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A

Abstract of Title (Abstract)	History of a parcel of real estate, compiled from public records,listing transfers of ownership and claims against the property.
Acceleration Clause Provision	A document stating that if a payment is missed or any other provision violated, the whole debt becomes immediately due and payable
Acknowledgment	Formal declaration before a public official that one has signed a document.
Acre	Land measure equal to 43,560 square feet.
Adjustable-Rate Mortgage (ARM)	Loan whose interest rate is changed periodically to keep pace with current levels.
Adjusted Basis	Original cost of property plus any later improvements and minus a figure for depreciation claimed.
Adjusted Sales Price	Sale price minus commissions, legal fees and other costs of selling.
Agent	Person authorized to act on behalf of another in dealing with third parties.
Agreement of Sale	Written contract detailing terms under which buyer agrees to buy and seller agrees to sell.
Alienation Clause	Provision in a mortgage document stating that the loan must be paid in full if ownership is transferred, sometimes contingent upon other occurrences.
Amortization Period	A time of arrangement for paying off a mortgage by equal instalments or periodic constant payments. Repayments of principal and interest in "blended" amounts. Fully amortized means complete repayment without a "balloon" payment at the end of the term. Can be as short as 5 years or as long as 25 years.
Amortization Schedule	The amortization schedule shows monthly instalments of principal and interest and how much of the payment is allocated to each. It also shows the unpaid principal balance.
Appraisal	Estimate of value of real estate.
Appreciation	Increase in value or worth of property.
As Is	Present condition of property being transferred, with no guaranty or warranty provided by the seller.
Assessed Valuation	Value placed on property as a basis for levying property taxes; not identical with appraised or market value.
Assignment	Transfer of a contract from one party to another.
Assumable Mortgage	Loan that may be passed to the next owner of the property.
Assumption	Takeover of a loan by any qualified buyer Takeover of a loan by any qualified buyer.
Automatic Renewal Clause	Provision that allows a listing contract to be renewed indefinitely unless canceled by the property owner.