REAL ESTATE DICTIONARY - A
Abstract of Title:
A public records summary that relates to the title of
a specific piece of land. A title insurance company
representative or attorney reviews this records summary
to determine if there are any title defects that must
be cleared before a buyer can purchase clear, marketable
and insurable title.
Acceleration Clause:
Stipulation or clause in a mortgage document that may
require the loan balance to become due immediately.
This condition usually applies if regularly scheduled
mortgage payments are not made or if there's a breach
of other mortgage conditions.
Acreage:
Residential structure with more than one dwelling.
Adjustable-Rate Mortgage (ARM):
A mortgage with an interest rate that is periodically
adjusted by the lender based on a specified index.
Also known as a variable rate mortgage. These types
of mortgage products typically start with a lower interest
rate, then the interest rate may move up or down as
market conditions and the index change.
Advanced Search Criteria:
Additional details that may be used to find a home using
the My Search feature on this website. These details
may include pools, lot size, square footage and more.
Advocate:
Someone who works for the benefit of another person.
Agreement of Sale:
A contract in which a seller agrees to sell and a buyer
agrees to buy, under specific terms and conditions
specified in writing and signed by both parties. Also
known as a Contract of Purchase, Purchase Agreement
or Sales Agreement according to location or jurisdiction.
Alert:
Electronic client email communications regarding a change
to a home found in the My Portfolio feature or when
a new home is added to the market. Alerts may be turned
on or off by clients registered on this website.
Amenity:
An attractive or desirable feature in a property.
American Dream:
The quest for homeownership that has become a symbol
of the quality of life entitled to all Americans.
Amortization:
The gradual repayment of a mortgage loan by periodic
installments.
Appraisal:
Estimate of value established by a licensed appraiser,
which compares a subject property to recently sold
comparable properties.
Appraiser:
Licensed person who prepares an appraisal, which is a
report of the value of a property.
Appreciation:
Increase in the value of real estate over time.
Area Inventory:
A feature that enables customers or users to poll certain
geographic zones such as a specific ZIP code, school
district or Multiple Listing Service (MLS) area to
determine a variety of information, including the number
of available properties that are for sale, prices and
current reported sale status.
Area Map Search:
A clickable map that enables users to search a city by
specific ZIP code, school district or subdivision.
Area Maps:
A visual representation of city or town areas where real
estate services are available.
ARM:
Acronym for adjustable-rate mortgage.
Definitions are intended to be informational only. Please be advised that real estate practices vary from state to state and market to market. The information contained herein does not constitute legal advice. It is recommended that you consult with a qualified real estate attorney who can advise you specifically with respect to the requirements in your market.
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