Real Estate Dictionary

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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

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Cindy Osborne, Broker/ Owner RE/MAX Preferred Realty 208 South Main Street Statesboro, GA 30458 Cell: 912-601-6000 Email: cindy@cindySOLDit.com Cindy specializes in representing her clients in the purchase and sale of single-family residences, land and income property within the cities of Statesboro, Brooklet, Metter and Portal. She is also very familiar with Georgia Southern University in Statesboro having helped parents and investors buy and sell homes and condo's on and around the campus.She keeps current on all transactions in these areas, and is also very knowledgeable about the local schools. She carries a brokers license which means she is held to a higher standard of service and professionalism. She also has an ERS designation as a Relocation Specialist and understands this better than most having lived in more than 7 states in her adult life. She has the expertise and experience to work for you. You will enjoy her abundant energy and excitement about helping you call Georgia home. She really understands the work it takes to find the right home and will be there to walk you thru every step. She knows her job is not complete until you are totally satisfied and at ease with your transaction. Give Cindy a call today!!! 912-601-6000 www.cindySOLDit.com is brought to you by Cindy Osborne NUMBER1EXPERT in real estate for Statesboro and Brooklet, Georgia Read Cindy Osborne's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge

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