Glossary - A

Abstract of Title
A condensed history or summary of all transactions affecting a particular tract of land.

 

Access
The right to enter and leave a tract of land from a public way. Can include the right to enter and leave over the lands of another.

 

Accretion
The slow build-up of lands by natural forces such as wind or water.

 

Acknowledgment
The act by which a party executing a legal document goes before an authorized officer or notary public and declares the same to be his or her voluntary act and deed.

 

Acre
A tract of land 208.71 feet square and containing 43,560 square feet of land.

 

Administrator
A person appointed by a probate court to settle the affairs of an individual dying without a will. The term is “administratrix” if such a person is a woman.

 

Adverse Possession
A claim made against the lands of another by virtue of open and notorious possession of said lands by the claimant.

 

Affidavit
A sworn statement in writing.

 

Agent
A person or company that has the power to act on behalf of another or to transact business for another, e.g., a title agent under contract with Old Republic Title to issue policies of title insurance.

 

Air Rights
The right to ownership of everything above the physical surface of the land.

 

AKA “Also known as”
if a person has interest in real property by one name, but also uses another name – i.e.: MARY JONES aka MARY HARDING JONES.

 

Appurtenance
Anything so annexed to land or used with it that it will pass with the conveyance of the land.

 

ARB NUMBER
Arbitrarily assigned numbering systems to quickly identify parcels or tracts of lands which have no other easy means of identification, such as metes and bounds parcels divided out of a large tract of land.

 

ARM
Adjustable Rate Mortgage—a loan in which the interest rate fluctuates with the cost of funds or some other index. Also called “Variable Rate Mortgage.”

 

Assessment
The imposition of a tax, charge or levy, usually according to established rates.

 

Assessor
A public official who evaluates property for the purpose of taxation.

 

Assignee
One to whom a transfer of interest is made. For example, the assignee of a mortgage or contract.

 

Assignment of Rents
Additional security taken, usually in connection with a mortgage or deed of trust which pledges any income from rent or leases in addition to the actual property.

 

Assignor
One who makes an assignment. For example, the assignor of a mortgage or contract.

 

Assumable Mortgage
A mortgage which, by its terms, allows a new owner to take over its obligations.

 

Attachment
Legal seizure of property to force payment of a debt.

 

Attorney in Fact
One who holds a power of attorney from another allowing him or her to execute legal documents such as deeds, mortgages, etc., on behalf of the grantor of the power.

Site Created & Maintained by KC Web Specialists, LLC.