Real Estate Foreclosures.org Glossary is Under Construction
Here are the terms we have for now.
Absolute Auction – Auction with no minimum bid amount. The highest bidder gets the property.
Absolute Net Lease – Also called net-net-net lease that requires payment of all or part of the real estate taxes, insurance, and other expenses.
Abstract (Abstract of Title) – Recorded history of the property listing sales, mortgages, liens, etc.
Acceleration Clause – A provision that allows the lender to call the entire balance of the mortgage loan when the borrower fails to make some installment payments.
Acre – Land of 43,560 square feet.
Adjustable Rate Mortgage – A mortgage loan with an interest rate adjusted periodically (every six months or a year). The rates start at below-market rates to keep the monthly installments low during the initial periods.
Ad Valorem Tax – A real estate tax based on the assessed value of the property.
Adverse Possession - Acquiring title to real property by physical possession of the property for a certain period of time by someone other than the owner.
Affidavit – A written statement sworn before an authorized official or notary.
Alienation - Transfer of interest in or title to home to another person or entity.
Amenity – A features (good schools, architecture, etc.) that increases the value of the property.
Amortized Loan – A loan that is paid back in installments for its principal and interest.
Annual Percentage Rate – The actual annual interest rate covering the interest and other costs. The Truth in Lending Act requires announcement of APR by lenders.
Appraisal – Evaluation of real estate property.
Appurtenance – A right, privilege or improvement that belongs to and passing with the land.
Arbitration – Binding or non bonding settlement of a dispute by a third-party arbitrator.
APR – Annual Percentage Rate.
ARM – Adjustable Rate Mortgage.
Assessment – Real estate tax or fee imposed by a local government against the property.
Assignee – The party to who a property is transferred.
Assignor - Party transferring the property.
Assumption – Taking over an existing mortgage by the new buyer. Most mortgage loans are not assumable.
