Attorneys Opinion: A written document created by an attorney who handles real estate matters in which he expresses his opinion on the state of a real estate title.
Assumable Mortgage: A mortgage that can be transferred from a seller to a property buyer provided the conditions set forth in the agreement are met and there is usually a fee associated with this type of mortgage.
Assets: Physical or intangible things that can be attributed a monetary value.
Assessed Property Value: The monetary value assigned to a property for the purpose of determining its tax liability. Generally speaking, a government tax assessor determines these valuations.
Asking Price: Dollar amount that a seller is asking for a property.
As is Condition: Real estate sold in its present condition without any warranties.
ARM: Acronym that stands for Adjustable Rate Mortgage. In this type of mortgage, the monthly payments increase or decrease according to changes in the rate of interest and the changes generally speaking have a cap.
Arbitration: A process in which two disputing parties agree to settle their differences without going to court by having a third neutral party intervene and render a mutually abiding decision once both parties have explained their respective stories.
APR: Acronym that stands for Annual Percentage Rate. This term pertains to the interest rate being charged on the principal amount of a loan. There are two types of APR which are a Fixed APR and a Variable APR.
Appraiser: Individual who in most cases is licensed to determine the value of a property.
Appraisal Fee: A bill charged by an appraiser to determine the value of a home.
Apartment: One of several home dwellings generally found in a vertical building, also known as apartments building, although there are apartment buildings that can be one or two stories high. Apartments are generally used by the owners for rental purposes.
Annuity: Payments an investor receives spanning equal intervals over a specified period of time.
Amenities: Features that a property provides, or the location where it’s located such as the sub division that enhance the property value. Generally speaking, amenities are thought of as tennis courts, gym, fitness center, etc.
Allowances: Property sellers, especially home builders, offer budgeted amounts for the purchase of certain items for the property.
Addendum: Modifications made to an agreement.
Acceptance: A sellers written response to a buyer’s purchase offer accepting the offer.
