Basic Terms Used for Real Estate & Mortgages
Real estate & loans may involve other terms. In the event you don't understand some of these terms, ask for help from your real estate agent, lender or attorney.
Abstract (of Title)
The title to the property is a synopsis of all recorded transactions that an attorney or title company has to analyze to find out whether there are any unsuitable problems influencing the title to the property. All problems are then validated before the buyer is issued the title.
Acceleration Clause
A loan provision allowing the lender to have credibility to render all assets owed to the lender promptly. The renter is in infraction of the loan provision, such as the sale of the property, or unable to make payments on time.
Accretion
Enlarging the amount of land through innate forces (water, wind, erosion, etc).
Agreement of Sale
A written signed agreement between the seller of a property and the purchaser in which the purchaser agrees to buy real estate and the seller agrees to sell upon the terms of the agreement.
