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Abandonment

          The relinquishment of all rights and title to a property with no intention of reclaiming ownership.

Abstract

          A disclosure statement to initial condominium purchases.

Abstract of Title

          A condensed history or digest of the title to a parcel of land consisting of a summary of every                       recorded instrument, together with a statement of all liens, charges or encumbrances affecting title to t           that land.

Abutting Owner

          An owner whose land touches a highway or other public place.

Acceleration clause

         A clause in your mortgage, which allows the lender to demand payment of the outstanding loan                      balance for various reasons. The most common reasons for accelerating a loan are if the borrower                defaults on the loan or transfers title to another individual without informing the lender.      

Access Right

          The right of a property owner to have ingress and egress to and from their property.

Accession

          Acquisition of property by its joining or union with other property.

Accretion

          Gradual additions to land by deposits of sand or soil by bordering waters through natural causes.

Acknowledgement

          A formal declaration made before a notary public or other authorized person, by a person who has                 executed an instrument, that such execution is their free act and deed.

Acre

          A measure of land equal to 160 square rods, 4840 square yards, or 43560 square feet.

Accrued Depreciation

          In appraisal, any loss of utility that causes the actual value of a property to be less than the                         reproduction cost new.

Actual Authority

          Such authority that a principal intentionally gives his agent.

Adjoining Owner

          One whose property is contiguous; to be next to.

Adjustable-rate mortgage (ARM)

          A mortgage in which the interest changes periodically, according to corresponding fluctuations in an               index. All ARMs are tied to indexes.

Adjustment date

          The date the interest rate changes on an adjustable-rate mortgage (ARM).

Administrator

          A person appointed by the court to administer the estate of a deceased person who died intestate, or             left no will’ a personal representative.

Ad Valorem

          Tax according to valuation.

Adverse Possession

          The means of acquiring title to land against the real owner, where   possession has been actual, open,           hostile, exclusive, continuous, and under claim of right for the statutory period of 20 years.

Affidavit

          A statement reduced to writing and sworn to before a notary public or some other authorized officer.

Affirm

          To confirm or to ratify.

Agency

          The legal relationship resulting from an agreement that the agent if authorized by a principal to perform           certain acts on behalf of the principal in dealing with a third party.

Agreement of Sale

          A written agreement in which the buyer agrees to buy certain realty and the seller agrees to sell upon             terms and conditions set forth therein.  Title remains with the seller until terms and conditions are                 fulfilled; buyer has equitable title; there are two closings.

Air Rights

          The rights vested by a grant of an estate in real property to all or any portion of the space above the             property.

Alienation

          The transferring of real property from one person to another.

Allegation

          The assertion or declaration of a party setting out what they expect to prove.

Alluvion

          That increase of soil on a shore or bank or a river as the result of accretion.

American Land Title Association (ALTA)

          An extended coverage title insurance policy usually protecting the mortgagee against loss due to                   errors in the public records.

Amortization

         The loan payment consists of a portion, which will be applied to pay the accruing interest on a loan,              with the remainder being applied to the principal. Over time, the interest portion decreases as the loan            balance decreases, and the amount applied to principal increases so that the loan is paid off                        (amortized) in the specified time.

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.

Anchor Tenant

          Major tenant in a shopping center that serves as a magnet to attract customer to the center.

Annexation

          The act of attaching, adding, joining, or uniting one thing to another

Annual percentage rate (APR)

          This is not the note rate on your loan. It is a value created according to a government formula                       intended to reflect the true annual cost of borrowing, expressed as a percentage. It works sort of like             this, but not exactly, so only use this as a guideline: deduct the closing costs from your loan amount,           then using your actual loan payment, calculate what the interest rate would be on this amount instead           of your actual loan amount. You will come up with a number close to the APR. Because you are using           the same payment on a smaller amount, the APR is always higher than the actual not rate on your                 loan.

Annuity

          A sum of money that constitutes one of a series of periodic payments.

Anti-Trust Laws

          Federal and state laws prohibiting conduct which interferes with business competition, such as price             fixing, group boycotts and tying agreements.

Application

          The form used to apply for a mortgage loan, containing information about a borrower's income,                       savings, assets, debts, and more.

Appraisal

          A written justification of the price paid for a property, primarily based on an analysis of comparable                 sales of similar homes nearby.

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

           An individual qualified by education, training, and experience to estimate the value of real property                and personal property. Although some appraisers work directly for mortgage lenders, most are                      independent.

Appreciation

           The increase in the value of a property due to changes in market conditions, inflation, or other                      causes.

Appurtenance

          That which has been added to a property, which becomes an inherent part of the property, and will                 pass with it when conveyed; includes improvements.

As Is

          A phrase indicating the property is sold in its present conditions with no warranties.

Assemblage

          Putting together two or more lots to form a large parcel.  To be distinguished from plottage, which is               the resulting value.

Assessed value

          The valuation placed on property by a public tax assessor for purposes of taxation.

Assessment

          The placing of a value on property for the purpose of taxation.

Assessor

           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.

Assignee

          The person to whom and agreement or contract is transferred.

Assignor

          A party who assigns or transfers an agreement or contract to another.

Assignment

          When ownership of your mortgage is transferred from one company or individual to another, it is called           an assignment.

Assumable mortgage

           A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must                    "qualify" in order to assume the loan.

Assumption of Mortgage

          Taking of title to property by assuming liability for payment of an existing note secured by a mortgage.

Attachment

          The act of taking realty by judicial order and placing it within the custody of the court.

Attestation

          The act of witnessing in writing another’s execution of an instrument; to affirm to be true or genuine.

Attorney in Fact

          One who is authorized to perform certain acts for another under a power of attorney.

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Phone: (808) 965-9903
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