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Real Estate Glossary
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acceleration clause
A clause in a written mortgage contract that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed or if the contract is breached in any way.
acceptance
Offeree's consent to enter into a contract and be bound by the terms of the offer.
adjustable-rate mortgage (ARM)
A mortgage whose interest rate changes periodically on the basis of changes in a specified index.
adjusted basis
Original cost of a property plus the value of any capital expenditures for improvements to the property minus any depreciation taken.
administrator
Legal representative of a deceased person's etsate who is appointed by a probate court to administer the estate of a person who died intestate.
affordability analysis
A detailed analysis of the ability to afford the purchase of a home. An affordability analysis takes into consideration the persons income, liabilities, and available funds, along with the type of mortgage he/she plans to use, the area where the person wants to purchase a home, and the closing costs that one might expect to pay.
amenity
A feature of real property that enhances its attractiveness and increases the value of the real estate although the feature is not essential to the property's use.
amortization
The process of gradually estinguish da depth, usually through repayment of a mortgage loan by installments.
amortization schedule
A scheduled timetable for payment of a mortgage loan. The schedule reflects the date and breakdown of each installment payment, the amount of each payment applied to interest and principal and shows the remaining balance after each payment is made.
amortization term
The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of months. For example, for a 30-year fixed-rate mortgage, the amortization term is 360 months.
amortize
Repaying a mortgage with regular payments that cover both principal and interest.
annual mortgagor statement
A report sent to the mortgagor each year. The report shows how much was paid in taxes and interest during the year, as well as the remaining mortgage loan balance at the end of the year.
annual percentage rate (APR)
The cost of a mortgage stated as a yearly rate, including the impact of finance charges on the effective rate interest, interest, mortgage insurance, and loan origination fee / points.
annuity
An amount paid yearly or at other regular intervals.
appraisal
A defensible written analysis or opinion of the estimated value of a property prepared by a qualified appraiser.
appraised value
An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.
appraiser
A qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.
appreciation
An increase in the value of a property due to changes in market conditions or other causes. The opposite of depreciation.
assessed value
The valuation placed on property by a public tax assessor for purposes of taxation.
assessment
The process of placing a value on property for the strict purpose of taxation. May also refer to a levy against property for a special purpose, such as a sewer assessment.
assessment rolls
The public record of taxable property.
assessor
A government official who is responsible for determining the value of a property for taxation purposes.
asset
Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others.
assignment
The transfer of a mortgage from one person to another.
assumable mortgage
A mortgage that can be transferred from a seller to a buyer; once the loan is assumed by the buyer the seller is no longer responsible for repaying it; there may be a fee and/or a credit package involved in the transfer of an assumable mortgage.
assumption
The transfer of the seller's existing mortgage to the buyer.
assumption clause
A provision in an assumable mortgage that allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon sale or transfer of the property.
assumption fee
The fee paid to a lender resulting from the assumption of an existing mortgage.
attorney-in-fact
One who holds a power of attorney from another to execute documents on behalf of the grantor of the power.
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