Below are some practical terms and definitions you might come across when looking for an apartment in New York City. Some of these may be used differently in other parts of the country so please make sure you familiarize yourself with them and avoid any unnecessary confusions.

Agency:
A legal relationship between a principal and his agent arising from a contract in which the principal engages the agent to perform certain acts on the principal behalf.

Amortization:
A gradual paying off of a debt by periodic installments.

Appraisal:
An opinion or estimate of the value of a property.

Assessment:
The amount of tax or special payment due to a municipality or association. This is applicable in condo buildings and co-ops where assessments can often amount to significant monthly expenses.

Building Codes:
Regulations established by local governments describing the minimum structural requirements for buildings. Codes include foundation, roofing, plumbing, electrical, and other specifications for safety and sanitation.

Covenants:
Promises written into deeds and other instruments agreeing to performance or nonperformance of certain acts and/or requiring or preventing certain uses of the property.

Counter Offer:
A rejection of an offer to buy or sell, with a simultaneous substitute offer.

Deed:
A written document, property signed and delivered, that conveys title to real property. It is usually signed and handed over during closing.

Trust Deed:
A conveyance of real estate to a third party to be held for the benefit of another. Trust deeds are commonly used in some states in place of mortgages that conditionally convey title to the lender.

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