Glossary in letter a

Assignment of Deed of Trust

Written document of the transaction of the beneficial interest in a note and deed of trust from one party to the other.

Abstract or Title Search

The process of auditing all recorded transactions in the public record, determining whether any title defects are apparent that could interfere with the clear transfer of ownership of the property.

Accelerated Cost recovery system

Tax calculation that in early years provide greater depreciation of ownership of property or real estate.

Authorization to sign as Agent Agreement

An authorized written document given by the beneficiary, authorizing an agent to sign on their behalf.

Accelerated depreciation

A book-keeping method that in early years rapidly depreciates the ownership.

Acceleration Clause

A provision given to the lender for the rights to collect the balance of a loan if a borrower misses a payment.

Acceptance

Written approval by the seller approving the buyers offer.

Access

Any means or method which a person can enter property.

Assessor

An authorized official who has the responsibility of determining assessed valuation.

Accessibility

The degree of access of a building which is provided to people with disabilities.

Appraisal

Estimation of the property's value made by an appraiser who is usually presumed to be an expert in this work.

Appraisal by Comparison

Estimated value of the property by comparing the sales prices of other similar properties.

Agency

A relationship of trust that exits between sellers, buyers and their agents which are usually formed through a written contract.

Agency Closing

The process by which a lender uses a company's title or other firm as an agent to complete a loan.

Agency Disclosure

Most state laws require the agent who act for the buyer or seller to disclose who represents whom in all real estate transactions (different state will have different Law).

Assessors Parcel Number

An assigned number set by the county tax assessors to identify a parcel of real property.

Assignment

The method or manner of transfer from one person to the other, usually between the assignor and the assignee.

Assignment of Rents

A procedure in which a burrower gives the lender the right to collect rents from tenants in a house owned by the burrower.

Assumable Mortgage

Transferable mortgage which can be transferred to another borrower.

Assumption Clause

A provision that allows a buyer to take responsibility for the mortgage from a seller.

Assumption Fee

A charged Fee from the lender to process new records for a buyer who assumes an existing loan.