses are often grandfathered in.

improvement ratio – The ratio of the value of a property to the cost of improvements. Improvement ratio is often used to determine the amount of money that should be spent on improvements.

certificate of deposit index – An index that is used to track the performance of certificates of deposit. Certificate of deposit indexes are often used to set the interest rates on adjustable-rate mortgages.