Abandonment
The voluntary surrender of property (or a right to property) without attempting to reclaim it or give it away. |
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Absentee Owner
The owner of a property who does not live on a portion of that same property. |
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Acceleration Clause
A portion of a lending document, which outlines the conditions, if occurring, wherein the lender may demand full payment of the loan. Generally these clauses are invoked if the borrower is endangering the property, which is the security for the lender. |
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Acceptance
The consent to the terms of an offer or counter-offer (thereby creating a contract). |
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Acquisition
The act of acquiring ownership or title of something. |
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Acre
Land measurement equaling 43,560 square feet. |
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Addendum
An adjustment to a contract, which changes a described section of the original. This must be agreed upon by all parties to have effect. |
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Adjustable Rate Loan
A mortgage loan with an interest rate, which is adjusted at periodic intervals to more closely match market interest rates. |
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Adverse Possession
A way of gaining title by possession. While conditions and length of time may vary by state, they generally include the following: the possession must actually occur, it must be continuous, and exclusive. |
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Affidavit
A formal written declaration made under oath; a written statement sworn to be true before someone legally authorized to administer an oath. |
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Agency
A relationship in which the agent represents and acts on the behalf of the principal. Agency is usually created by a written contract, e.g. a listing agreement. |
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Alienation
A transfer of ownership from one person to another. |
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Amenities
Features that increase the attractiveness or value of a property or home. |
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Annual Percentage Rate (APR)
Federal Truth in Lending requires that the APR be disclosed in real estate lending. The APR shows the actual interest paid. |
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Application
A completed form or document of a request made. |
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Appraisal
An opinion, made by a professional, that determines the value of the property based on factors (e.g. size, amenities, location) that can be compared to other similar properties. |
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Appreciation
An increase in value, especially over time, of a property. |
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Arbitration Clause
A clause in a contract in which the parties agree to settle disputes before a disinterested third party (arbiter) rather than taking the situation to a court of law. These clauses usually state that the parties will abide by the decision of the arbiter. |
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As Is
Statement that describes that the seller offers the property its present condition, with no modifications or improvement. |
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Asking Price
The price at which a property is offered advertised for sale. The seller may be flexible. |
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Assessed Value
For the purpose of collecting property taxes, the assessor places a value on the property. This will usually change at the time of the sales and most often calculated on the new purchase price. |
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Assessor
A civil official (usually county) that is responsible for the collection of property taxes. |
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Asset
Something of value. |
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Assign
To transfer one's right to or interest in a property. |
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Assignee
The party to whom something is assigned. Someone to whom a right or property is legally transferred. |
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Assignment
The instrument by which a claim, right, interest or property is transferred from one party to another. |
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Assignor
The party who makes an assignment. |
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Assumable Mortgage
A mortgage that allows for a buyer to "assume" all outstanding payments when a home is sold. Usually, the buyer must meet certain qualification standards to assume a loan. |
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