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Athens GA Homes
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abstract of title
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A condensed version of the history of title
to a piece of land that lists any transfers in ownership, as well as any
liabilities attached to it, such as mortgages.
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abutting
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The joining, reaching, or touching of adjoining
land. Abutting pieces of land have a common boundary.
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acceleration clause
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A provision in a written mortgage, note, bond
or conditional sales contract that, in the event of default, the whole
amount of principal and interest may be declared to be due and payable
at once.
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acceptance
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An offeree’s consent to enter into a contract
and be bound by the terms of the offer.
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accretion
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An addition to land through natural causes.
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acknowledgment
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A declaration made by a person to a notary
public, or other public official authorized to take acknowledgments, that
the instrument was executed by him and that it was his free and voluntary
act.
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acre
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A measure of land equal to 43,560 square feet.
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ad valorem
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Designates an assessment of taxes against
property. Literally, according to value.
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additional principal payment
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A payment by a borrower of more than the scheduled
principal amount due in order to reduce the remaining balance on the loan.
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adjustable
rate mortgage (ARM)
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A mortgage loan whose interest rate fluctuates
according to the movements of an assigned index or a designated market
indicator--such as the weekly average of one-year U.S. Treasury Bills--over
the life of the loan. To avoid constant and drastic fluctuations, ARMs
typically limit how often and by how much the interest rate can vary.
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adjusted basis
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The original cost of a property plus the value
of any capital expenditures for improvements to the property minus any
depreciation taken.
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adjustment date
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The date on which the interest rate changes
for an adjustable-rate mortgage
(ARM).
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adjustment period
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The period that elapses between the adjustment
dates for an adjustable-rate
mortgage (ARM).
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adjustments
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Money that the buyer and sellers credit each
other at the time of closing. Often includes taxes and down payment.
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administrator/administratrix
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A man/woman appointed by a court to settle
the estate of a deceased person when there is no will. Contrast with executor/executrix.
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adverse possession
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The right of an occupant of land to acquire
title against the real owner, where possession has been actual, continuous,
hostile, visible, and distinct for the statutory period. The requirements
for adversely possessing property vary between states, but usually include
continuous and open use for a period of five or more years and paying taxes
on the property in question.
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affidavit
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Written statement signed and sworn to before
some person authorized to take an oath.
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agency
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The legal relationship between a principal
and
an agent. In real estate transactions, usually the seller is the principal,
and the broker is the agent: however, a buyer represented by a broker (i.e.,
buyer as principal is a growing trend. In an agency relationship, the principal
delegates to the agent the right to act on his or her behalf in business
transactions and to exercise some discretion while so acting. The agent
has a fiduciary relationship with the principal and owes to that principal
the duties of accounting, care, loyalty, and obedience. Also see buyer's
broker.
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agent
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A person authorized to act for and under the
direction of another person when dealing with third parties. The person
who appoints an agent is called the principal. An agent can enter into
binding agreements on the principal's behalf and may even create liability
for the principal if the agent causes harm while carrying out his or her
duties. See also attorney-in-fact.
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alienation Clause
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A clause in a mortgage, which gives the lender
the right to call the entire loan balance due if the property is sold;
due-on-sale clause.
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amenities
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Non monetary benefits and satisfactions derived
from property ownership, such as a pleasant view, pride in home ownership,
etc.
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ammendment
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A modification to an existing contract, mutually
agreed to by all parties. Examples might include a change in the
pruchase price due to a low appraisal, or a change in the closing date.
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amortization
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The operation of paying off indebtedness,
such as a mortgage, by installments. The conventional amortization periods
are15 or 30 years. (See term)
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amortized mortgage
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A mortgage requiring periodic payments
that include both interest and principal. Also see self
amortized loan.
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annual membership
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The amount that is charged annually for having
a line of credit available. Often charged regardless of whether or not
you use the line.
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antitrust laws
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Federal and state laws prohibiting, among
other things, monopolies, monopolistic practices, restraint of trade, and
price fixing.
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application
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An initial statement of personal and financial
information, which is required to approve your loan.
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application fee
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Fees that are paid upon application. Charges
for property appraisal and a credit report are usually included in the
application fee.
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appraisal
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A determination of the value of something,
such as a house, jewelry or stock. A professional appraiser--a qualified,
disinterested expert--makes an estimate by examining the property, and
looking at the initial purchase price and comparing it with recent sales
of similar property. Courts commonly order appraisals in probate, condemnation,
bankruptcy or foreclosure proceedings in order to determine the fair market
value of property. Banks and real estate companies use appraisals to ascertain
the worth of real estate for lending purposes. And insurance companies
require appraisals to determine the amount of damage done to covered property
before settling insurance claims.
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appraised value
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An estimate of the present worth.
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appreciation
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An increase in value or worth of property.
Opposite of depreciation.
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asking (list) price
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The price placed on property for sale.
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assessor
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A local government official who determines
the value of the property for taxation purposes.
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assignee
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A person to whom a property right is transferred.
For example, an assignee may take over a lease from a tenant who wants
to permanently move out before the lease expires. The assignee takes control
of the property and assumes all the legal rights and responsibilities of
the tenant, including payment of rent. However, the original tenant remains
legally responsible if the assignee fails to pay the rent.
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assignment
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A transfer of property rights from one person
to another, called the assignee.
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assumable mortgage
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An existing mortgage that can be taken over
by the buyer on the same terms given to the original borrower.
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assumption of mortgage
- The transfer of title to property to a grantee wherein he assumes liability
for payment of an existing note secured by a mortgage against
the property; should the mortgage be foreclosed and the property
sold for a lesser amount than that due, the grantee-purchaser
who has assumed and agreed to pay the debt secured by the mortgage
is personally liable for the deficiency. Before a seller may be
relieved of liability under the existing mortgage, the lender
must accept the transfer of liability for payment of the note.
Also known as simple assumption. Contrast with subject
to mortgage.
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attachment
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Method by which a debtor's property is placed
in the custody of the law and held as security pending outcome of a creditor's
suit.
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attorney's opinion of title
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An instrument written and signed by the attorney
who examines the abstracts of title, stating his opinion as to whether
a seller may convey good title.
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attractive
nuisance
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Something on a piece of property that attracts
children but also endangers their safety. For example, unfenced swimming
pools, open pits, farm equipment and abandoned refrigerators have all qualified
as attractive nuisances.
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auction
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A public sale of property to the highest bidder.
Athens GA Homes
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