ASSESSED VALUE
The value a taxing authority places upon real or personal property for the purpose of calculating taxes.

ASSIGN
To transfer a right, title or interest in property to another.

BALLOON PAYMENT
The remaining balance of a home loan that must be paid in a lump sum at the end of a specified time period. The amount may represent slightly more than a monthly payment or it may be a substantial amount.

BIWEEKLY MORTGAGE or BIMONTHLY MORTGAGE
A mortgage agreement in which payments are made every other week instead of monthly. This will reduce the interest paid and often the term of the loan.

BUY-DOWN
Loans with buy-down plans require that a certain amount (usually a percentage) is paid by the buyer or seller to reduce the interest rate over the initial portion of the loan term or for the whole term. Buy-downs can be either temporary or permanent.