Venice Florida Real Estate A–Z

A document added to a real estate contract containing additional terms, conditions or information.

Related: Contract • Amendment

A property tax based on the assessed value of real estate.

Related: Property Tax • Millage Rate • Taxable Value

A professional opinion of a property’s value prepared by a licensed or certified appraiser.

Related: Appraisal Gap • Market Value • Comparable Sale

The difference between a property’s contract price and a lower appraised value.

Related: Appraisal • Market Value • Financing

A commonly used Florida contract structure under which property is generally sold in its existing condition, subject to the terms of the contract.

The value assigned to property for property-tax purposes. It may be very different from market value.

Related: Taxable Value • Property Tax • Market Value

An offer positioned behind an existing contract and generally becoming primary if the first transaction terminates under the applicable terms.

An elevation associated with FEMA’s base flood and used for floodplain-management purposes.

A structure used for access to and mooring of boats.

Related: Boat Lift • Seawall • Gulf Access

Equipment designed to raise and support a boat above the water.

A survey identifying property boundaries and certain improvements or conditions affecting those boundaries.

The available vertical clearance beneath a bridge, an important consideration for waterfront buyers and boaters.

An offer that does not depend on obtaining mortgage financing for the purchase.

A Florida special-purpose governmental district that may finance and maintain community infrastructure and services.

The process in which the transaction is finalized, documents are completed, funds are handled and ownership is transferred.

Expenses associated with completing a real estate transaction.

An analysis prepared by a real estate professional using comparable properties and current market information.

Common real estate shorthand for a comparable property used in market analysis or appraisal.

A form of ownership in which an owner generally owns an individual unit along with an interest in common elements.

Related: SIRS • Milestone Inspection • Special Assessment

A contractual provision making certain rights or obligations dependent on a specified event or condition.

A legally binding agreement establishing the rights and obligations of the parties.

A response changing one or more terms of an offer and therefore creating a new offer.

The number of days a property has been marketed according to applicable MLS rules.

A legal instrument used to convey an interest in real property.

Recorded private restrictions governing the use of property.

The buyer’s investigation of the property, documents, financing, insurance and other transaction matters.

A buyer’s good-faith deposit made according to the purchase contract.

A legal right allowing a person or entity to use another person’s property for a specified purpose.

A document containing elevation information concerning a property or structure.

An improvement extending across a property boundary or into an easement or restricted area.

Money or documents held by a neutral party according to an agreement.

A document commonly used in Florida association transactions providing specified information concerning amounts owed and other association matters.

A buyer’s opportunity shortly before closing to review the property’s condition according to the contract.

The Foreign Investment in Real Property Tax Act can require withholding when certain foreign persons dispose of U.S. real property interests.

Insurance designed to cover specified losses caused by flooding.

A geographic area identified according to flood-risk classifications.

An inspection commonly requested by Florida insurers focusing on the roof, electrical system, plumbing and HVAC.

A community where access is controlled through gates, guards or electronic systems.

A broad visual inspection of accessible home systems and components within the inspector’s scope.

Boating access from a property or waterway to the Gulf, subject to depth, bridges, navigation and other conditions.

An organization administering a community under its governing documents and applicable law.

A Florida property-tax benefit available to qualifying homeowners who establish the property as their permanent residence and meet applicable requirements.

Insurance providing specified coverage for a residence, personal property, liability and other covered risks.

A special deductible that may apply to qualifying hurricane-related losses under a Florida insurance policy.

Windows designed and tested to meet specified impact and wind requirements.

An examination of property conditions by an inspector or other qualified professional.

The contractual period during which a buyer may conduct inspections and exercise applicable rights under the contract.

The percentage charged by a lender for borrowing money.

A lien that may arise from a court judgment when applicable legal requirements are satisfied.

A mortgage exceeding applicable conforming loan limits.

A contract provision that may permit a seller to continue marketing and require an existing buyer to act if another acceptable offer is received.

A covered outdoor living area commonly found in Florida homes.

A legal claim or encumbrance against property relating to a debt or obligation.

A recorded notice indicating pending litigation involving specified real property.

The asking price at which a property is offered for sale.

An additional amount a builder may charge for a more desirable homesite.

The estimated value of property under defined market conditions.

A structural inspection requirement applicable to certain Florida condominium buildings under state law.

A rate used by taxing authorities to calculate ad valorem property taxes.

A cooperative database used by real estate professionals to share listing information.

A security instrument creating a lien against real property to secure repayment of debt.

Water capable of navigation under applicable legal standards and physical conditions.

The approximate amount a seller receives after applicable debts, expenses, taxes and transaction charges are deducted.

The National Flood Insurance Program.

A buyer’s proposal to purchase property according to specified price, terms and conditions.

A building permit that has not been properly finalized or closed in governmental records.

A title insurance policy protecting an owner against specified covered title defects and claims.

A listing status generally indicating the property is under contract, subject to applicable MLS definitions.

Governmental authorization for specified construction, remodeling or repair work.

A Florida property-tax concept allowing eligible homeowners to transfer some accumulated Save Our Homes assessment difference to another qualifying Florida homestead, subject to applicable rules.

A lender’s preliminary assessment of a borrower’s potential mortgage qualification based on information reviewed.

The legal process for administering a deceased person’s estate.

Documentation showing that a buyer has sufficient funds for a purchase, down payment or closing requirement.

A professional representation of property boundaries and other features according to the survey’s scope.

Taxes and assessments imposed on real property by applicable governmental authorities.

A list of incomplete or corrective items identified near completion of construction.

A deed transferring whatever interest the grantor has without the title warranties associated with certain other deeds.

A lawsuit seeking to resolve competing ownership claims or certain title defects.

An arrangement in which money is paid to reduce a borrower’s mortgage interest rate temporarily or permanently depending on the program.

The process of placing a document into the county’s official public records.

Money maintained by an association for future major repairs or replacement of common components.

Certain rights associated with property adjoining particular bodies of water.

The age of a home’s roofing system.

Florida’s constitutional limitation on annual increases in the assessed value of qualifying homestead property, subject to applicable law.

A structure designed to protect shoreline property from erosion and water action.

Information provided by a seller concerning known property conditions or facts as required by applicable law.

A reserve study required for certain Florida condominium associations under applicable law.

An additional charge imposed by an association for a specified expense or project.

An abnormal rise in coastal water levels generated by a storm.

A professional measurement and representation of property boundaries and related features according to the survey’s scope.

The property value remaining after applicable exemptions and assessment limitations for a particular taxing authority.

The legal rights and interests associated with ownership of real property.

Insurance protecting against specified covered title defects and claims.

An examination of public records and applicable information concerning ownership, liens and title matters.

A residential housing style often involving attached multi-level homes. Legal ownership structure should be verified rather than assumed from appearance.

A property for which the buyer and seller have entered into a purchase agreement.

A lender’s evaluation of the borrower, property, documentation and loan risk before final approval.

Construction or alteration completed without permits or approvals that were required.

A mortgage program guaranteed by the U.S. Department of Veterans Affairs for eligible borrowers.

Governmental approval permitting a deviation from certain zoning or land-use requirements.

A term commonly used in Southwest Florida for certain attached or detached residential properties. The legal form of ownership should be verified.

A deed containing specified warranties by the grantor concerning title.

Property directly bordering a body of water.

A Florida inspection documenting qualifying construction features that may reduce windstorm risk.

Insurance protection against specified wind-related losses, subject to policy terms and deductibles.

Organisms such as termites and certain other organisms capable of damaging wood.

A FEMA flood-zone designation generally associated with areas outside the Special Flood Hazard Area.

The year a structure was originally constructed.

The income return generated by an investment relative to its cost or value.

Government regulation of permitted land uses and development standards.

Confirmation from the applicable governmental authority regarding a property’s zoning classification and permitted uses.