Abstract of title A
history of ownership of a property and any documents that affect the title
during that ownership.
Acceptance of sale/sales contract
An offer of purchase that has been signed by both buyer and seller. A
firm contract that outlines all details of the property transaction.
Adjustable Rate Mortgage (ARM)
A loan with an interest rate that fluctuates according to the
movements of a predetermined index.
or Sales Associate A
person licensed by the state to sell real estate through a real estate
paying off of a debt such as a mortgage in periodic installments for the
term of the loan.
opinion by a licensed real estate appraiser about the fair market value of a
increase in value of a home
Assumable loan An
existing mortgage that can be taken over by the buyer -- usually on the same
terms given to the original buyer.
over responsibility for payments on a mortgage and meeting any of the other
requirements. Typically, a buyer assumes a mortgage from the seller.