A-B

C-D

E-G

H-J

K-M

N-P

Q-R

S-T

U-Z

A

Abandonment

The voluntary relinquishment of rights of ownership or another interest (such as rights to an easement) by failure to use the property, coupled with an intent to abandon (give up the interest).

Abatement

A reduction or decrease. Usually applies to a decrease of assessed valuation of property for ad valorem taxes.

Abstract of Judgment

A summary of the essential provisions of a court judgment. (When this summary or abstract is recorded in the county recorder’s office, in some states the judgment becomes a lien on the debtor’s property, both presently owned or after-acquired.)

Abstract of Title

A summary of the public records relating to the title to a particular piece of land. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects, which must be cleared before a buyer can purchase clear, marketable and insurable title.

Access

The right to enter and leave a tract of land from a public way. Can include the right to enter and leave over the lands of another.

Accretion

The slow build-up of lands by natural forces such as wind or water.

Acknowledgment

A formal declaration before a duly authorized officer (such as a notary public) by a person who has executed an instrument that such execution is his own act and deed.

Acre

A measure, usually of land, containing 43,560 square feet in any shape.

Ad Valorem

“According to value.” A method of taxation using the value of the thing taxed to determine the amount of the tax.

Adjustable-Rate Mortgage (ARM)

A loan with an interest rate that changes periodically in keeping with a current index, like one-year treasury bills. Typically, however, ARMs can’t jump more than two percentage points per year or six points above the starting rate.

Administrator

A person appointed by the probate court to carry out the administration of a decedent’s estate when the decedent has left no will. If a woman is appointed, she is called an administratrix.

Adverse Possession

A process of acquiring title to real property by possession for a certain (statutory) period of time, in addition to fulfilling other conditions.

Affidavit

A written statement or declaration, sworn to before an officer who has authority to administer an oath.

Agent

One who has authorization, either expressed or implied, to act for or represent another party, usually in business matters.

Agreement of Sale

Known by various names, such as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. A contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions spelled out in writing and signed by both parties.

Amortization

A payment plan which enables the borrower to reduce his debt gradually through monthly payments of principal and interest.

Annual Percentage Rate (A.P.R.)

The yearly interest percentage of a loan, as expressed by the actual rate of interest paid. The A.P.R. is disclosed as a requirement of federal truth in lending statutes.

Appraisal

An expert judgment or estimate of the quality or value of real estate as of a given date.

Approved Attorney

In states where attorneys examine the chain of title before title insurance is issued, the title company will approve certain attorneys as those whose opinion it will accept for the issuance of a title policy.

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.

Assessor
A public official who evaluates property for the purpose of taxation.

Assignee
One to whom a transfer of interest is made.

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.

Assignor
One who makes an assignment.

Assumable Mortgage

A mortgage which, by its terms, allows a new owner to take over its obligations.

Attachment

Legal seizure of property to force payment of a debt.

Attorney in Fact

One who holds a power of attorney from another allowing him or her to execute legal documents such as deeds, mortgages, etc., on behalf of the grantor of the power.

B

Balloon Note

A form of promissory note that calls for the minimum payment of principal and the payment of interest at regular intervals. This type of note requires a substantial final payment, which represents all the principal.

Bankruptcy

A special proceeding under federal, or in some instances state, laws by which the property of a debtor is protected by the court and may be divided among the debtor’s creditors and the debtor.

Beneficiary

(1) One for whose benefit a trust is created. (2) In states in which deeds of trust are commonly used instead of mortgages, the lender (mortgagee) is called the beneficiary.

Blanket Mortgage

A mortgage or trust deed that covers more than one lot or parcel of real property, and often an entire subdivision. As individual lots are sold, a partial reconveyance or release from the blanket mortgage is ordinarily obtained.

Bona Fide Purchaser

One who buys property in good faith, for fair value, and without notice of any adverse claim or right of third parties.

Breach of Contract

Failure to perform a contract, in whole or part, without legal excuse.

Building Contract

An agreement between an owner or lessee and a building contractor, setting forth terms relative to the construction of a proposed structure.

Westcor Land Title Insurance Company does not guarantee complete accuracy of this dictionary.