Abstract of Title

A summary of the conveyances, transfers, and any other facts relied on as evidence of title, together with any other elements of record which may impair the title to real property.

Acceleration Clause

A clause in trust deed or mortgage giving the lender the right to call all sums owing him to be immediately due and payable upon the happening of a certain stated event.

Acceptance

A legal term referring to the acceptance of an offer. A buyer offers to buy and the seller accepts the offer.

Acknowledgment

A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is his act and deed.

Ad Valorem

"According to value." A method of imposing a tax on the ownership of real property.

Adverse Possession

The open and notorious possession and occupancy under an evident claim or right, in denial or opposition to the title of another claimant.

Affidavit

A statement or declaration reduced to writing and sworn to or affirmed before some officer who has authority to administer an oath or affirmation.

Affirmation

A solemn declaration made under the penalties of perjury by a person who conscientiously declines taking an oath. This is equivalent to an oath.

Agency

The relationship between an agent and principal. One who represents another from whom he has derived authority.

Agreement of Sale

A written contract between seller and buyer in which they reach a meeting of minds on the terms and conditions of the sale.

Amortization

The liquidation of a financial obligation on an installment basis; also recovery, over a period, of cost or value.

Appraisal

An estimate of value of property resulting from an analysis of facts about the property. An opinion of value.

Appurtenance

Something belonging to the land and transferred with it, such as buildings, fixtures, rights

Assemblage

Putting together two or more lots to form a large parcel.

Assessed Value

A value placed upon property by the tax assessor.

Assessment

The valuation of property for the purpose of levying a tax, or the amount of the tax levied.

Assessor

One appointed to assess property for taxation.

Assignment

A transfer or making over to another of the whole of any property, real or personal, or of any estate or right therein. To assign - to transfer or make over to another.

Assumption of Mortgage

When a grantee takes a title to real property and the deed
contains an assumption agreement, or grantee executes a separate assumption agreement, the grantee becomes the principal guarantor for unpaid portions of the note and is primarily liable for the amount of any deficiency judgment.

Attachment

Seizure of property by court order, usually done to have it available in event a judgment is obtained in a pending suit.

Attorney-in-Fact

One who is authorized to perform certain acts for another under a Power of Attorney; may be limited to a specific act or acts, or be general.