Acre
A unit of land area equal to 43,560 square feet. One square mile contains 640 acres.
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Look up a term you have seen in a listing, lease, mortgage document or purchase agreement. These brief explanations cover common meanings; your actual documents and Massachusetts law determine your rights and obligations.
A unit of land area equal to 43,560 square feet. One square mile contains 640 acres.
A mortgage whose interest rate can change at scheduled times. Some ARMs begin with a fixed-rate period; the loan documents set the index, margin, adjustment schedule and rate limits.
CFPB adjustable-rate mortgage guidanceA possible legal claim to ownership based on possession of another person’s land meeting strict requirements over time. Occupying land alone does not establish ownership; ask an attorney about the applicable law.
Rights involving the space above a property. Their extent, transferability and use depend on ownership documents and development rules; owning land does not authorize any building height.
A percentage measure of borrowing cost that includes the interest rate and certain loan charges. APR is not the same as the interest rate or a prediction of future ARM payments.
CFPB interest rate and APRAn appraiser’s opinion of property value for a stated date and purpose. It is not necessarily the sale price, assessed value or a guarantee of what a future buyer will pay.
An increase in a property’s value over time. Appreciation is not assured; prices can also fall.
Belonging to or benefiting a property, such as an easement attached to the land. This describes a legal relationship, not merely an object physically attached to a building.
The value an assessor assigns for property-tax purposes. An assessment and an appraisal serve different jobs and need not produce the same figure.
A transfer of a contractual right or other interest to another party. Whether assignment is allowed, and whether obligations remain, depends on the agreement and applicable law.
A mortgage that a buyer may take over under the existing loan terms. Approval, eligibility and release of the seller’s liability must be checked; a sale alone does not transfer the loan.
A mortgage with a large payment due at a specified time because the scheduled payments do not fully repay the balance. Review the amount and due date before agreeing to the loan.
Reference lines used in a rectangular land-survey system. A baseline runs east–west and a principal meridian north–south; a property’s actual legal description may use a different survey method.
Short-term financing that may help cover a purchase before another property sells. Review the repayment deadline, collateral, fees and the consequences if the expected sale is delayed.
An arrangement in which an upfront payment reduces a mortgage rate or payments. A buydown may be temporary or permanent; check who pays and what happens when a temporary reduction ends.
Refinancing into a new mortgage larger than the amount needed to repay the existing loan, with some proceeds paid to the borrower. The new debt, costs and repayment terms still need review.
A VA Certificate of Eligibility establishes eligibility for the VA home-loan benefit. It is not a lender’s loan approval; credit, income and property requirements remain part of the process.
VA Certificate of EligibilityA historical VA term for a determination of reasonable property value. Current VA appraisal documents use Notice of Value (NOV); neither is a home inspection or a promise about resale value.
VA Notice of Value guidanceThe sequence of recorded transfers and other ownership documents for a property. A title examination checks that history for matters affecting ownership.
Title without defects or claims that prevent the intended transfer or use. Have the title professional explain exceptions rather than assuming “clear” means no easements or restrictions exist.
Expenses involved in completing a purchase or mortgage, such as lender charges, recording fees, legal services and title-related costs. They are separate from the purchase price and are not only an amount paid by the buyer.
A claim, document or defect that creates doubt about ownership or the ability to transfer title. Its significance and any required cure need title and legal review.
A claim to ownership based on a document or other apparent title that is legally defective. A document that looks valid is not necessarily proof of valid ownership.
Compensation for brokerage services. Review the written agreement for the amount or calculation, services, who pays and when payment is due; do not assume one arrangement applies to every transaction.
Parts of a property shared by occupants or owners, such as halls, grounds or amenities. Ownership, access, maintenance responsibilities and restrictions depend on the governing documents.
A marital-property system used in certain states. Massachusetts is not a community-property state; do not assume a purchase automatically gives spouses equal community-property ownership.
IRS community-property guidanceSimilar properties used to help evaluate a property’s price or value, often through recent sales. Location, condition, size, timing and transaction details affect how useful a comparison is.
Requirements or limitations stated in an agreement or property document. A purchase contingency, such as financing approval, is different from a condition in covenants, conditions and restrictions (CC&Rs).
An enforceable agreement creating rights and obligations. Real estate transactions often require written documents; have the actual terms and deadlines reviewed rather than relying on a verbal summary.
A promise or obligation in a deed, agreement or other property document. Covenants can concern title, use or maintenance; the wording determines what is required.
An adjustable-rate mortgage with a contractual option to change to a fixed rate. Conversion is not automatic; the agreement determines eligibility, timing, rate and fees.
A legal document used to transfer an interest in real property. Execution, delivery, recording and the type of interest conveyed matter; a signature alone does not answer every title question.
An agreement in which a borrower transfers the property to the lender instead of completing foreclosure. The lender must agree; any remaining debt and consequences require separate review.
Upfront charges paid to obtain a lower mortgage interest rate. Compare the initial cost with possible savings over the time you expect to keep the loan.
A loan provision that may allow the lender to require repayment when an ownership interest is transferred. The loan terms and legal exceptions determine how it applies.
Money deposited in connection with an agreement to buy a property. Whether it is refunded, credited at closing or forfeited depends on the contract and circumstances—not simply whether the sale closes.
A right to use another party’s land for a specified purpose without owning that land. Check the location, scope and responsibilities in the easement documents.
The ability or right to leave a place. In property access discussions it may involve an easement; building-code egress concerns safe exit routes and is a separate question.
Government authority to take private property for a public purpose through a legal process with compensation. The authority, process and compensation can require legal review.
An improvement or use extending onto another party’s property, such as a fence crossing a boundary. A survey and the relevant agreements help establish what exists and how it can be addressed.
A claim or right affecting property, such as a lien, easement or restriction. Not every encumbrance prevents a sale; review how it affects the proposed transfer and use.
An arrangement in which another party holds money or documents subject to agreed conditions. A mortgage escrow account for taxes and insurance is different from holding a purchase deposit.
An estimate of the price a willing, informed buyer and seller would agree to without compulsion. It is not necessarily an assessed value, asking price or guaranteed sale price.
The Federal National Mortgage Association, a government-sponsored enterprise involved in the secondary mortgage market. It buys eligible mortgage loans and supports mortgage financing rather than acting as your retail loan officer.
The Federal Housing Administration, part of HUD, insures eligible mortgages made by approved lenders. FHA insurance is not the same as FHA directly lending you the purchase money.
HUD mortgage insurance programsA form of ownership generally giving the owner a broad, potentially indefinite interest in land. Taxes, easements, restrictions and other legal limits still apply.
A mortgage with a first-priority position relative to other mortgages on the property. Particular liens and legal rules can affect priority; “first” does not settle every competing claim.
A mortgage with an interest rate that remains fixed for the loan term. Taxes, insurance or other costs can still change, so the total monthly payment is not necessarily constant.
A legal process used to enforce a mortgage or other secured claim, potentially resulting in a property sale. Procedures and borrower rights depend on the loan and applicable law.
The Federal Home Loan Mortgage Corporation, a government-sponsored enterprise involved in buying eligible loans and supporting the secondary mortgage market. It is not the lender taking your home-loan application.
The Government National Mortgage Association, a government corporation within HUD that guarantees payments on qualifying mortgage-backed securities. It does not itself make home loans or ordinarily buy loans and issue securities.
Ginnie Mae program explanationA lease with scheduled changes in rent, often increases at stated intervals. Review the actual amounts, dates and any other charges rather than assuming the initial rent lasts for the whole lease.
A provision or rule allowing a previously lawful condition to continue after a rule changes. It does not mean every older use is exempt; confirm the requirements and limits for the specific property.
A measure of building or floor area that may include exterior walls and other spaces. Measurement standards differ; ask which standard a listing or plan uses before comparing figures.
Insurance coverage for specified physical damage to property. Such coverage is commonly part of homeowners insurance; it is not mortgage insurance and does not cover every hazard or loss.
An FHA-insured reverse-mortgage program known as HECM. Eligibility, counseling and continuing property obligations apply; it is not a grant or a promise that all housing expenses disappear.
HUD HECM informationThe ability or right to enter a place, sometimes provided by an easement. Check whether legal access and the physical route both meet the intended use.
A form of co-ownership commonly including a right of survivorship. Creation, transfer and the effect of a death depend on the deed and applicable law.
A mortgage above the applicable conforming loan limit for purchase by Fannie Mae or Freddie Mac. Limits vary by place and year; being jumbo does not itself mean a loan can never receive a guarantee.
CFPB jumbo-loan explanationA tenant’s interest in using or occupying property for the lease period, subject to the lease and applicable law. It is different from owning the underlying land.
A lease combined with an option to buy under stated terms. Review the option price, exercise deadline, payments and restrictions; renting does not by itself create a right to purchase.
A legal claim against property securing payment of a debt or obligation. A lien is not the same as automatic possession; enforcement and release follow the applicable rules.
The lifetime limit on interest-rate changes for an adjustable-rate mortgage, as specified in the loan. It is separate from limits applying to one adjustment period.
Cash or an asset that can be converted to cash relatively readily. Speed, fees and possible price changes still matter; securities are not guaranteed to sell without loss.
A lender’s agreement to hold specified mortgage-rate terms for a set period, subject to the agreement’s conditions. Check expiration, fees and what happens if closing is delayed.
A lien relating to payment for certain construction work, labor or materials. Who can claim it, required notices and deadlines depend on the law; an unpaid invoice alone does not establish every requirement.
A method of describing land boundaries using directions, distances and identified points or features. Use the recorded description and survey rather than assuming a marketing map defines ownership.
Coverage that protects the lender against certain losses if a borrower defaults. It does not pay off the borrower’s obligation as a personal benefit; loan programs use different insurance or guarantee arrangements.
CFPB mortgage-insurance explanationA loan marketed as requiring no upfront closing costs. Costs may instead be covered through lender credits, a higher rate or financing; compare the complete terms, not only the label.
A lender charge for processing or originating a loan. It is not necessarily the same as separate appraisal, credit-report, inspection or other third-party charges.
A charge that may apply when a loan is repaid early under its terms. Not all mortgages allow or contain such a penalty; review the actual loan documents.
A preliminary lender estimate based on information about your finances. It is not final mortgage approval or a commitment to lend a particular amount.
Measures lenders use to compare income with housing costs and other debts, including debt-to-income ratios. Acceptable figures and the rest of underwriting depend on the loan program and lender.
A deed conveying an ownership interest with the promises specified by law and its wording. A Massachusetts statutory quitclaim deed includes limited covenants about claims through the grantor; it is not simply a deed with no warranties.
Massachusetts quitclaim covenantsAnother name for lock-in: a lender’s time-limited agreement on specified mortgage-rate terms. Review the same expiration date, conditions and fees.
Read Lock-inA licensed professional working in real estate transactions. In Massachusetts, a salesperson works through a broker; representation and services depend on the relationship and agreement.
Massachusetts broker and salesperson guidanceA professional holding a real estate broker license. A broker may operate a brokerage and supervise salespersons, subject to state licensing rules.
REALTOR® is a National Association of REALTORS® membership mark, not a synonym for every licensed agent or broker. Membership and licensing are separate distinctions.
NAR membership marksLimits on a property’s use arising from private documents or public rules, such as deed restrictions or zoning. Confirm the actual requirements before assuming a proposed use is allowed.
A contractual opportunity to match or accept a proposed transaction before it proceeds with another party. The trigger, terms and deadline are set by the agreement; it is different from a general option to buy.
A right to travel across land, or land reserved for a transportation or utility purpose. The documents and governing rules determine its scope; a right of way does not necessarily transfer ownership.
Rights associated with land adjoining a river or other water body. The type of water body, state law and public or private rights affect what use is allowed.
A transaction in which an owner sells property and leases it back from the buyer. The sale and lease terms both determine the parties’ obligations and continuing use.
A mortgage in a junior priority position behind another mortgage. The borrower still owes the debt; it is not simply a second scheduled payment on the first loan.
The market in which existing mortgage loans or mortgage-backed securities are bought and sold. It is different from the original lender making a loan to a homebuyer.
Land divided into separate parcels, often with plans for roads or infrastructure. Required approvals and permitted development must be checked; division alone is not a building permit.
Financing with a junior claim behind another debt secured by the property. Subordination and repayment priority depend on documents and applicable rules.
Value contributed through an owner’s labor or improvements rather than cash alone. The time or money spent does not guarantee an equivalent increase in market value.
A form of ownership available to married spouses under applicable law, commonly including survivorship. Transfer and creditor rules require review of the deed and Massachusetts law.
Co-ownership in which each owner holds an undivided share that need not be equal. It generally lacks the automatic survivorship feature of joint tenancy.
Sole ownership by one person or legal entity. The usual term is tenancy in severalty; it is different from shared ownership by multiple co-owners.
The legal rights of ownership in property. A deed is a document conveying an interest; a title search examines records affecting those rights.
A co-owner’s share in the property as a whole rather than ownership of a separately divided physical portion. Rights of use and decision-making depend on the ownership arrangement.
An interest or right that has become established rather than remaining dependent on an unmet condition. Its transferability and extent depend on the governing law or agreement.
A deed containing warranties about title. Massachusetts statutory warranty covenants are broader than statutory quitclaim covenants; review the actual deed and exceptions with the title professional.
Massachusetts warranty covenantsFinancing in which a new obligation includes an existing mortgage balance while that underlying mortgage remains outstanding. It is not an independent, unrelated second loan; consent, due-on-sale and payment risks need professional review.
Browse property listings and check each listing to see whether it is for sale or rent. For an apartment rental, tell our rental team the location, monthly budget and move-in date you need.
Definitions reviewed October 7, 2026. General explanations only; terminology, legal rights and loan requirements can vary by document, jurisdiction and program. Primary-source links accompany selected entries.