Abstract of Title - Search and Summary of the public records relating to the title to a particular piece of land. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects which must be cleared before a buyer can purchase clear, marketable, and insurable title.
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Acceleration Clause - Special condition in a mortgage that may require the balance of the loan to become due immediately, if regular mortgage payments are not made or for breach of other conditions of the mortgage.
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Acknowledgement - A declaration or a vow of one’s act or of a fact to make it legal, especially before a qualified public officer. The term "notary acknowledgment" denotes the notary section of legal documents.
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Adjustable rate mortgage (ARM) - A loan in which the interest rate is adjusted periodically based upon a pre-selected index.
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Adjustment Interval - Time period between changes in the interest rate and/or monthly payment, typically one, three or five years depending upon the index of an ARM.
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Adverse Possession - The legal possession, by one person, of land belonging to another in a manner which is adverse to the interest of the owner. In most states, by operation of law, title to the land becomes vested in such person after a fixed number of years if the owner fails to assert his or her rights.
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Affidavit - A written statement of the facts to a matter made under oath before a notary public or other judicial officer.
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Agreement of Sale - Also known as contract of purchase, purchase agreement, or sales agreement. The terms in which a seller agrees to sell and a buyer agrees to buy signed by both parties.
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ALTA (American Land Title Association) - The trade association of the title insurance industry, which has adopted certain insurance policy forms to standardize coverage on a national basis.
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Amenity - A perk or aspect of a property that increases or enhances its value. A private pool within a residential development community is an amenity.
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Amortization - Means loan payment by equal periodic payment, calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance.
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Annual percentage rate (APR) - APR is a measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate, it provides consumers with a good basis for comparing the cost of loans.
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Appraisal - An estimate of the value of property, made by a qualified professional called an "appraiser".
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Appurtenance - A right or privilege to use someone else’s land for a specific reason that typically crosses property adjacent to the user, such as a right of way to a highway.
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Assessment - A local tax levied against a property for a specific purpose such as a street pavement
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Assignment - (1)The act of transferring an interest, such as a loan secured by a mortgage, from one person to
another. (2) The instrument or paper by which one person transfers such ownership to another.
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Assumption of Mortgage - An agreement by deed or other form, through which a buyer takes over the obligation of an existing mortgage of another person, usually the prior owner. The seller remains secondarily liable unless released by the lender from this obligation.
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Attorney's Opinion - A written statement by an attorney as to the validity of a title, arrived at after investigation of the history of the title as recorded in the public records. Note: This Statement of Title is not insured — see title insurance below.
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Attorney-in-Fact - A person who, acting as agent, is given written authorization by another person to transact business for him or her out of court, also known as Power of Attorney. (not to be confused with attorney at law (lawyer).
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