Real Estate Terminology for Home Buyers. Here are some common real estate terms to know when getting ready to buy a home. For more unusual terminology, try searching Nolos Legal Dictionary. Acceptance Agreeing to the terms of an offer, thereby creating a contract. As soon as the seller signs on to your purchase offer, youre in contract for the sale of the house, and neither of you can back out without facing consequences in your case, losing your earnest money deposit and, in the sellers case, a potential lawsuit. Adjustable rate mortgage ARM A mortgage loan with an interest rate that fluctuates in accordance with a designated market indicator such as the weekly average of one year U. S. Treasury Bills over the life of the loan. To avoid constant and drastic fluctuations, ARMs typically limit how often and by how much the interest rate can vary. Annual percentage rate APR A yearly interest rate that includes upfront fees and costs paid to acquire the loan, calculated by taking the average compound interest rate over the term of the loan. Mortgage lenders are required to disclose the APR so that borrowers can more accurately compare the actual cost of different loans with different fees. Appraisal A determination of the value of something, such as jewelry, stock, or, in this case, the house you plan to buy. The Developer Guide aims to provide the information you need to understand Bitcoin and start building Bitcoinbased applications, but it is not a specification. InformationWeek. com News, analysis and research for business technology professionals, plus peertopeer knowledge sharing. Engage with our community. A professional appraiser who should be a qualified, disinterested specialist in real estate appraisals, with expertise in the local geographic area makes an estimate by examining the property, looking at the initial purchase price, and comparing it with recent sales of similar property. Your bank or other lender will require the appraisal in order to ascertain the worth of the house for lending purposes. Software%20escrow/Softwareescrow_zps61c29e1b.jpg' alt='Software Source Code Escrow Service' title='Software Source Code Escrow Service' />And, unfortunately, the lender may refuse to fund the loan if the appraisal comes in lower than the loan amount. In such situations, if you cant come up with additional down payment money or a better appraisal, deals have been known to fall through. Appreciation An increase in the value or worth of an asset or piece of property thats caused by external economic factors occurring over time, rather than by the owner having made improvements or additions. For example, increased market demand or inflation can cause property to appreciate. The term is commonly used in the context of real estate. The seller is probably hoping to cash in on any appreciation in the homes value since buying it but the opposite called depreciation, defined below is also possible. Assumable mortgage A home mortgage that allows the buyer to take over the sellers mortgage that is, to step into the sellers shoes, make mortgage payments, and comply with other terms of the existing loan. Most lenders require the borrower to qualify for the mortgage in order to assume the mortgage. Balloon mortgage A mortgage that is not fully paid off over the loan term such as five, seven, or ten years, leaving a balance at the end. The borrower must either pay off the remaining mortgage or refinance the loan. Closing costs All settlement or transaction charges above and beyond the actual cost of the property that home buyers or sellers, depending on tradition in your area and what you negotiate with the seller need to pay at the close of escrow when the property is transferred. Desktop-Linux-Mint.png.pagespeed.ic.8vUFGGvtbv.jpg' alt='Software Source Code Escrow Service' title='Software Source Code Escrow Service' />CHAPTER 3. Inspection of Public Records 6250 6276. Chapter 3. 5 added by Stats. Ch. 1473. Today, more than 90 of the Fortune 500 companies turn to Iron Mountain for software escrow protection. Source code escrow is the deposit of the source code of software with a third party escrow agent. Escrow is typically requested by a party licensing software the. Air Force Oracle Enterprise Software License Agreement Awarded February 28, 2017. The Air Force Oracle Enterprise Software License Agreement ESLA was awarded 28. These typically include lenders fees and points or prepaid interest, a prorated share of the property taxes, transfer taxes, credit check fees, homeowners and title insurance premiums, deed filing fees, real estate agent commissions, inspection and appraisal fees, and attorneys fees. Some closing costs are tax deductible. Common area Facilities and space, such as recreation facilities, parking, laundry rooms, or a courtyard in condominiums, apartment buildings, and some cooperative housing projects. Common areas in condominiums are not individually owned by the residents, but shared by percentage interest or owned by the management organization. Common interest development A type of housing, composed of individually owned units, such as condominiums, townhouses, or single family homes, that share ownership of common areas, such as swimming pools, landscaping, and parking. Common interest developments also known as community interest developments or CIDs are managed by homeowners associations. Members typically pay monthly association dues. Condominium A type of real property ownership in which each owner holds title to his or her individual unit and shares ownership jointly of common areas such as driveways, parking, elevators, outside hallways, and recreation and landscaped areas. A homeowners association typically manages the common areas and oversees the covenants, conditions, and restrictions CC Rs that apply to the property. Condominiums are often referred to as a common interest development. Contingency A provision in a contract stating that some or all of the terms of the contract will be altered or voided by the occurrence of a specific event, usually by specific dates leading up to the closing. For example, a contingency in your home purchase contract might state that, if the buyer does not approve the inspection report of the physical condition of the property, the buyer does not have to complete the purchase. Descargar Windows Unattended Edition. Or the seller might include a contingency asking for proof that the buyer is financially able to close the deal or for closing to be held off until the seller successfully finds another house to buy. Counteroffer The rejection of an offer to enter into a contract, where the rejecting party includes a different offer that changes the terms of the original offer in some way. For example, if you offer 3. The legal significance of a counteroffer is that it completely voids the original offer. Credit report. A written account of a consumers credit history prepared by a credit reporting agency. Credit reports generally include information on loans, credit cards, and other bills and accounts, as well as a record of the consumers addresses and employers. Credit reporting agency A private company that collects and sells information about a persons credit history. Banks and mortgage lenders are among those who use the information to screen applicants. There are three major credit reporting agencies Equifax, Experian, and Trans. Union and they are regulated by the federal Fair Credit Reporting Act. You can receive free copies of your credit report at www. Credit score. Numerical calculation that creditors use to evaluate the creditworthiness of someone applying for credit, such as a mortgage. High credit scores over 7. Depreciation The gradual loss of value of property that occurs through external economic conditions, the propertys age, natural wear and tear, or deterioration. Disclosure The making known of a fact that had previously been hidden a revelation. In many states, a home seller must disclose major physical defects in the house within his or her knowledge, such as a leaky roof or potential flooding problem and, in all states, sellers must disclose the presence of lead based paint hazards in buildings constructed before 1. Earnest money deposit EMD A partial payment deposit demonstrating commitment in a contractual relationship, and commonly made in real estate transactions at the time of making the purchase offer. The remainder of the payment is due on the closing date. Source code escrow Wikipedia. Source code escrow is the deposit of the source code of software with a third party escrow agent. Escrow is typically requested by a party licensing software the licensee, to ensure maintenance of the software instead of abandonment or orphaning. The software source code is released to the licensee if the licensor files for bankruptcy or otherwise fails to maintain and update the software as promised in the software license agreement. Necessity of escroweditAs the continued operation and maintenance of custom software is critical to many companies, they usually desire to make sure that it continues even if the licensor becomes unable to do so, such as because of bankruptcy. This is most easily achieved by obtaining a copy of the up to date source code. The licensor, however, will often be unwilling to agree to this, as the source code will generally represent one of their most closely guarded trade secrets. As a solution to this conflict of interest, source code escrow ensures that the licensee obtains access to the source code only when the maintenance of the software cannot otherwise be assured, as defined in contractually agreed upon conditions. Escrow agreementseditSource code escrow takes place in a contractual relationship, formalized in a source code escrow agreement, between at least three parties one or several licensors,one or several licensees,the escrow agent. The service provided by the escrow agent generally a business dedicated to that purpose and independent from either party consists principally in taking custody of the source code from the licensor and releasing it to the licensee only if the conditions specified in the escrow agreement are met. Source code escrow agreements provide for the following They specify the subject and scope of the escrow. This is generally the source code of a specific software, accompanied by everything that the licensee requires to independently maintain the software, such as documentation, software tools or specialized hardware. They oblige the licensor to put updated versions of the software in escrow in specific intervals. They specify the conditions that must be met for the agent to release the source code to the licensee. Install Aptana Eclipse Indigo. Typical conditions include the bankruptcy of the licensor, the cancellation of a software development project or the express unwillingness of the licensor to fulfil his contractual maintenance obligations. Because it is often important to the licensee that the code be released as soon as possible once the conditions are met, the conditions tend to be worded as plainly and unambiguously as possible. They circumscribe the rights obtained by the licensee with respect to the source code after the release of the software. These rights are generally limited and may include the right to modify the source code for the purpose of fixing errors, or the right to continue independent development of the software. They specify the services provided by the escrow agent beyond a simple custody of the source code. Specialised agents may, for instance, verify that the source code storage media is readable, or even build the software based on the source code, verifying that its features match the binary version used by the licensee. They may provide that non compete clauses in the licence agreement, such as any that prohibit the licensee from employing the licensors employees, are void in the event of the release conditions being met, enabling the licensee to acquire the know how required for the maintenance of the software. They also provide for the fees due to the escrow agent for his services. Whether a source code escrow agreement is entered into at all, and who bears its costs, is subject to agreement between the licensor and the licensee. Software license agreements often provide for a right of the licensee to demand that the source code be put into escrow, or to join an existing escrow agreement. Bankruptcy laws may interfere with the execution of a source code escrow agreement, if the bankrupt licensors creditors are legally entitled to seize the licensors assets including the code in escrow upon bankruptcy, preventing the release of the code to the licensee. Third party escrow agentseditMuseums, archives and other GLAM organizations have begun to act as independent escrow agents due to growing digital obsolescence. Notable examples are the Internet Archive in 2. Library of Congress in 2. ICHEG,1. 1Computer History Museum,1. MOMA. 1. 4There are also some cases where software communities act as escrow agent, for instance for Wing Commandervideo game series1. Ultima 9 of the Ultima series. Software open sourcing to the publiceditThe escrow agreements described above are most applicable to custom developed software which is not available to the general public. In some cases, source code for commercial off the shelf software may be deposited into escrow to be released as free and open source software under an open source license when the original developer ceases development andor when certain fundraising conditions are met the threshold pledge system. For instance, the Blender graphics suite was released in this way following the bankruptcy of Not a Number Technologies the widely used Qt toolkit is covered by a source code escrow agreement secured by the KDE Free Qt Foundation. There are many cases of end of life open sourcing which allow the community continued self support, see List of commercial video games with later released source code and List of commercial software with available source code. See alsoeditReferenceseditHeusler, Bernhard Mathys, Roland 2. IT Vertragsrecht in German. Zrich Orell Fssli. ISBN 3 2. 80 0. HeuslerMathys, p. HeuslerMathys, p. HeuslerMathys, p. The Internet Archive Classic Software Preservation Project. Internet Archive. Archived from the original on October 1. Retrieved October 2. Baio, Andy Apr 1. Milliways Infocoms Unreleased Sequel to Hitchhikers Guide to the Galaxy. Retrieved January 2. From an anonymous source close to the company, Ive found myself in possession of the Infocom Drive a complete backup of Infocoms shared network drive from 1. Among the assets included design documents, email archives, employee phone numbers, sales figures, internal meeting notes, corporate newsletters, and the source code and game files for every released and unreleased game Infocom made Chaplin, Heather March 1. Is That Just Some Game No, Its a Cultural Artifact. New York Times. Retrieved September 2. Joseph Bernstein October 2. Meet The Men Trying To Immortalize Video Games. Retrieved August 2. Dyson, Jon Paul C. October 1. 3, 2. 01. Torrent Masterchef The Professionals here. ICHEGs Approach to Collecting and Preserving Video Games. Retrieved August 2. Mac. Paint and Quick. Draw Source Code. Computer History Museum. July 2. 0, 2. 01. Hesseldahl, Erik July 2. Apple Donates Mac. Paint Source Code To Computer History Museum. Archived from the original on February 9, 2. Moore, Bo May 3. All Hell Broke Loose Why Mo. MA Is Exhibiting Tetris and Pac Man. Retrieved January 1. The end goal is to acquire the games original source code, which can be quite difficult to pry away from secretive gamemakers. If thats not possible at first, Antonelli at least wants to wedge her foot in the door. Were going to stay with them forever, she said. Theyre not going to get rid of us.