F
Facade: In real estate and architecture, a facade refers to the front exterior or face of a building.
Fair Housing Act: A federal law that prohibits discrimination in housing based on race, color, religion, sex, national origin, disability, or familial status.
Fiduciary Duty: A legal and ethical obligation that requires an individual, such as a trustee, executor, or agent, to act in the best interests of another party. The party with the fiduciary duty, known as the fiduciary, must put the interests of the other party above their own, exercise care and loyalty, and act in good faith.
Field Changes: Refers to modifications or alterations made to construction plans or specifications while a project is underway. These changes occur in response to unforeseen circumstances, design revisions, or practical considerations that arise during the construction process.
Finder's Fee: A fee or commission paid to an individual or entity who facilitates a business transaction by connecting parties or identifying opportunities. The finder's fee is typically paid as a reward for bringing together parties who would not have otherwise connected or for providing valuable information or leads.
Finish Grade: Refers to the final level and contour of the ground or soil surface after construction or landscaping activities have been completed.
Fixture: An item of personal property that is permanently attached to a property and is legally considered part of the real estate.
Fixed-Rate Mortgage: A mortgage loan with an interest rate that remains constant throughout the term of the loan.
Floor Area Ratio (FAR): A planning and zoning term that represents the ratio of a building's total floor area to the size of the land on which it is located.
For Sale By Owner (FSBO): A method of selling a property directly by the owner, without involving a real estate agent or broker. The owner assumes responsibility for marketing, pricing, negotiations, and paperwork.
Forbearance: A temporary arrangement between a lender and borrower in which the lender agrees to temporarily suspend, reduce, or modify the borrower's loan payments for a specific period.
Foreclosure: The legal process through which a lender takes possession of a property due to the borrower's failure to make mortgage payments.
Freehold: The absolute ownership of a property and the land on which it stands, without any time limit. This means that the owner has the right to use, occupy, and dispose of the property as they see fit, subject to any applicable laws or regulations.