Acceleration Clause: A condition in a real estate financing instrument giving the lender the power to declare all sums owing lender immediately due and payable upon the happening of an event, such as sale of the property, or a delinquency in the repayment of the note.
Acknowledgment: A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was for his or her free act. In this state an acknowledgment is the statement by an officer such as a notary that the signatory to the instrument is the person represented to be.
Acre: A measure of land equaling 160 square rods, or 4,840 square yards, or 43,560 square feet, or a tract about 208.71 feet square.
Administrator: A person appointed by the probate court to administer the estate of a deceased person who died intestate. (Administratix, the feminine form.)
Affidavit: A statement or declaration reduced to writing sworn to or affirmed before some officer who has authority to administer an oath or affirmation.
Affidavit of Title: A statement, in writing, made under oath by seller or grantor, acknowledged before a Notary Public in which the affiant identifies himself or herself and affiant’s marital status certifying that since the examination of title on the contract date there are no judgments, bankruptcies or divorces, no unrecorded deeds, contracts, unpaid repairs or improvements or defects of title known to affiant and that affiant is in possession of the property.
Affirm: To confirm, to aver, to ratify, to verify. To make a declaration.
Agreement: An exchange of promises, a mutual understanding or arrangement; a contract.
Agreement or Deposit Receipt of Sale: A written agreement or contract between seller and purchaser in which they reach a “meeting of minds” on the terms and conditions of the sale. The parties concur; are in harmonious opinion.
Alienation: The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.
Amortized Loan: A loan to be repaid, interest and principal, by a series of regular payments that are equal or nearly equal, without any special balloon payment prior to maturity. Also called Level Payments Loan.
Assessed Valuation: A valuation placed upon a piece of property by a public authority as a basis for levying taxes on the property.
Assessment: The valuation of property for the purpose of levying a tax or the amount of the tax levied. Also, payments made to a common interest subdivision homeowners-association for maintenance and reserves.
Assessor: The official who has the responsibility of determining assessed values.
Assignment: A transfer to another of any property in possession or in action, or of any estate or right therein.
Assignment of Rents: A provision in a deed of trust (or mortgage) under which the beneficiary may, upon default by the trustor, take possession of the property, collect income from the property and apply it to the loan balance and the costs incurred by the beneficiary.
Assignor: One who assigns or transfers property.
Assignees: Those to whom property or interests therein shall have been transferred.
Assumption Fee: A lender’s charge for changing over and processing new records for a new owner who is assuming an existing loan.
Attorney in Fact: One who is authorized by another to perform certain acts for another under a power of attorney; power of attorney may be limited to a specific act or acts or be general.