|
Advance (HomeSaver Advance)--
allows servicers to provide an unsecured personal
loan to qualified borrowers that are delinquent on
a Fannie Mae loan.
Amortize-- Paying off a debt
by making regular installment payments over a set
period of time, at the end of which the loan
balance is zero.
Acknowledgment A formal declaration before a
duly authorized officer (such as a notary
public) by a person who has executed an
instrument that such execution is his own.
An acknowledgment is necessary to entitle
an instrument (with certain specific
exceptions) to be recorded, to impart
constructive notice of its contents, and
to entitle the instrument to be used as
evidence without further proof. The
certificate of acknowledgment is attached
to the instrument or incorporated therein.
Acquisition
An act or process, such as foreclosure, by
which one procures ownership of property
Addendum
An addition or change to a contract.
Adjournment
A putting off or postponing of business or
of a session until another time.
Adjudication
A
judicial determination
Adjustable-Rate Mortgage (ARM)--
A mortgage loan with an interest rate that can
change at any time, usually in response to the
market or Treasury Bill rates. These types of
loans usually start off with a lower interest rate
comparable to a fixed-rate mortgage.
Administrator If
a person dies without a Will (Intestate)
the Court will appoint a person, or
Administrator to handle the Estate, whose
functions are similar to those of an
Executor.
Ad Valorem Tax A
tax based on the value of the property as
a percentage of that value.
Adverse Possession
A
means of acquiring title where an occupant
has been in actual, open, notorious and
continuous occupancy of a property under a
claim of right for the required statutory
period.
Affidavit
A sworn, notarized statement that's signed
by the affiant before witnesses.
Agency The
relationship of trust that exists between
sellers and buyers and their agents. The
agency is formed through a written
contract. An example is the real estate
agent and seller or buyer.
Agent A
person who is authorized by another to
represent their interests as in the case
of a real estate agent. A person licensed by the state to
conduct real estate transactions.
Agreement of Sale
Also known as an
agreement to convey. A signed, written
contract entered into between the seller
and buyer for sale of real property under
certain specific terms and conditions.
Alienation
The transfer of an interest in or title to
property to another.
Amortization
The gradual repayment of a debt in a
series of equal periodic amounts until the
total debt, including interest, is paid in
full.
Annual Percentage Rate (APR)
The cost of the loan expressed as a yearly
rate on the balance of the loan.
Answer In a
lawsuit, this is a legal document that the
defendant must file in response to the
claims alleged in the complaint.
Anticipatory Breach A
communication that informs a party that
the obligations of the original contract
will not be fulfilled.
Appraisal A
statement of value or estimation of the
value of a property as of a certain date
conducted by a disinterested person with
suitable qualifications. See our Guide
to Appraisals
Appreciation
Increase in value or worth. The difference
between the increased value of property
and the original sales price.
Appurtenance
A
right, privilege, or improvement belonging
to, or passing with, the land.
Arm's Length Transaction A
transaction between relative strangers,
each trying to do the best for himself, or
herself.
As-Is Condition
The purchase or sale of a property in its
existing condition with no other promises.
The seller is not obligated to fund
repairs or repair anything in an "as
is condition" sale.
Assessed Value
Assessed
Value applies in ad valorem taxation and
refers to the value of a property
according to tax roles. Assessed
value may not conform to market value, but
it is usually calculated to a market value
base.
Assignee One to
whom a transfer of an interest is made.
Assignor One who
transfers property by assignment.
Assignment
Written document by which property, other
than real property, is transferred from
one person to another. Assignment of
mortgage, assignment of deed of trust,
assignment of lease, assignment of
rentals, etc. are common assignments. The
"assignee" receives the property
assigned.
Assumption Clause
A provision that allows a buyer to take
responsibility for the mortgage from a
seller.
Assumption of Mortgage
A formal agreement with a lender in which
a new property owner agrees to be
personally liable for the repayment of a
preexisting lien. Generally entails paying
the lender an assumption fee and sometimes
a higher interest rate. Doesn't release
the original borrower from further
liability unless the agreement
specifically provides for it.
Attorney-in-Fact
An agent authorized to act for another.
Commonly evidenced by a recorded Power of
Attorney.
Automatic Stay A
bankruptcy case automatically prevents
continuation of creditor collection
activity. Filing bankruptcy is the only
way to get this protection.
|
