Abstract Of Title
A summary of the public records relating to the title to a particular
piece of land. An attorney or title insurance company reviews an
abstract of title to determine whether there are any title defects which
must be cleared before a buyer can purchase clear, marketable, and
insurable title.
Acceleration Clause
A provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment.
Agreement of Sale
Also known as Contract of Purchase, Purchase
Agreement, or Sales Agreement according to location or jurisdiction. A document the buyer initiates and the seller approves that details the price and terms of the transaction.
Alternative Mortgage
Any home loan that does not conform to a standard fixed-rate mortgage.
Amenity
A feature of real property that enhances its attractiveness and increases the occupantÕs or userÕs satisfaction although the feature is not essential to the propertyÕs use. Natural amenities include a pleasant or desirable location near water, scenic views of the surrounding area, etc. Human-made amenities include swimming pools, tennis courts, community buildings, and other recreational facilities.
American Society of Home Inspectors (ASHI)
Professional association of independent home inspectors whose members must meet the group's education and performance requirements. Call (800) 743-2744 for list of ASHI-certified inspectors in your area.
Amortization
A payment plan which enables the borrower to reduce his debt gradually
through monthly payments of principal.
Appraisal
An expert judgment or estimate of the quality or value of real estate as
of a given date.
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