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GLOSSARY OF RELOCATION AND REAL ESTATE TERMS

Acceptance date

Acceptance date is the date aecc receives the signed aecc contract of sale from the transferee. Aecc must have the aecc contract of sale signed by the transferee before aecc can sign the resale contract with the resale purchaser.

Acceptance period

when aecc makes a guaranteed purchase offer to the transferee, the transferee will have a set number of days to accept the offer. Although the acceptance period varies from corporate client to corporate client, it is typically 60 days. During this time the transferee is marketing the home to try get an amended value sale for more than the guaranteed purchase offer.

Accessorial (additional) services

services such as packing, appliance servicing, unpacking, or piano stair carries that you request to be performed (or are necessary because of landlord requirements or other special circumstances). Charges for these services are in addition to the transportation charges.

Acquisition costs

these are expenses paid by the corporate client related to aecc's acquisition of the property. These costs include the initial title exam, appraisals, inspections, if applicable, and $22.00 for overnight delivery service.

Advanced charges

charges for services not performed by the mover but instead by a professional, craftsman or other third party at your request. The charges for these services are paid for by the mover and added to your bill of lading charges.

Aecc contract of sale

this document is signed by aecc and the transferee. This contract states the terms under which aecc will purchase the property, including the sales price (either guaranteed purchase offer or buyer value option offer amount), the acceptance period, what personal property is included in the sale, how long the transferee has to vacate the property, and other conditions of the sale. This document must be signed by the transferee and received by aecc before aecc can resell the property to a resale purchaser.

Aecc power of attorney

this document must be signed and notarized by the transferee and the spouse. This document allows aecc to sign any documents necessary to close the sale on the transferee's home. It also directs that the proceeds of sale be made payable to aecc since aecc does not take title to the property.

Aecc radon rider

this document must be signed by the resale purchaser if aecc has ordered a radon inspection on the home. The resale purchaser is acknowledging that the home has been tested for radon and that the radon level is at an acceptable level (under 4.0 pico curies).

Aecc resale rider

this document must be signed by the resale purchaser. It is attached to and becomes part of the resale contract between aecc and the resale purchaser. This document protects aecc and the corporate client against law suits from the resale purchaser. It states that the home is being purchased in "as is" condition, that aecc has never occupied the property and has no other information about the condition of the property other than what has been stated on disclosure statements and property inspection. It also directs the resale purchaser to use aecc's designated title insurance company.

allowance

pay and special compensation

Amended value sale under appraisals

this is the same as an amended value sale, except that the resale contract is for less than the guaranteed purchase offer. The transferee is normally guaranteed the guaranteed purchase offer amount even though the resale contract is less.

Amended value sale

when aecc makes a guaranteed purchase offer to the transferee, the transferee can continue to market the property during the term of their acceptance period. If the transferee receives an acceptable resale offer for more than the guaranteed offer, the transferee signs the aecc contract of sale at the "amended" guaranteed purchase offer amount (i.e. the resale offer amount). Aecc then signs the resale contract with the resale purchaser. Aecc is listed as the seller of the property on the hud-1 closing statement.

Appraisal process

the marketing company will facilitate the ordering of appraisals on the transferee's home. These appraisals are done by designated appraisers who are familiar with relocation appraisals. The appraisers will determine a value that the home is worth based upon comparable home sales. Normally, two appraisals are ordered on a property. If the lower appraisal is within 95% of the higher appraisal, the appraisals are averaged and that amount becomes the guaranteed purchase offer. If the appraisals are out of range, a third appraisal is ordered and the guaranteed purchase value: value placed offer becomes the average of the two closest appraisals.

asap

as soon as possible

Assessed on a property for taxing purposes.

This is usually not the same amount as the appraised value.

Broker

state-licensed person overseeing the buying, selling and managing of property. Brokers receive a commission for their services of bringing together buyers and sellers.

Assigned sale

under normal circumstances, aecc always signs the resale contract. With an assigned sale, the transferee actually signs the resale contract with the resale purchaser and "assigns" their interest in that contract to aecc. Aecc then closes the sale on their behalf. The transferee is listed as the seller on the hud-1 settlement statement. This process is not considered prudent since it raises irs questions for reimbursed expenses.

Assignment of escrow

this form must be signed by the transferee if the transferee's lender has an escrow account. Since aecc gives credit to the transferee for the amount of money in this account, this document instructs the lender to send any funds remaining in the escrow account to aecc when the mortgage is paid off.

Bi

background investigation

Bill of lading

the receipt for your goods and the contract for their transportation. It is your responsibility to understand the bill of lading before you sign it. If you do not agree with something on the bill of lading, do not sign it until you are satisfied that it is correct. The bill of lading is an important document. Don't lose or misplace your copy.

Broker

this is the real estate agent who has listed the property for sale. The agent is responsible for presenting any offers received from a potential resale purchaser to the marketing assistance company. The broker will forward the resale contract to aecc for signature as the seller of the transferee's home. The broker may also be responsible for seeing that repairs are completed and paying for utilities if the home goes into aecc's inventory as a regular or amended value sale.

Broker's price opinion (bpo)

this is an appraisal done by a real broker or sales agent. It is typically not used in the calculation of a guaranteed purchase offer. It is used by the marketing company as a guideline to establish a listing price for the transferee's property.

Buyer value option (bvo)

when the transferee does not receive a guaranteed purchase offer based upon the average of appraisals, the buyer value option is used. The transferee lists the property for sale. When an acceptable resale contract is received, the transferee signs a contract of sale with aecc for the resale contract amount. Aecc then signs the resale contract with the resale purchaser. Aecc is then listed on hud-1 settlement statement as the seller of the property. The transferee is typically not paid their equity until after the resale has closed.

C.o.d.

transportation for an individual shipper for which payment is required at the time of delivery at the destination residence (or warehouse).

cap

child abuse potential inventory, developed by joel milner, phd and also referred to as "milner questionnaire"

caretaker

someone in a position of responsibility on a temporary basis for a child or other individual requiring supervision.

Carrying costs

these expenses are made up of two categories, non-recurring and recurring. Recurring carrying costs are mortgage interest, real estate taxes, property insurance, utilities, and maintenance. Non recurring carrying costs are repairs, improvements, one time assessments, etc. If the home is a regular or amended sale, the corporate client will pay for the expenses between the transferee's proration date and the date the property actually closed with resale purchaser.

Certification for no information reporting

this is a form required to be completed by the transferee and spouse. It requests their social security numbers, new address, and four statements to be answered "yes" or "no". When answering these statements consider them as "true" or "false" with "true" equal to "yes" and "false" equal to "no". This form determines whether or not a 1099 needs to be issued.

Closing agent

this is the title company or attorney who represents aecc at the closing table with the resale purchaser. Aecc forwards closing instructions, the deed in blank and other documents to the closing agent. The closing agent will fax the hud-1 to aecc for approval. If everything is okay, aecc will instruct the closing agent to proceed with closing and sign any documents on behalf of aecc.

Closing

the consummation of a real estate transaction when documents are executed, money is exchanged and title is transferred.

cola

cost of living allowance

Commission

this is a percentage of the resale purchase amount that is paid to the listing and selling brokers as compensation for obtaining a successful resale contract. The commission is paid only if the sale closes. The commission is typically six or seven percent and is paid at closing out of the proceeds of sale. or the money paid to a real estate broker as compensation for the broker's services with the sale or exchange of property. Commission on a residential transaction is usually 6 percent of the sale price.

Contract for deed

see land contract

Contracting officer's representative (cor)

the person who is appointed in writing by the contracting officer to assist in the administration of contracts by monitoring daily activities of contractors or contractors' employees. This person is normally the fao. The cor is a very important member of the contract administration team whose efforts are to obtain quality services under the contracts issued.

Corporate client

this is the corporation or company that has the agreement with aecc to provide closing services and/or expense management services to their transferee.

Criminal history background check

an investigation based on fingerprints and other identifying information obtained by a law enforcement officer and conducted through the federal bureau of investigation-identification division (fbi-id) of all states. An employee or prospective employee must list current and former residences on an employment application initiated through the personnel programs of the applicable federal agencies, as defined in public law 101-647 or through the personnel program of a given government contractor. All employees and dod contract personnel involved in the provision of child care services to children who are under 18 years of age must undergo a criminal history background check. "child care services" is defined as child protective services, social services, health and mental health care, child (day) care, education whether directly or indirectly involved in teaching, foster care, residential care, recreational or rehabilitative programs, and detentional, correctional, or treatment services.

Deed in blank

this document is sent to the transferee and spouse for signature in front of a notary public. It conveys title to the property from the transferee to the resale purchaser. It is called a deed in blank because the resale purchaser's name is not on the deed. This is because the property may not yet be resold and at the time of the transferee's execution. The aecc power of attorney allows aecc to insert a resale purchasers name at a later date.

Delayed appraisal option

this program type requires the transferee to market the property for sale for a set period of time before a guaranteed purchase offer is tendered. This program is a hybrid between a buyer value option and valuation and marketing program.

Department of human services (dhs)

a generic term to describe civilian social service agencies with child protection responsibilities mandated by law.

Direct costs

direct costs are all expenses involved with aecc's acquiring and reselling the property. They include loss on sale, acquisition, carrying and selling costs.

Disclosure statement

this is a document that the transferee is required to complete. It asks detailed questions about the condition of the property. A copy of the disclosure statement is given to any prospective purchaser of the property.

Discount points / loan origination fee

a charge of prepaid interest by the lender typically based on a percentage of the loan. Points and loan origination fees are usually deductible on schedule a of the federal tax return.

Dod eligible beneficiaries

those individuals who are authorized services in a military medical treatment facility iaw current guidelines for deers eligibility.

Dod family advocacy committee (dod fac)

a body of representatives from all military service family advocacy programs (including the coast guard) and other designated members chaired by office of assistant secretary of defense/force management & personnel (oasd/fm&p) or designee.

Dod family advocacy program manager

the individual appointed by the department of defense to oversee all the military services' family advocacy programs.

Dodea

department of defense education agency. Dodea operates schools for eligible military and civilian children, overseas and in some stateside locations.

Dual agency

a practice where both the buyer and seller are represented by the same agent or different agents with the same company. Generally, dual agency is a conflict of interest because the agent can't fully complete the fiduciary duties owed to both clients. This is why state laws require written and informed permission of the buyer and seller.

Early intervention services (eis)

a multifaceted program mandated by public law 102.119 to identify and provide services to infants and toddlers with disabilities and their families. Each state is mandated to have an early intervention program. Military medical facilities are responsible for the program where there are dodea overseas or section 6 schools in conus. Services are provided by edis clinics overseas.

Educational and developmental intervention services (edis)

clinics overseas that are part of the mtf to provide early intervention and medically related services (previously known as afsec).

Educationally based-program

those programs whose intent is to convey information and awareness without focusing on individual or group dynamics. Such programs provide practice exercises to increase self-awareness, but are not aimed at developing psychological insights.

Efmp service plan

a plan for the delivery of intervention services designed to treat or remediate the exceptional need and/or help the family in coping with it. Military and civilian services are utilized.

Efmp team

exceptional family member program team. An ad hoc multidisciplinary team whose members serve as resources and consultants to the efmp officer.

efmp

exceptional family member program

Employee relocation council (e-r-c)

this council is made up corporations who transfer employees, service companies such as aecc, moving companies, consultants, etc. E-r-c is a source for information for all facets of the relocation industry. E-r-c lobbies in washington d.c. to keep favorable tax rulings in place for corporate transferees.

Equity advance

see prepayment of purchase price.

Equity closing statement

this statement details all credits and charges to the transferee regarding the calculation of their equity.

Equity request for funds

this form is sent to the corporate client requesting equity funds that are owed by aecc to the transferee. Upon aecc's receipt of the funds from the corporate client, aecc will disburse these funds to the transferee.

Equity

this is the amount of funds the transferee receives upon the sale of their property. It is the purchase price less the amount owed on any mortgage(s) after prorations have been done for mortgage interest and real estate taxes.

Equivalent committee

a committee that serves the same purpose as another committee.

Escrow account

this is a special account held by the transferee's lender. Each month, the escrow portion of the mortgage payment is deposited in this account. When real estate taxes or insurance premiums become due, they are paid out of this account by the lender. Any funds left in this account are usually refunded within thirty days after the mortgage is paid-off. If there is no escrow account, the transferee is responsible for paying real estate taxes and insurance payments.

Escrow payment of mortgage

this is a portion of the mortgage payment that is applied to the escrow account after each monthly payment. This amount can change on an annual basis if real estate taxes increase or decrease.

Exceptional need

a medical, psychological, or educational condition of a chronic nature, which requires active management by a medical subspecialty, or a special education program.. A general rule of thumb for determining whether a condition constitutes an "exceptional need" should include the question; "is there a need for special assignment consideration to assure availability of required medical, psychological, or educational services?"

Exceptional needs assessment (ena)

the assessment performed to determine eligibility for efmp services.

Expedited service

an agreement with the mover to perform transportation by a set date in exchange for charges based on a higher minimum weight.

Extrafamilial caregiver/power role (dod non-sanctioned)

this category is for extrafamilial caregivers where there are allegations of major physical injury, death due to maltreatment, or child sexual abuse and the caregiver was not in a dod sanctioned role or activity. Also included are extrafamilial offenders where there are allegations of child sexual abuse, the offender was in a position of power over the alleged victim, and the offender was not in a dod-sanctioned caregiver role or activity. Caregivers may be active duty members or their family members, retirees or their family members, or civilians. When there are allegations of minor physical injury, emotional maltreatment, and neglect where there is no serious injury, alleged victims and their families may receive services, but no record would be activated and no information about the incident would be reported to afmoa family advocacy division.

Fac

family advocacy committee. Oversees, develops, and manages the local policy of the family advocacy fmcmt and ids.

Facat

family advocacy command assistance team

fadap

family advocacy data automation program

family advocacy committee (fac)

the policy-making, coordinating, recommending, and overseeing body for the installation fap, or equivalent committee.

Family advocacy needs assessment (fana)

the process of identifying and evaluating persons, groups, and communities to determine their needs. This may include, but is not limited to, surveys, questionnaires, and interviews of relevant individuals, groups, helping agency experts, military members in particular geographic areas or military ranks, and military members on special assignment.

Family advocacy officer (fao)

a credentialed and privileged social worker designated to manage, monitor, and provide staff supervision of the family advocacy program at the base level.

Family advocacy program (fap)

a program designed to address prevention, identification, clinical assessment, treatment, and follow-up evaluation for family maltreatment. In the air force the efmp is a part of the fap.

Family advocacy program manager (fapm)

an individual designated by the secretary of the military department to manage, monitor, and coordinate the family advocacy program at the service headquarters level.

Family advocacy program record

a 6-part folder opened when reasonable suspiscion exists that a maltreatment incident has occurred

family advocacy staff training (fast) course

a joint-service, multidisciplinary training course for entry level fap staff conducted several times a year. The army is executive agent and the course is conducted by the academy of health sciences. Oversight responsibility rests with the dod family advocacy committee training subcommittee.

family care plan

written instructions for care of family members while sponsor is away from duty station (can include provisions for finances, wills, and guardianship

Family child care home (fcch)

formerly referred to as family day care. A home day care business operated on dod property, with oversight by the installation through the child development center.

Family maltreatment case management team (fmcmt)

a multidisciplinary team appointed by the fac chairperson to participate in the case management process. The team makes incident status determinations and key case management decisions on all referrals for alleged maltreatment.

Family member relocation clearance

(formerly known as drc). The process of screening military family member's for needed medical services prior to overseas travel, and clearing efmp families for overseas or conus travel.

family program coordinator

provides family support services to reserve component members and families; active duty members and civilian employees see army community service

Family support center: (fsc)

an air force installation agency that offers a variety of support services for military families (e.g., financial counseling, life skills, relocation and transition assistance, air force aid).

Family violence

a generic term for all forms of intrafamilial maltreatment.

Famnet

(formerly known as faminfo) the computerized program developed for use by family advocacy and family support center staff to communicate important news from afmoa/sgof and majcom program managers, and among installation faps.

Fap clinicians

clinical social workers who have been privileged through the medical facility to perform clinical work.

Fha mortgage (federal housing authority)

this is a mortgage program developed by the federal government. It allows purchasers to obtain a mortgage with a minimal down payment. Fha mortgage insurance is required because of the low down payment to the risk. When the mortgage is paid off, funds must be received by the lender by the first of the month or another month's interest is added to the payoff.

fpc

family program coordinator (for guard and reserve) major u.s. army reserve command

General home inspection

when aecc makes a guaranteed purchase offer to the transferee, a general home inspection is typically ordered. A qualified and trained inspector checks the condition of the property. This includes the heating and cooling systems, plumbing, appliances, roof, property grading, etc. The general home inspector may also recommend further inspections if certain problems fall outside of his/her expertise. The transferee is then required to correct any problems that are cited by the inspection. Copies of all inspections must given to any prospective resale purchaser as part of disclosure law.

General medical services (gms)

are exceptional medical conditions that require active medical management by a subspecialty (not simple consultation).

Gross-up (gup)

gross-up is a benefit many employers provide to assist the employee with the tax liability that will be associated with reimbursements made for relocation expenses. Rather than issue the gross-up dollars to the employee, most employers elect to deposit the funds for the employee with the different tax authorities. It is important to remember that gross-up does not guarantee an employee will not incur extra tax liability due to their reimbursements. Much will depend on the specific company gross-up policy and personal tax filing issues. Since gross-up is a benefit, it is also considered taxable income.

Guaranteed pickup and delivery service

an additional level of service whereby dates of service are guaranteed, with the mover proving reimbursement for delays. This premium service is often subject to minimum weight requirements.

Guaranteed purchase offer (gpo)

this is the amount that aecc offers to purchase the transferee's home based upon the average of the appraisals ordered through the marketing company.

Hawc

health and wellness center.

High interest case

a case of significant interest due to level of risk, high dangerousness/lethality potential, or political ramifications; or a case that resulted in death and/or multiple victims.

High value article

items included in a shipment that are valued at more than $100 per pound.

Home equity loan

this is considered a second mortgage. It is a lien against the property. The transferee can borrow money from this account up to the maximum line of credit. There is usually a minimum payment, but the loan can be paid at any time. Usually, aecc pays off this loan upon the calculation of the transferee's equity.

Homeowner association information request

this form needs to be signed by the transferee and is forwarded to the association. Aecc needs to know the amount of the payments, and if they are paid monthly, quarterly or annually. Association payments are prorated on the equity closing statement.

Homeowner association

these associations are commonplace when the property is a condominium or a townhome. They also can be part of subdivisions. Payments are made to the association so that common areas, or areas not owned by the transferee, can be maintained. Payment also covers replacement or repair of roofs and other common elements.

Homeowner insurance

all lenders require the property owner maintain adequate property insurance on the property. If the transferee accepts a guaranteed purchase offer from aecc, the transferee is instructed to cancel their insurance as of their proration date. Aecc will insure the property through aecc's vender, relinco, from the transferee's proration date until the resale closing date.

Hud-1 / respa statement

this is the standard housing and urban development statement of closing. It lists detailed closing costs and adjustments. The document may also be referred to as a respa statement.

Hud-1 closing statement

this is the closing statement between aecc and the resale purchaser. It must be faxed to aecc for approval before the resale closing can proceed. It is executed by the resale purchaser and aecc's designated closing agent.

Individualized educational program (iep)

a written education service plan statement for a child with special educational needs developed by the case study committee and implemented according to public law.

In-house program

this is a corporate client who does not use a marketing company. They have employees on staff who assist the transferee in the marketing of the property. They also order appraisals and issue the guaranteed purchase offer directly to the transferee. In-house programs use aecc to calculate transferee equity, obtain documents necessary to transfer title, and facilitate the resale closing with the resale purchaser. Aecc is not named as the buyer or seller on any documents.

Initial deposit invoice

when aecc makes a guaranteed purchase offer to the transferee or a property is sold under the buyer value option, aecc will send an invoice to the corporate client. This amount is usually 9% of the offer amount, although it can vary from corporate client to corporate client. Aecc uses this advance of funds to pay all property related expenses. After the property is resold and closed, aecc will send the corporate client a final invoice. All direct costs and service company fees will be listed on the property sold report. The initial deposit invoice amount will be credited against the items on the property sold report.

Inspections

when aecc makes a guaranteed purchase offer to the transferee, inspections will be ordered on the property by either aecc or the marketing assistance company. Typically, a general home, radon and wood destroying insect's inspections are ordered.

Interdisciplinary

team intervention or collaboration on behalf of a specific client which involves different professions or disciplines.

Interest in arrears

when a transferee has a mortgage, interest is charged on the principal balance by the lender. A portion of the monthly mortgage payment goes towards interest. When the mortgage payment is made, the interest portion of the payment pays the interest for the prior month. This is called "interest in arrears".

Interest payment of mortgage

this is the portion of the monthly mortgage payment that is applied to interest owed on the unpaid principal balance.

Interservice support agreement (issa)

a memorandum of understanding with other uniformed services agencies.

Intrafamilial

in child maltreatment cases, the offender is a parent, or has a blood or kinship relationship to the victim. In spouse maltreatment cases, the victim is married to the offender. This includes a marriage to an individual who is under 18 years of age.

Inventory

the detailed descriptive list of your household goods showing the number and condition of each item.

Inventory property

when aecc makes a guaranteed purchase offer to the transferee and the transferee accepts the offer without an amended value sale, aecc then becomes the owner of the property. This is also called a regular sale. Since the property has not been resold, it is considered to be in aecc's "inventory". Aecc is responsible for paying all carrying costs on behalf of the corporate client.

Land contract

a contract given to a purchaser of real estate who pays a small portion of the purchase price when the contract is signed, but agrees to pay additional sums, usually monthly until the purchase price in the contract is paid. The seller gives a deed to the buyer when all monies owed to the seller by the buyer have been paid.

Lead-paint disclosure statement

if a property was built prior to 1978, there is a chance that lead paint may be present on the property. It has been determined that lead paint can be hazardous to the health of young children. Therefore, this form asks the transferee if they have any knowledge of the presence of lead paint. This form must given to any prospective purchaser of the property.

Lender

this is the institution that has made a loan or given a mortgage to the transferee. There can be more than one mortgage on a property, including a home equity loan.

Listing agreement

this is a contract between aecc or the transferee and the broker. The listing agreement states the asking price for the property and the amount of commission to be paid the broker upon the closing of the property.

Listing waiver

this document must be signed by the transferee and the transferee's listing broker. It states that if the transferee signs a contract of sale with aecc, the listing agreement between the transferee and the broker becomes null and void and there is no obligation to pay a commission. Aecc, as owner of the property, will then enter into a listing agreement with the broker agreeing to pay the commission.

Listing

written agreement between a property owner and real estate broker that authorizes the broker to find a buyer or a tenant for the owner's real estate.

Loan origination fee / discount points

a charge of prepaid interest by the lender typically based on a percentage of the loan. Points and loan origination fees are typically deductible on schedule a of the federal tax return.

Long carry

an added charge for carrying articles excessive distances between the mover's vehicle and your residence.

Loss on sale

this is a direct cost to the corporate client. It is the difference between the guaranteed purchase offer amount and the resale amount. In the event that the property is sold for more than the guaranteed purchase offer amount, the gain on sale will be credited to the corporate client.

Maintenance

maintenance of the property is considered a recurring carrying cost. It includes all monthly utilities, lawn care, snow removal, etc.

Marketing company

this is a relocation service company who partners with aecc. It is their responsibility to assist the transferee with the selection of a broker, list price, and the negotiation of the sale. The marketing company also facilitates the ordering of appraisals and property inspections, if required, either directly or through an independent appraisal management company.

Marketing only

this occurs when the corporate client does not provide a guaranteed purchase offer. The transferee cannot sell the property to aecc until an acceptable resale offer is received. See buyer value option.

Monthly bill reimbursement form

this form is sent to the listing broker for a regular or amended value sale. The corporate client will pay for utilities, maintenance and repairs from the transferee's acceptance date until the resale closing date. The broker is instructed to put the utilities in the broker's company's name. The broker pays these expenses and aecc reimburses the broker when this form is submitted to aecc along with copies of all bills.

Mortgage information letter

this form requests information such as the outstanding principal balance, interest rate, payment amount, and escrow balance and is used when calculating the transferee's equity. It is sent to the transferee for signature. The transferee then forwards this form to the lender. The lender completes the form and forwards it to aecc.

Mortgage

this is a legal document pledging the property for the performance of a repayment of a loan under certain terms and conditions.

Multidisciplinary

composed or made up from several specialized branches of learning, or disciplines, for the purpose of achieving a common goal.

Needs assessment

the process of identifying and evaluating persons, groups, and communities to determine their needs. This may include, but is not limited to, surveys, questionnaires, and interviews of relevant individuals, groups, helping agency experts, commanders, military members in particular geographic areas or military ranks, and military members on special assignment.

Negative equity

this is the term used when charges are greater than the credits on the equity closing statement. In effect, the transferee must pay aecc the negative equity amount in order for aecc to purchase the property.

Negative escrow account

this is the term used when the transferee's lender has paid out more dollars for real estate taxes or insurance premiums than exist in the account. This amount is added to the mortgage payoff amount. Alternatively, the lender may increase the escrow portion of the monthly mortgage payment to cover this deficit.

New parent support program (npsp)

a home-based family maltreatment prevention program for families at risk with infants and toddlers managed by the assigned family advocacy nurse. (see standard p-10).

Non appropriated funds (naf)

nafs are government funds but are separate and apart from funds that are recorded in the books of the us treasury. They are not appropriated by the congress. Nafs come primarily from the sale of goods and services to department of defense military and civilian personnel and their families.

Non-resident affidavit

this is a form required to be filled out by the transferee and spouse. It requests their social security numbers and that they are not resident aliens. Aecc will issue a form 1099 to the transferee and the government. The government uses the 1099 to track capital gains on the purchase and resale of properties.

Notarize

certain documents must be signed and notarized by a notary public. The notary is stating that person who signed the document is in fact the person named in the document. The notary must affix their seal and the date that their notary expires.

Outreach prevention log (opl)

centralized tool used by the fap prevention team to document primary and secondary prevention activities, community organization initiatives, prevention-focused task forces, working groups, team meetings, and annual training.

outreach

to extend outward; to develop formal and informal networks that facilitate community cohesion and services. Includes neighborhood-based activities to bring services and information to people in their homes, at work and other usual environments.

Outside purchaser

see resale purchaser.

Pay-off statement

this statement is issued by a lender when the loan is going to be paid off. It is normally done at the resale closing. The statement details the amount of the pay-off along with a per diem interest amount if the pay-off is not received by the date stated.

Personal property

these are items that are not affixed to the real estate that may be sold along with property. Examples are drapes, unattached microwave oven, washer, dryer, etc. It is important that these items be listed on the aecc contract of sale as well as the vacancy inspection report.

Possession period

when aecc makes a guaranteed purchase offer to the transferee and the transferee accepts the aecc offer, corporate client policy dictates how long the transferee may remain in the property after the acceptance date. A typical possession period is 60 days.

Prepayment of purchase price (i.e. equity advance)

prior to acceptance of the guaranteed purchase offer, the transferee may request funds for use as earnest money (i.e. a down payment paid by buyer) or for other reasons with regard to the purchase of a property in the new location. This form must be completed and sent to aecc with a copy of the contract to purchase a new property. Aecc should have all disclosure statements, completed inspection reports, as well as a clear title report on the prior home before any funds are released to the transferee.

Prepayment penalty

there are clauses in some mortgages stating if the loan is paid off early, the lender can charge a prepayment penalty. These penalties may or may not be paid for by the corporate client.

prevention activity folder

the prevention activity folder is not a medical record and is maintained iaw standard p-13. Mechanism used to document secondary prevention services that require bio-psycho-social assessments and intervention plans tailored to the need of an at-risk family.

Prevention services action plan (psap)

a "blueprint" for a prevention activity which includes implementation procedures, goals and objectives, outlines, resources required, key contacts, and evaluation.

Principal balance

this is the amount of mortgage that remains to be paid off. This balance is not a pay-off amount since you have unpaid interest through the date the pay-off check is received by the lender.

Principal payment of mortgage

this is the amount of the monthly mortgage payment that reduces the unpaid principal balance. The principal portion of the mortgage payment increases while the interest payment decreases after each mortgage payment.

Private mortgage insurance (pmi)

pmi loans with minimal down payments (less than 20%) require private mortgage insurance by the lender. The insurance covers the lender's risk in making the loan and covers the amount usually equal to the low down payment and the normal down payment and twenty percent. The pmi is paid by the transferee and is part of the monthly mortgage payment and is applied to the escrow account. The lender pays the insurance annually.

Proceeds of sale

this term refers to the amount of money due and payable to aecc after the resale closing with the resale purchaser. It is the last line on the hud-1 settlement statement. It reflects the resale price less the mortgage pay-off(s), prorations, broker commission, title expenses and/or attorney fees, recording fees, transfer taxes, etc.

Property sold report

this report accompanies aecc's final invoice to the corporate client. It details all property related expenses by category. The expenses are summarized by loss on sale, acquisition costs, carrying costs, selling costs, and service company fees.

Proration date

this is the date used in the calculation of the transferee's equity. In the guaranteed purchase offer option, it is the date the transferee accepts aecc's offer, vacates the property, or sends the negative equity amount to aecc, whichever is later. Items that are prorated are real estate taxes, mortgage interest, and association dues. In the buyer value option the proration is the same as the resale closing date with the resale purchaser.

Protective factors

elements that promote positive behavior, health, well-being and system success. Protective factors include positive social orientation, resilient temperament, positive community norms and laws, and the psychological sense of connection to one's community.

Psycho-educational

programs and services, which involve both psychological and social skills information, delivered in a didactic or tutoring format.

Psychosocial

attending to both psychological and social dimensions when assessing or intervening with a client

Purchase agreement

when the buyer agrees to purchase property for a set price and the seller agrees to convey title by way of deed or lease assignment. This is also known as an earnest-money agreement or sales contract.

qm

quartermaster

quality management (qm)

a generic term that refers to establishing, and enhancing quality of services and the processes used to provide them. May be referred to as cqi, qi, tqm. A process of monitoring and collecting data to improve program management. Qm includes quality assurance (qa), continuous quality improvement (cqi or qi), and total quality management (tqm).

Radon inspection

when aecc makes a guaranteed purchase offer to the transferee, a radon inspection is typically ordered. Radon is an odorless, colorless gas that enters a property through the foundation cracks, sump pump hole etc. And can be hazardous to a family's health if they are exposed over an extended period of time. All doors and windows to the property must be sealed at least 24 to 48 hours prior to the test. If the radon level exceeds 4.0 pico curies per liter, it is an unacceptable amount according to the environmental protection agency. The transferee is then required to "mitigate" or decrease the level by sealing cracks or installing a system to circulate air to bring the amount of radon to an acceptable level.

Reasonable suspicion

available information is sufficient to cause an objective individual to believe that maltreatment may have occurred by acts of commission or omission.

Recantation

the victim of maltreatment (or any person professing to have observed the maltreatment) retracts or disavows his or her previous statement on the occurrence of the maltreatment.

Referral fee

when a marketing company refers a transferee to a broker and that broker lists the transferee's home for sale, the broker agrees to pay a portion of their commission, usually, 25% to 30%, to the marketing company for providing the broker with an opportunity to earn a commission. The brokers agree to pay the referral fee because they look to the marketing company as a continued source of business. Referral fees are also paid by brokers on inventory properties or when brokers assist the transferee in purchasing a property in the new location. Marketing companies use these referral fees as a source of income and may share a portion of the referral fees with the corporate client.

Referral log

a mechanism(s) to track and record data pertaining to referrals made to fap components (maltreatment, efmp, homes, and nursing).

Regular sale

this term refers to an inventory property. If aecc makes a guaranteed purchase offer to the transferee and the transferee is unsuccessful in obtaining a resale offer for more than the appraised value, and the transferee accepts aecc's offer, the transaction is considered a "regular sale".

Reimbursed expenses

when a corporate client reimburses a transferee for expenses involved with the sale of their property, the irs considers this reimbursement taxable income to the transferee. When the transferee sells their property to aecc, it is on a cash basis and there are no closing costs reimbursed to the transferee in connection with the sale. Therefore, there is no tax liability in connection with the sale. Aecc, as owner of the property, pays all expenses associated with the sale of the property and bills these expenses to the corporate client.

Related incident

an incident in an open case with the same sponsor and a different victim, offender, or both.

Relinco

relinco is the company that provides homeowner insurance on aecc inventory properties.

Re-opened case

a term no longer used to refer to any new allegation(s) occurring following case closure. These are now considered new incidents.

Resale contract

this is the document aecc signs with the resale purchaser agreeing to sell the property that aecc has acquired from the transferee.

Resale purchaser

this is the person or persons who buy the transferee's property from aecc.

Risk assessment

a clearly-defined process that uses interviews, observations, and evidence to develop an accurate, reliable, understanding (and written description) of whether or not the victim is safe and unlikely to be harmed by the offender(s) in the near future. The risk assessment cannot definitively predict behavior, but can reduce errors in judgment and may be studied over time to lend more accuracy to predictions. Risk assessment will identify strengths as well as problems and limitations.

Risk factors

elements that increase the likelihood of an event or problem. Community risk factors can include availability of drugs, availability of firearms, community disorganization or low neighborhood attachment.

Rtr (relocation tax report)

an informative report provided by aecc at year-end summarizing reimbursed relocation expenses. Prior to the 1998 tax year, this was formally known as form 4782. Form 4782 was a document the irs required employers provide to employees who received reimbursed relocation expenses. Although no longer required, aecc believes this is a very useful tool that provides the relocated employee with information they may need to complete irs form 3903 and file their personal tax return. Thus, aecc continues to provide the information in the form of a rtr.

Safetrans

safetrans is the company aecc most often uses to coordinate ordering a preliminary title search on the transferee's home. Safetrans will also select a closing agent who will coordinate aecc's management of the resale closing with the resale purchaser.

Second mortgage

this is a mortgage that is secondary to a first mortgage on the property. A home equity loan can also be considered as a second mortgage. Aecc normally pays off all second mortgages on inventory homes since the interest rate charged by the lender is a higher rate.

Seller's affidavit

this document must be signed by the transferee in the presence of a notary public. In the document the transferee attests that they have not done anything to affect the title to property, that they are not the subject of divorce or bankruptcy proceedings, etc.

Selling costs

these costs refer to costs associated with the sale of the property to the resale purchaser. They include broker commission, transfer taxes, recording fees, title insurance, or any other miscellaneous costs.

Shared service plan

a prevention plan developed jointly by the homes team and family to guide intervention(s).

special education services (ses)

educational requirements outside the normal scope of "mainstream" classes that are strictly educational and which include personnel with specialized training or certification.

Structural inspection

if the general home inspection reveals a concern with the structure of the property, the general home inspector may recommend that a further evaluation of the condition be completed by a structural engineer.

Substantiated

determination made by the fmcmt when a preponderance of information exists to support an allegation of family maltreatment.

Survey

a survey is basically a map of the property that outlines the size of the lot and where the structures are located on the lot.

Tariff

the mover's required, published price list of rules, regulations, rates and charges for the performance of interstate moving services.

Team

a group of people with a high degree of interdependence working toward the achievement of a shared/common goal. Different teams need different strategies to work effectively.

Teamwork

cooperative efforts by members of a group directed toward a common goal. Shared vision and mission, and clear roles and communication facilitate teamwork.

Termite inspection

see wood destroying insect inspection.

Title company

the title company is used by safetrans to provide a preliminary search for aecc in areas where attorneys are not used. The title company will also act as aecc's closing agent when the property has been sold to the resale purchaser. After closing, the title company will provide title insurance to the buyer and buyer's lender.

Title insurance

this insurance protects against financial loss resulting from claims arising out of defects in the title to real estate, which are existent but undisclosed at the time the policy is issued by the title company.

Title

in order for aecc to acquire and resell a transferee's property, the transferee must have clear and marketable title to the property. Usually, a transferee takes title to the property with their full legal names. Aecc orders a preliminary title search to make sure the title is vested in the transferee's name. Title is transferred from seller to buyer by a deed.

Transfer declaration

this is a document used by some states when a fee is charged when a deed is recorded. The document states the amount of transfer taxes to be charged and is usually signed by the seller and the buyer.

Transfer taxes

this is an amount charged by states, counties or municipalities based on the selling amount of the property. It is normally based upon the sales price of the property.

Transferee evaluation

this form is sent to the transferee with the transferee equity package. It asks questions about efficiency and the professionalism of aecc's service.

Transferee

this is the individual who is being transferred by aecc's corporate client.

Utilities

these are carrying costs paid by aecc and charged to corporate the client from the transferee's proration date to the date of closing with the resale purchaser. These costs include electricity, gas, etc.

Va loan (veterans administration)

this is a mortgage program developed by the federal government for individuals who have served in the u.s. armed forces. It allows veterans to obtain a mortgage with a minimal down payment. Mortgage insurance is required because of the low down payment to the risk.

Vacancy inspection form

this is a form sent by aecc to the real estate broker. When a transferee vacates a property, the broker is required to complete this form to advise aecc of the condition of the property.

Valuation

the degree of "worth" of the shipment. The valuation charge compensates the mover for assuming a greater degree of liability than that provided for in the base transportation charges.

Valuation & marketing

this program type provides the transferee with a guaranteed purchase offer. The transferee lists the property for sale and receives an offer from aecc based upon the average of appraisals. The transferee normally has 60 days to accept the guaranteed purchase offer. Property inspections are normally ordered under this program type. If the home is sold to a resale purchaser for more than the guaranteed purchase offer, it would be normally handled as an amended value sale.

Warehouse handling

an additional charge applicable each time sit service is provided. This charge compensates the mover for the physical placement and removal of items within the warehouse.

Well and septic inspection

if the home has a well and septic system (i.e. no city water and sewer), these items must be inspected to see if they are working properly. These inspections are normally ordered by aecc through ral or the marketing assistance company through their inspection vender.

Wire transfer

in lieu of sending an equity check to the transferee or negative proceeds check to the title company, aecc's bank can transfer funds electronically. These funds are immediately available and are as good as cash.

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