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Glossary of Terms
From 'Abstract of Title' to 'Triple-Mint', the arcana of real estate explained.Browse alphabetically by choosing a letter from the list below. |
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| A B C D E F G H I J K L M N O P Q R S T U V W X Y Z |
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| F |
| Term |
Description |
| Facade: |
This is the front of a building. The facade can consist of any number of building elements, such as limestone, brownstone, cement, glass, granite, marble, and or any combination of the aforementioned. |
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| Financing Allowed: |
Each co-operative building allows shareholders to finance a certain portion of the purchase price of a co-operative apartment. This number can very greatly. Very often, the number is somewhere between 70% and 80 % of the purchase price. However, more prestigious and more established buildings can have a much lower number. Some co-operatives may allow no financing at all. This number is completely arbitrary and determined by the co-operative board of directors. |
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| Fixed Rate: |
One of two types of rates offered by lending institutions. In a fixed rate scenario, the lender offers an interest rate which remains constant over the term of the loan. |
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| FlipTax/Transfer Fee: |
Two different ways to say the same thing. A Flip Tax or a Transfer Fee is a tax imposed by the co-operative on the sale of a co-operative apartment. This fee could be a percentage of the gross sale, a percentage of the net sale, a percentage of the gain, a fee based on the number of shares held by the shareholder, or a fixed amount determined by the co-operative. These fees can be either paid by the buyer, the seller or shared by both parties in a transaction. Sometimes the co-operative pre-determines from whom they would like to receive these monies. The determination of who pays this fee can also be negotiated by the parties involved in the transaction. These fees are used by a building to increase the building's reserve fund. |
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| Floating Rate: |
One of two types of rates offered by lending institutions. In a floating rate scenario, the lender offers an interest rate which fluctuates with the prevailing rates offered to lending institutions. |
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| Floor-thru |
An apartment that extends from a building's façade to its rear wall, so that the unit exclusively occupies an entire floor. |
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| Foreclosure: |
The process by which a lending institution takes back a property because the property owner can no longer meet his/her monthly mortgage payment. |
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| Full Service Building: |
We use this term to describe a building which employs both a concierge and a full-time doorman. |
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