Glossary of terms used on this site
There are 149 entries in this glossary.A
| Term | Definition |
|---|---|
| Abstract of Title |
A condensed history of a title to real estate consisting of a summary of the various links in the chain of title, together with a statement of all liens, judgments, taxes or encumbrances affecting the property. |
| Access |
The right to enter and leave a tract of land from a public way. |
| 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 4,840 square yards, or 43,560 square feet. |
| Adjustable Rate Mortgage (ARM) |
A loan with an interest rate that changes periodically, to more closely coincide with current interest rates. The amounts and times of adjustment are agreed to at the inception of the loan. Typically, however, ARMs can increase two percentage points per year or six percentage points above the initial interest rate. |
| Adjustment Interval |
On an adjustable rate mortgage (ARM), the time between changes in the interest rate and/or monthly payment, typically one, three or five years, depending on the index. |
| Administrator |
A person appointed by a probate court to settle the affairs of an individual dying without a will. |
| 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. |
| Agent |
One who has authorization, either expressed or implied, to act for or represent another party, usually in business matters. For example, a title agent is authorized to issue title insurance policies on behalf of a particular title insurer (underwriter) for a portion of the title premium. |
| Agreement of Sale |
A written contract entered into between a seller (vendor) and buyer (vendee) for the sale/purchase of real property (land). It is known by various names such as contract of sale, sales agreement, contract of purchase, purchase agreement. |
| Air Rights |
The right to ownership of everything above the physical surface of the land. |
| American Land Title Association (ALTA) |
An organization composed of title insurance companies, title agents, and others involved in the title insurance industry, which sets standards for the industry, including title insurance policy forms used on a national basis. |
| Annual Percentage Rate (APR) |
The yearly interest rate of a loan, as expressed by the actual rate of interest paid. The APR is disclosed as a requirement of federal truth in lending statutes. |