Real Estate Glossary

The Real Estate Glossary is in alphabetical order. Click on the letter that the term you are looking for begins with.

B C D E F G H I J L M N O P P Q R S T U V W Y

Real Estate terms that begin with A

"A" credit buyer: Buyer with impeccable credit, who can obtain a loan from traditional lenders.

Abstract of Title: A summary of all the recorded instruments and proceedings that affect the title to property, arranged in the order in which they were recorded.

Accelerate: To make a debt due and payable at once.

Acceleration Clause: Language in a lease that secures payments for the full term of the lease.

Accounts Payable: The amount of money a company owes for goods and services it has received; any outstanding debt that a company has.

Accounts Receivable: A collection of a company's outstanding invoices (invoices which have not yet been paid by the company's customers).

Accrued Interest: Interest that has been earned but is not due and payable.

Acknowledgment: A formal declaration before an authorized official (usually a notary public) by the person who executed it. The notary public signs and puts his seal on a written statement describing the declaration. This written statement, or acknowledgment, is required on most instruments before they may be recorded.

ALTA Title Insurance Policy: A type of title insurance issued to lenders that gives greater coverage than a standard policy by insuring against additional items, such as unrecorded physical easements, unrecorded mechanic's liens, water and mineral rights, facts a physical survey would show, and rights of persons in possessions. Formerly called ATA title insurance policy. ALTA is an abbreaviation for American Land Title Association, a trade association of title insurance companies.

Amortization: The gradual, systematic payment of a debt, such as a mortgage of other loan, in installments of principal and interest for a definite time, so that at the end of that time, the debt will have been paid in full.

Amortized Loan: A loan that is completely paid off in installments.

Amortized Note: A promissory note that is completely paid off in installments.

Annual Statement: A statement required by California law statue to be given by a note holder to the payor within 60 days after the end of each year itemizing and accounting for the money received during the year just ended.

Appraisal Report: the report, written by a real estate appraiser, stating the appraiser's opinion of the value of real property.

Appraised Value: An estimate or opinion of value at a stated time. The opinion of value expressed by a real estate professional known as a real estate appraiser.

Assessed Value: The value placed on property for taxation purpose.

Assessor: An official who has the responsibility of determining assessed value.

Asset: Anything having commercial or exchange value that is owned by a business, institution or individual. A business' assets might include its real estate, equipment inventory, intellectual assets such as copyrights or trademarks, and accounts receivable.

Assign: To transfer title to personal property or a right or claim to another person.

Assignability: The ability to assign (or sell) an income stream to another individual or business.

Assignee: The person or business entity who is given, obtains, or buys the right to an asset.

Assignment: The transfer of the rights, title or interest of any debt instrument that is properly owned by another party.

Assignor: The person giving or selling an asset, and subsequently, forfeiting rights to that asset.

Assume: To take over the obligation of another, for example, to assume a note and deed of trust.

Assumption Agreement: An agreement under which a person (usually a buyer) "assumes" (that is, agrees to pay) a note and mortgage or deed of trust on a property.