Welcome > Resources > Real Estate Dictionary - A

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

A

Abstract of title	A condensed history or summary of all transactions affecting a particular parcel of real estate, including the original grant, all conveyances and encumbrances affecting the property, and the abstractor's certification of the history's accuracy
Acceleration clause	A clause in a mortgage that gives the lender the right to require payment of the entire principal balance if the borrower defaults on an installment payment or other covenant
Acceptance	An offeree's consent to enter into, and be bound by the terms of, a contract
Access	The right to enter and exit a parcel of land from a public way, including the right to enter and exit via land belonging to others
Acknowledgment	The confirmation by which a party executing a legal document confirms his signature and voluntary agreement with the terms of the document, made before an authorized officer of the Court or notary public
Acre	43,560 square feet of land
Adjustable-rate mortgage (ARM)	A mortgage with interest rates that may fluctuate based on market conditions; the lender is permitted to adjust the mortgage's interest rate periodically, though most ARM's are limited in the amount that the interest rates can vary
Adjusted basis	The total of the original cost of a property and the value of any capital expenditures for improvements done to it, minus any depreciation taken
Adjustment date	The date on which the interest rate changes for an adjustable-rate mortgage (ARM)
Adjustment period	The period of time between the adjustment dates for an adjustable-rate mortgage (ARM)
Administrator	A person appointed by a probate court to administer the estate of an individual who has died without a will
Adverse Possession	A claim made against the land titled to another person, by virtue of open and hostile possession and use of the land to the exclusion of the titled owner
Affidavit of title	A sworn statement that is made in writing under oath by a seller of real property, and certified by a notary public, in which the seller identifies himself or herself, indicates marital status, certifies that no defects have occurred in the title since the examination of the title on the date of the contract, and confirms that he or she is in possession of the property (if applicable)
Agency	The relationship between two or more persons wherein the agent is authorized to act on behalf of another person (or principal) in certain transactions
Agent	A person or company that acts on behalf of another to transact business, generally in exchange for payment. In real estate, it is a person or company with a real estate license working under the authority of a real estate broker
Alienation	The act of transferring property to another, either voluntarily (via a sale), or involuntarily (via adverse possession)
Alienation clause	The clause in a mortgage or deed of trust which asserts the lender's option to require that the balance of the secured debt becomes immediately due and payable if the property is sold by the borrower, preventing the borrower from assigning the debt without the lender's approval
ALTA	American Land Title Association, the national association of title insurance companies, abstractors and attorneys specializing in real property law, headquartered in Washington, D.C.
Amenity	A natural or manmade feature of real property that enhances its value and attractiveness, though it is not essential to the property's use
Amortization	The process of payment of a debt or mortgage loan over time by installments
Amortization schedule	A timetable for repayment of a debt or mortgage loan, showing the amount of each payment, what portion is applied to interest and principal, and the remaining balance
Amortization term	The amount of time required to repay the mortgage loan, expressed in number of months
Amortize	To pay off a loan or mortgage with periodic payments that cover both principal and interest
Amortized loan	A loan in which both the principal and interest are payable in monthly or other periodic installments over the term of the loan, with no balloon payment prior to maturity
Annual mortgagor statement	An annual report sent to the borrower (mortgagor) each year, showing the amount paid in taxes and interest during the year, as well as the remaining mortgage loan balance
Annual percentage rate (APR)	The overall cost of a mortgage, including interest, mortgage insurance, and loan origination fee (points), stated as a yearly percentage, thus allowing buyers to compare different types of mortgages based on the associated annual finance charges; the APR must be disclosed to borrowers by lenders, per the Truth-in-Lending Act
Annuity	The return, including interest, from an investment of capital, paid in a series of regular payments
Appraisal	A written estimate of the value of an asset or property prepared by a qualified, independent party, through which the asset or property value is determined
Appraised value	The estimate of a property's fair market value, based on an appraiser's analysis of the property
Appraiser	An individual educated to estimate the value of real property and personal property
Appreciation	An increase in the worth of a property due to changes in economic conditions or other causes; the opposite of depreciation
Appurtenance	Anything attached to, or used with, a parcel of land that will go to the new owner on conveyance of the land
ARM	Adjustable-rate Mortgage. Also see "Variable Rate Mortgage"
Assessment	A tax, charge or levy against a property made by the government, based on its value, and levied for a specific purpose, such as to finance sidewalks, a sewer, etc.
Assessment rolls	The public record of taxable property
Assessor	A public official who evaluates the value of a property for taxation purposes
Asset	Anything of monetary value owned by an individual, including real property, personal property, and enforceable claims against others (bank accounts, stocks, mutual funds, etc.)
Assign	To transfer interest
Assignee	One who receives an assignment or transfer of rights
Assignor	One who makes an assignment or transfer of rights to another
Assumable mortgage	A mortgage that allows a new owner to take over its obligations
Assumption	The process of transferring the seller's existing mortgage and liability for payments to the buyer when purchasing a property, which usually saves the buyer money, since assuming a new mortgage incurs additional closing costs and possibly higher interest charges
Assumption clause	The provision in an assumable mortgage that allows a buyer to take responsibility for that mortgage from the seller
Attachment	Seizure of property through Court process to force payment of a debt
Attorney-in-fact	One who holds a power of attorney from another to execute legal documents on behalf of the grantor of the power

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

	About You
* Your Name:
* Your Email Address:
Your Street Address:
City:
State/Province:
Country:
Zip/Postal Code:
Phone:
	Additional Info
Ask Your Question Here!
Send Latest Listings:
Send Latest News:

*Please note that fields marked with an asterisk are required.

Quick Response Guarantee > Your Privacy Is Guaranteed > Free & Without Obligation >

Q  What trendy and highly unusual hotel must be totally rebuilt every year? A  Sweden's popular Ice Hotel, which has 60 double rooms, 25 suites and an interior temperature of 20 degrees, starts melting to the ground in May and is rebuilt every winter. See More Real Estate Trivia >

Roberta Plutzik Baldwin, Realtor Keller Williams NJ Metro Group Glenmont Square 15 Bloomfield Avenue Montclair, New Jersey Office: 973-783-7400 Cell: 973-420-9043 Fax: 973-842-0745 robertabaldwinteam@gmail.com Over the past 16 years, Roberta Baldwin has become one of Essex County, NJ's most respected real estate professionals, often quoted in the national media and featured for 2 seasons on the HGTV's hit show "Bought & Sold." A recipient of the New Jersey Association of Realtors Circle of Excellence Sales Award for 15 consecutive years, Roberta brings a myriad of talents to the job of helping her clients buy and sell homes. Before buying the franchise for the new, fast-growing Keller Williams Realty NJ Metro Group Market Center in 2010, Roberta was honored to be inducted into the RE/MAX International Hall of Fame after a string of accolades as one of the top-producing RE/MAX agents in the world. An award-winning former journalist, author, newspaper editor, marketing and publishing executive, her well-honed organizational, creative, and people skills are brought to bear on every deal she negotiates. Her flagship website, NJDreamHouses.com, is the anchor for the "What's New in Essex County Real Estate" newsletter she writes regularly for thousands of people interested in buying and selling in the North Jersey marketplace. Her super search site, www.FindBestNJHomes.com, is used by countless active NJ buyers and sellers. Roberta offers sellers a sophisticated mix of high technology marketing and sensitive interpretation their personal needs, while offering buyers she works with the expert advice and knowledge of local towns, schools and commutes. Her insightful blog, SuburbanDigs.typepad.com, simply said, tells it like it is! Considered an expert on pricing, buyer and and seller psychology and staging homes to maximize value, she is often interviewed by New York Times, NJ's Star Ledger, on ABC's "Nightline" and CBS's "Early Morning," as well as appearing frequently on MSNBC. In 2011, Roberta launched and is featured in a new docu-video series (YouTube.com/TheBaldwinTeam) supporting The Baldwin Dream Team listings. Roberta and her energetic and knowledgeable team of agents, The Baldwin Dream Team -- Nancy Chu, Sidney Simon, Nick Baldwin and Juliet Bowen -- are unmatched in their marketplace, stressing service and integtrity in every deal they do! Ask anybody! www.njdreamhouses.com is brought to you by Roberta Baldwin NUMBER1EXPERT™ in real estate for Montclair, Upper Montclair, Glen Ridge and West Orange, New Jersey Read Roberta Baldwin's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

NUMBER1EXPERT®
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.