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The real estate industry has its own unique language and, without some knowledge
of this language, you may find yourself a bit confused if you become involved in
a real estate transaction. With this in mind, the experts at Monroe Title Insurance
Corporation have compiled the following glossary of terms commonly used in the Real
Estate industry.
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D E
F G
H I
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N O
P Q
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X Y
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A |
Abstract - A history of all transactions shown in the public records affecting
a particular tract of land.
Abstract Plant - See Title Plant.
Adjustable Rate Mortgage (ARM) - Mortgage loans under which the interest
rate is periodically adjusted, in accordance with some market indicator, to
more closely coincide with the current rates. The extent and number of these
adjustments are agreed to at the inception of the loan.
Adverse Possession - The possession, by one person, of land belonging
to another in a manner deemed adverse to the interest of the owner. In most
states, by operation of law, title to the land becomes vested in such person
after a fixed number of years if the owner fails to assert his or her rights.
Affidavit - A written statement made under oath before a notary public
or other judicial officer.
Agreement - A legally binding contract made between two or more persons.
ALTA (American Land Title Association) - The trade association of the
title insurance industry, which has adopted certain insurance policy forms to
standardize coverage on a national basis.
Amortization - Payment to reduce the principal of a debt in regular, periodic
installments.
Appraisal - A report from an independent third party detailing the estimated
value of real estate.
Appurtenance - A right or privilege that is a part of the ownership of
property, such as a right of way to a highway across the land of another. Water
rights are also an example.
Assessment - (1) The valuation of real estate for purpose of taxes or
special improvement charges. (2) The amount of taxes or special improvement
charges. Special improvement charges are usually for the costs of streets, sidewalks,
sewers, etc.
Assignment - (1) The act of transferring an interest, such as a loan secured
by a mortgage, from one person to another. (2) The instrument or paper by which
one person transfers such ownership to another.
Attorney's Opinion - A statement by an attorney as to the validity of
a title, arrived at after investigation of the history of the title as recorded
in the public records.
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NOTE: The following terms are defined only in their real
estate or title insurance contexts and may have completely different meanings in
other contexts. For more precise definitions, you are advised to seek legal counsel.
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