Glossary

Glossary

  • Abandonment -The surrender, relinquishment, disclaimer, or cession of property or of rights to property.
  • Abatement -To put an end to.
  • Abstract of Judgment -A brief transcript of the essentials of a judgment.
  • Abstract of Title -A condensed history or summary of all transactions affecting a particular tract of land.
  • Access -The right to enter and leave a tract of land from a public way. Can include the right to enter and leave over the lands of another.
  • Access Right -A landowner's right to have ingress to and egress from the property to a public street.
  • Accrual - The growing or adding to.
  • Acknowledgment -The act by which a party executing a legal document goes before an authorized officer or notary public and declares the same to be his or her voluntary act and deed.
  • Acre -A tract of land 208.71 feet square and containing 43,560 square feet of land.
  • Ad Valorem -According to value.
  • Administrator -A person appointed by a probate court to settle the affairs of an individual dying without a will. The term is "administratrix" if such a person is a woman.
  • Adverse Possession -Claim of ownership of property based upon open and hostile possession and occupancy.
  • Affidavit -A sworn statement in writing.
  • Agent -A person or company that has the power to act on behalf of another or to transact business foR another, e.g., a title agent under contract with Old Republic Title to issue policies of title insurance.
  • ALTA -American Land Title Association, a national association of title insurance companies, abstractors and attorneys specializing in real property law. Its headquarters are in Washington, D.C.
  • Amortization -Payment of principal and interest at stated periods for a stated time until debt is extinguished.
  • Appurtenance -Anything so annexed to land or used with it that it will pass with the conveyance of the land.
  • ARM -Adjustable Rate Mortgage.
  • Assessed Value -Value of property for taxation purposes.
  • Assessment -The imposition of a tax, charge or levy, usually according to established rates.
  • Assessor -A public official who evaluates property for the purpose of taxation.
  • Assignee -One to whom property is assigned.
  • Assignor -One who transfers property by assignment.
  • Assumable Mortgage -A mortgage which, by its terms, allows a new owner to take over its obligations.
  • Attachment -Legal seizure of property to force payment of a debt.
  • Attorney in Fact -One who holds a power of attorney from another allowing him or her to execute legal documents such as deeds, mortgages, etc., on behalf of the grantor of the power.