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Dictionary
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Abandonment
The voluntary relinquishment of rights and title to a property or another interest (such as rights to an easement) by failure to use the property, coupled with intent to abandon and no intention of reclaiming ownership.
Abstract of Judgment
The summary or abstract of the essential provisions of a court judgment that creates a lien against a debtors’ property when filed with the county recorder’s office.
Acceleration Clause
A provision in a mortgage that allows the lender to require immediate payment of the entire remaining balance of a loan if a monthly payment is missed or for breach of other conditions of the mortgage.
Access
The right to enter a property from a public way; this can include the right to enter a property via property owned by others.
Accretion
The continual addition to the shoreline of a waterway by sand/silt deposits
Acknowledgement
A formal, written declaration before an authorized official (such as a notary public) affirming that a person acted voluntarily.
Acre
A measurement of land equal to 43,560 square feet.
Adjustable-Rate Mortgage (ARM)
A loan that permits the lender to adjust its interest rate periodically in keeping with a specified, current index.
Administrator
A person appointed by a probate court to administer a decedent's estate when the decedent has left no will. .
Adverse Possession
The acquisition process of title to property through possession without the owner's consent for a certain, legal period of time.
Agent
A person who is authorized to represent another person/party and conduct business transactions on that party’s behalf.
Amortization
The gradual repayment of a mortgage loan by the borrower through monthly payments of principal and interest.
Annual Percentage Rate (A.P.R.)
The percentage of interest paid on a mortgage expressed as a yearly rate, which includes items such as interest, mortgage insurance, and points (loan origination fee).
Appraisal
An expert, written analysis of the estimated value of a property as of a given date, prepared by a qualified appraiser.
Assessment
The process of placing a value on real estate for the purpose of taxes or special improvement charges, for costs associated with the improvement of streets, sewers, sidewalks, etc
Assignment
The act of transferring a loan from one person to another.
Assumable Mortgage
A mortgage with terms that allow a new owner to take over the obligations of the mortgage when the home is sold.
Attorney in Fact
One who holds a power of attorney from another in order to execute legal documents such as deeds, mortgages, etc., on behalf of the grantor of the power.
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