| ABSTRACT | The notes made by a title examiner based on his examination of the land records. These notes are a concise summary of the transactions affecting the property. The title agency produces a BINDER from the information in the abstract. |
| ABSTRACT OF TITLE | A condensed history or summary of all transactions affecting a particular tract of land. |
| ACCESS | The right to enter and leave a tract of land from a public way. "Oftentimes the right to enter and leave over the lands of another."“ |
| ACCRETION | The slow build up of lands by natural forces such as wind, wave or water. |
| ACKNOWLEDGEMENT | The act by which a party executing a legal document goes before an authorized officer or notary public and declares the same to be his voluntary act and deed. |
| ACRE | A tract of land 208.71 feet square and containing 43,560 square feet of land. |
| ADJUSTABLE-RATE MORTGAGE (A.R.M) | A mortgage whose interest rate changes over time based on an index and a margin. Rate changes are made at prescribed times and within prescribed limits as defined in the mortgage agreement. |
| ADMINISTRATOR | A person appointed by a probate court to settle the affairs of an individual dying without a will. The term is administratrix if such a person is a woman. |
| ADVERSE POSSESSION | A claim made against the lands of another by virtue of open and notorious possession of said lands by the claimant. |
| AFFIDAVIT | A sworn statement in writing. |
| AGENCY | A legal relationship between two or more persons whereby one person(the agent) is authorized to act on behalf of the other(s). |
| AGENT | Generally, someone who acts on behalf of another for a fee. In real estate, the term refers to a person with a real estate license who works under the authority of a real estate broker. |
| AIR RIGHTS | The right to ownership of everything above the physical surface of the land. |
| ALTA | American Land Title Association, a national association of title insurance companies, abstracters and attorneys specializing in real property law which speaks for the title insurance and abstracting industry, with headquarters in Washington, D.C. |
| AMORTIZATIONG | radual debt reduction. Normally, the reduction is made according to a predetermined schedule for installment payments. |
| ANNUAL PERCENTAGE RATE | A term used in the Truth-in-Lending Act to represent the full cost of a loan including interest and loan fees. |
| ANNUITY | Ther return from an investment of capital, with interest, in a series of regular payments. An entity that lends money collects an annutiy from the borrower, while the borrower is amortizing the loan. |
| APPRAISAL | A formal, written estimation of the current market value of a property. |
| APPRECIATION | An increase in value, the opposite of depreciation. |
| APPROVED ATTORNEY | An attorney authorized by a title insurance company to handle closings and render title opinions. |
| APPURTENANCE | Anything attached to the land or used with it passing to the new owner. |
| ASSESSED VALUE | The value that a taxing authority places upon personal property for the purposes of taxation. |
| ASSESSMENT | Tax or charge levied against a property by the government, typically to pay for local improvement, e.g. sidewalks, curbs, sewers, etc. |
| ASSESSOR | A public official who evaluates property for the purpose of taxation. |
| ASSIGNEE | One to whom a transfer of interest is made. For example, the assignee of a mortgage or contract. |
| ASSIGNMENT CLAUSE | A sales contract with an assignment clause allows the buyer to transfer the interest in the property(e.g. the right to buy it at the given rates and terms) to another party |
| ASSIGNOR | One who makes an assignment. For example, the assignor of a mortgage or contract. |
| ASSUMABLE MORTGAGE | A mortgage, which by its terms, allows a new owner to take over its obligations. |
| ASSUMABLE MORTGAGE | A mortgage that can be taken over ("assumed") by a buyer when a home is sold. This type can either be a qualified or a non-qualified assumption. |
| ASSUMED MORTGAGE | A loan in which the buyer assumes the obligations of an already existing mortgage on a property. |
| ASSUMPTION | Taking over a loan and becoming personally liable for the repayment. |
| ATTACHMENT | Seizure of property through Court process to repay a debt. |
| ATTORNEY IN FACT | One who holds a power of attorney from another allowing him to execute legal documents such as deeds, mortgages, etc. on behalf of the grantor of the power. |
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