Definition of Firm Offer

Firm Offer

An offer to buy the property as outlined in the offer to purchase with no conditions attached.

Conditional Offer

An offer to purchase subject to conditions. These conditions may relate to financing, or the sale of an existing home. Usually a time limit in which the specified conditions must be satisfied is stipulated.

Coffered Ceiling

A ceiling with recessed square panels, bordered with trim for ornamental purposes.

Agreement of Purchase and Sale

A legal agreement that offers a certain price for a home. The offer may be firm (no conditions attached), or conditional (certain conditions must be fulfilled before the deal can be closed).

Tray ceiling

A flat ceiling with a raised center portion.

Vaulted ceiling

An arched ceiling.

Flat Ceiling

A ceiling with no change in elevation.

Insulated Ceiling (I.C.)

Marking on recessed lighting fixture indicating that it is designed for direct insulation contact.

aterial used to cover the interior framed areas of walls and ceilings

Tray Ceiling

A decorative ceiling treatment used to add volume and/or height to a room. 2 Common types are: 1) Angled area toward the center leading to a flat ceiling surface, and 2) Stepped square edged leading toward the center of the ceiling.

Vaulted Ceiling

A ceiling that angles upward on one or both sides to create volume in the room.

Buy/Sell Agreement

This is an agreement entered into by the owners of a business to define the conditions under which the interests of each shareholder will be bought and sold. The agreement sets the value of each shareholders interest and stipulates what happens when one of the owners wishes to dispose of his/her interest during his/her lifetime as well as disposal of interest upon death or disability. Life insurance, critical illness coverage and disability insurance are major considerations to help fund this type of agreement.

Non-Medical Limit

This is the maximum value of a policy that an insurance company will issue without the applicant taking a medical examination, although medical questions are invariably asked during the application process. When a non-medical issue is made through group insurance, in most cases, medical data is not requested at all.

Pre-existing medical condition (Credit Insurance)

A medical condition that existed before you became insured. Most policies exclude benefits if the condition is related to the event that triggers a claim if occurs within a certain period (6-12 months) after you became insured.

Refinancing (Credit Insurance)

Extending the maturity date or increasing the amount of existing debt or both. Also, revising a payment schedule, Usually to reduce the monthly payments and often to modify interest charges.

Agreement of Purchase and Sale

A legal agreement that offers a certain price for a home. The offer may be firm (no conditions attached), or conditional (certain conditions must be fulfilled before the deal can be closed).

Home Equity

The difference between the price for which a home could be sold (market value) and the total debts registered against it.

Interim Financing

Short-term financing to help a buyer bridge the gap between the closing date on the purchase of a new home and the closing date on the sale of the current home.

Refinancing

Renegotiating your existing mortgage agreement. May include increasing the principal or paying out the mortgage in full.

Coach home

One of a group of homes in a two-story building, with own garage and entrance.

Courtyard home

A home with a courtyard as its main entrance.

Home warranty

Like any other warranty, this guarantees the property against failure of mechanical systems, such as plumbing, electrical, heating and installed appliances.

Patio home

Small, single-family home with a patio.

Single-family home

A detached house.

Living Square Footage

See square Footage, Living

Square Footage, Living

The square footage in a home that is heated and/or cooled. The space occupied by two-story rooms and stairwells is counted once in the lower floor's square footage. Living square footage does not include garages, bonus rooms, or porches unless otherwise noted.

Stick-Built Home

A house built without prefabricated parts. Also called conventional building.

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