|
0 - 9
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
|
| Term |
|
Description |
|
| Abstract of Title |
|
A summary of the conveyances, transfers, and any other facts relied on as evidence of title, together
with any other elements of record which may impair the title to real property. |
|
| Acceleration Clause |
|
A clause in a trust deed or mortgage giving the lender the right to call all sums owing him to
be immediately due and payable upon the happening of a certain stated event. (See also:
Call Option) |
|
| Accessibility |
|
The freedom or ability to obtain or make use of a way or means of access. |
|
| Acceptance |
|
A thing done or given in recognition of something received. In real estate, this is the action of the
seller after a prospective buyer makes an offer on the property. |
|
| Acknowledgement |
|
A declaration or avowal of one's act or of a fact to give it legal validity. |
|
| Ad Valorem |
|
"According to value." A method of imposing a tax on the ownership of real property. |
|
| Adjustable Rate Mortgage
(ARM) |
|
With an ARM, the interest rate changes periodically, usually in relation to an index, and payments
may go up or down accordingly. (See also: Fixed Rate Mortgage) |
|
| Adjustment Date |
|
The date the interest rate changes on an adjustable-rate mortgage |
|
| Administrative Law Judges,
Office of |
|
The mission of the Office of Administrative Law Judges is to provide due process through timely
and fair dispositions of all matters brought before us. We are dedicated to achieving this goal,
whether presiding over on-the-record hearings, motion practice, or participating as settlement judges.
The judges are appointed pursuant to the Administrative Procedure Act (5 USC 551), and are,
therefore, independent of agency influence in their proceedings and decisions. |
|
| Adverse Possession |
|
The open and notorious possession and occupancy under an evident claim or right, in denial
or opposition to the title of another claimant. |
|
| Affidavit |
|
A sworn statement in writing made especially under oath or on affirmation before an
authorized magistrate or officer. |
|
| Affirmation |
|
A solemn declaration made under the penalties of perjury by a person who conscientiously
declines taking an oath. |
|
| Agency |
|
The relationship between an agent and principal. One who represents another from whom he
has derived authority. |
|
| Agent, Real Estate |
|
An individual who works for a real estate broker and acts as the broker’s salesperson to
conduct business. A real estate agent helps buy and sell property and in exchange is given a
commission from the sale. A real estate agent has a fiduciary responsibility to act in the buyer
or seller’s best interest depending upon the arrangement. |
|
| Agreement of Sale |
|
A written contract between seller and buyer in which they reach a meeting of minds on the terms
and conditions of the sale. (See also: Land Contract,
Conditional Sales Contract) |
|
| All-inclusive Mortgage or All-inclusive Trust Deed |
|
A mortgage which is subordinate to, but yet includes the encumbrance or encumbrances to
which it is subordinated. (Also called the Wrap-Around mortgage
or all inclusive trust deed.) |
|
| Amortization Schedule |
|
A table which shows how much of each payment will be applied toward principal and how much
toward interest over the life of the loan. It also shows the gradual decrease of the loan balance until
it reaches zero |
|
| Amortize |
|
The process of paying a loan off using equal sized payments. |
|
| Annual Percentage Rate (APR) |
|
This is a value created according to a government formula intended to reflect the true annual cost
of borrowing, expressed as a percentage. |
|
| Application |
|
A form used in making a request. In real estate, it is the form used to apply for a mortgage
loan, containing information about a borrower’s income, savings, assets, debts, and more. |
|
|
Appraisal |
|
A valuation of property by the estimate of an authorized person. (See
also: Home Inspections) |
|
| Appraisal and
Property Condition Assessment |
|
An estimate of value of property resulting from an analysis of information about the property. An
opinion of value. The appraisal and property condition assessment is used to determine the market
value and acceptability of the property for mortgage insurance purposes. |
|
| Appraised Value |
|
An opinion of a property's fair market value, based on an appraiser's knowledge, experience,
and analysis of the property. Since an appraisal is based primarily on comparable sales, and the
most recent sale is the one on the property in question, the appraisal usually comes out at the
purchase price |
|
|
Appraiser |
|
One who gives an expert judgment of the value or merit of.
|
|
| Appreciation |
|
The increase in the value of a property. |
|
| Appurtenance |
|
An incidental right (as a right-of-way) attached to a principal property right and passing in
possession with it. |
|
| Assemblage |
|
Putting together two or more properties to form a larger parcel. |
|
| Assessed Value |
|
A value placed upon property by the tax assessor. |
|
| Assessment |
|
The valuation of property for the purpose of levying a tax, or the amount of the tax levied. |
|
| Assesor |
|
A public official who establishes the value of a property for taxation purposes. |
|
| Asset |
|
Items of value owned by an individual. Assets that can be quickly converted into cash are
considered "liquid assets". These include bank accounts, stocks, bonds, mutual funds,
and so on. Other assets include real estate, personal property, and debts owed to an individual
by others |
|
| Assignment |
|
A transfer or making over to another of the whole of any property, real or personal, or of any estate or
right therein. To assign - to transfer or make over to another. |
|
| Assumption of Mortgage |
|
When a grantee takes a title to real property and the deed contains an assumption agreement,
or a garantee that executes a separate assumption agreement, the grantee becomes the principal
guarantor for unpaid portions of the note and is primarily liable for the amount of any
deficiency judgment. (See also: Subject to Mortgage) |
|
| Assumable Loan |
|
Another individual or entity can acquire the mortgage either with or without qualifying, depending
upon the type of loan. Most assumable loans now require the new buyer to qualify. Assumable loans
include FHA, VA and owner-financed notes. |
|
| Attachment |
|
Seizure of property by court order, usually done to have it available in event a judgment is obtained
in a pending suit. |
|
| Attorney-in-Fact |
|
One who is authorized to perform certain acts for another under a Power of Attorney; may be
limited to a specific act or acts, or be general. |
|
|
|
|
| [Return to top of page]
[Return to Definitions] |
