Home Buyer’s Jargon:
Spelling it out
A feature of real property that enhances its attractiveness and increases the occupant’s or user’s satisfaction although the feature is not essential to the property’s use. Natural amenities include a pleasant or desirable location near water, scenic views of the surrounding area, etc. Human-made amenities include swimming pools, tennis courts, community buildings and other recreational facilities.
A condominium association is selected to make decisions about expenditures for repairs, and to handle administrative work related to the common areas. Fees are collected from the unit owners to pay for common maintenance. The association normally holds an insurance policy covering the jointly-owned areas, while individual owners carry insurance for the interior components of their units.
Owners receive title to a particular unit and an equal proportionate interest and use of common areas, but not the land. Condominiums are connected to each other, can be either one or two levels and usually have more amenities than town homes.
Median sale price
The price at which 50% of properties sold are greater than the median sale price and 50% are below the median. Median prices should be interpreted cautiously, as they are influenced by changes in the costs of homes, as well as changes in the characteristics and sizes of homes sold annually.
The owner holds title to a parcel of land and the building on the land. Town homes are connected to each other, are usually two or three stories and may have a small yard.