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shared appreciation equity mortgage
The lender not only collects interest on the loan, but when the property is sold, the lender will receive a portion of the profits from the increase in the property’s value since the time it was purchased./n
4 Unities of Joint Tenancy
PITT Possession, Interest, Time and Title. All four must exist simultaneously for joint tenancy to exist/n
abandonment
When a tenant leaves a property before the expiration of the lease agreement./n
abrogation
To nullify or replace. Signing of the closing documents nullifies the real estate purchase contract except for warranties which extend beyond the closing date./n
Abstract of Title
Certification by abstractor that condensed history of title to a particular parcel of real estate, including, conveyances and encumbrances, is correct/n
Acceleration clause
Allows a loan to become due and payable immediately if certain requirements are not met, such as making payments, maintaining the physical condition of the property or paying property taxes and hazard insurance. Clause in mortgage or deed of trust that can be enforced to make the entire debt payable immediately if borrower defaults/n
Accession
The process of adding to real property. Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams/n
Accretion
The increase or addition of land by the deposit of and or soil washed up naturally from a river, lake or sea/n
Accrued Items
On a closing statement, items of expense that are incurred but not not yet payable, such as interest on a mortgage loan or taxes on real property/n
Acknowledge
The legal process of having the signature on a contract or other legal document verified by a notary public./n
Acknowledgment
Formal declaration by someone like a notary that the signature is both voluntary no force and genuine no forgery /n
Acre
43,560 square feet/n
Actual Delivery
transferring a deed from the grantor to the grantee by handing the deed to the grantee or sending it by certified mail./n
Actual eviction
The legal process by which a lessor evicts the lessee and regains possession of the property. The legal process that results in the tenant\\\'s being physically removed from the leased premises/n
Actual Notice
Express information or fact; that which is known, direct knowledg/n
ad valorem tax
A tax levied according to the value of the property used to refer to real estate taxes/n
addendum
additions or changes incorporated into the REPC by reference./n
adjustable rate mortgage ARM
A loan where the interest rate is periodically adjusted based on a specific economic indicator. Loan that has a fluctuating interest rate, usually one tied to a cost-of-funds index; the cost of doing business is the margin that stays fixed and is added to the base rate/n
Adjusted cost basis
cost basis plus improvements, minus depreciation claimed during the years the property was owned./n
Administrator
A person appointed by the court to carry out the terms of a will./n
Adverse Possession
The process whereby a non-owner can gain ownership of property by occupying it in hostile, continuous, open, and notorious possession, and in Utah, paying the property taxes for the statutory period of time 20 years in SC . Possession of another\\\'s land as if the owner for a statutory period which may lead to acquiring title/n
Affidavit of Title
Written statement, made under oath, that grantor identifies himself and marital status, certifies that there are no new defects on title/n
Agency
The relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transaction a relationship between two parties wherein the principal hires another person to represent him or her./n
agency by estoppel
The principal seeks to deny an agency relationship, but the court stops him from denying the agency, and thereby confirms it./n
agency by ratification
the agency is created by implication, or actions, and the principal approves it by agreeing after the agency service has been performed to compensate the agent./n
agency by statute
the law has given rise to the agency, such as a sheriff appointed by the court to be the agent of the owner in a foreclosure sale./n
Agency Coupled with an interest
An agency relationship in which the agent is given an estate or interest in the subject of the agency the property /n
agent
The person hired by a principal to act for and in behalf of, or to represent the principal, always acting in the principal’s best interest./n
Air Lot
Designated airspace over a piece of land; may be transferred; used in describing a condominium unit/n
Air Rights
The right to use the open space above a property usually allowing the surface to be used for another purpose/n
Alienation
The act of transferring property to another. Alienation may be voluntary, such as by gift or sale, or involuntary, as through eminent domain or adverse possession/n
Alienation Clause
Also know as “due on sale” clause permits lender to declare balance of loan immediately due if property is sold; prevents loan assumption without lender approval/n
alienation of title
a change of ownership. May be voluntary sold the property or involuntary foreclosure sale. /n
all-inclusive trust deed AITD
A state-approved document used for security, usually in seller financing, where the financing is structured as a wraparound./n
Allodial
A socio-economic system that allows for private ownership off real property./n
Allodial System
A system of land ownership in which land is held free and clear or any rent or service due to the government; commonly contrasted to the feudal system is held under the allodial system in the United States/n
alta or lender\\\'s policy
The lender’s title insurance policy which offers coverage in the amount to the loan which includes a site visit to discover unrecorded encumbrances./n
amenity
A “nice, but not necessary” feature which provides personal pleasure to the owner of real property. It can be tangible or intangible./n
American Land Title Association ALTA Policy
A title insurance policy that protects the interest in a collateral property of a mortgage lender who originates a new real estate loan/n
americans with disabilities act ADA
created to make building more accesable to the handicapped Protects rights of disabled individuals in employment and public accommodation; requires reasonable accommodation that enable disabled persons to work with dignity/n
Amortized Loan
Loan in which the monthly payment consists of principal and interest that partially pay off both each month over the term of the loan/n
Annexation
Change personal property to real property, such as mising sand, stone and cement, and making a sidewalk/n
Annual percentage rate APR
The interest rate plus any other charges for the loan, including such things as discount points and origination fee; computed as a yearly This must be disclosed to borrowers by lenders under the Truth In Lending Actpercentage rate. It is used for comparing loans./n
Anticipation
Appraisal principle that holds that value can increase or decrease based on the expectation that some future event may or may not occur/n
Antitrust Laws
Laws to minimize unfair competition. Illegal to conspire to fix prices, allocate customers or markets/n
Appraisal
An estimate of the quantity, quality, or value of something. The process through which conclusions of property value are obtained; also refers to the report that set forth the process of estimation and conclusion of value/n
Appraisal Report
An opinion of market value on a property given to a lender or client with detailed and accurate information/n
Appraiser
An independent person trained to provide an unbiased estimate of value/n
appreciation
a percentage of increase in the value of the property over it’s value when it was originally purchased./n
Appurtenance
Right, privilege or improvement belong to, and passing with the land/n
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