Dictionary

Buydown
Definition: A financing method in which points are paid by the seller or developer that lowers (buys down) the effective interest rate paid by the buyer/borrower, therefore reducing the amount of the monthly payment for a set period of time Pronunciation: Used in a Sentence:    In order to have lower payments, the buyer decided to buydown the interest rate on his mortgage. Read more...
Attorney-in-fact
Definition: One who is authorized to perform specific acts for another under a power of attorney. Pronunciation: \ə-ˈtər-nē Used in a Sentence:    The buyer had an attorney-at-fact sign her loan papers when she was unable to do so. Read more...
Attachment
Definition: A seizure by legal process to prevent removal of property that is expected to be used to satisfy a judgement. Pronunciation: \ə-ˈtach-mənt Used in a Sentence:   An attachment was issued to prevent the equipment from being removed from the property. Read more...
At Arms Length
Definition: Handling negotiations on one’s own behalf without being subject to the other party’s control or influence. Pronunciation: Used in a Sentence:  Due to the mistrust on the part of the seller, the negotiations were done at arms length, Read more...
Assumption
Definition: The taking over of another’s debts. Pronunciation: \ə-ˈsəm(p)-shən Used in a Sentence:   With the assumption of the mortgage, the buyer was obligated for the  debt. Read more...
Assignment Of Mortgage
Definition: A legal instrument stating that the mortgagee transfers the mortgage and promissory note to the purchaser. Pronunciation: \ə-ˈsīn-mənt  \ˈmȯr-gij Used in a Sentence:   The assignment of mortgage transferred the property from the seller to the buyer. Read more...
Assignor
Definition: Person who gives legal rights or interests to another person. Pronunciation: \ˌa-sə-ˈnȯr Used in a Sentence:  The assignor transferred the mortgage and promissory note to the purchaser. Read more...
Assignment
Definition: The written instrument that serves to transfer the rights or interests of one person to another. Pronunciation: \ə-ˈsīn-mənt Used in a Sentence:   Constructive notice is given when an assignment of a mortgage is recorded. Read more...
Assignee
Definition: A person to whom a right or property is legally transferred. Pronunciation: ˌa-sə-ˈnē, ˌa-ˌsī-, ə-ˌsī- Used in a Sentence:  The daughter was the assignee for her parent’s property. Read more...
Asset
Definition: Anything of value. Pronunciation: ˈa-ˌset Used in a Sentence:   The updated finishings are an asset to the property. Read more...
Assessment
Definition: An amount that a person is officially required to pay, especially as a tax or individual share of a common expense in a condo or co-op building Pronunciation: ə-ˈses-mənt Used in a Sentence:   Our share of the condo assessment is $240 a month. Read more...
Assessed Value
Definition: The value determined by a county tax appraiser for each unit of real property for tax purposes. Pronunciation: ə-ˈses-ed Used in a Sentence:   The taxes on the property were increased because the assessed value was higher. Read more...
Assemblage
Definition: The joining of two or more connecting properties into one tract. Pronunciation: \ə-ˈsem-blij Used in a Sentence: Read more...
Arrears
Definition: The state of being behind in the discharge of an obligation: paid at the end of the period for which something is due. Pronunciation: \ə-ˈrirz Used in a Sentence:  The real estate taxes on the property are paid in arrears.   Read more...
Arbitration
Definition: The hearing and determination of a case in controversy by a third party. Pronunciation:  är-bə-ˈtrā-shən Used in a Sentence:   The dispute between the two brokers was settled by arbitration. Read more...
Appreciation
Definition:  An increase in value. Pronunciation: \ə-ˌprē-shē-ˈā-shən Used in a Sentence:  The change in the market caused an appreciation in the value of the property. Read more...
Appraised Value
Definition: The estimated worth of a property established by someone qualified in valuation. Pronunciation:  \ə-ˈprāz-ed Used in a Sentence:  The appraised value of the property came in higher than expected. Read more...
Applicant
Definition: Someone who formally applies for something. Pronunciation: \ˈa-pli-kənt Used in a Sentence:   We interviewed the applicant for the job. Read more...
Appeal
Definition: A request to a recognized authority for a decision or judgement. Pronunciation: \ə-ˈpēl Used in a Sentence:   My lawyer said the court’s decision wasn’t correct and that we should file for an appeal. Read more...
Antitrust Laws
Definition: Federal and state laws designed to maintain and preserve business competition. Pronunciation: Used in a Sentence:   Antitrust laws prohibited the two companies from merging. Read more...
Annual Percentage Rate
Definition: The total yearly cost of credit. Pronunciation: an-yə(-wə)l, -yü-ə  pər-ˈsen-tij Used in a Sentence:  The annual percentage rate for a 30yr mortgage is 4%. Read more...
Annual Debt Service
Definition: The amount of money required each year for the payment of all mortgage principal and interest. Pronunciation: an-yə(-wə)l, -yü-ə  det Used in a Sentence:   The annual debt service is used by lenders to determine the amount they will loan a potential buyer. Read more...
Anniversary Date
Definition: Recurring each year; the date an insurance policy must be renewed to remain in effect. Pronunciation: a-nə-ˈvərs-rē Used in a Sentence:  The anniversary date of our insurance policy is March 15. Read more...
Amortized Mortgage
Definition: A loan that is characterized by making regular payments over a long period of time. Pronunciation: a-mər-ˌtīz-ed  mȯr-gij Used in a Sentence:   The buyer preferred an amortized mortgage because the payments stayed the same for the life of the loan. Read more...
Alluvion (alluvium)
Definition: The resulting increase to land by the gradual addition of matter (as by the deposit of sand or mud) that then belongs to the owner of the land to which it is added. Pronunciation: ə-ˈlü-vē-ən Used in a Sentence:   The nonstop rains were threatening to create an alluvion of huge proportions. Read more...
Alienation
Definition: a conveyance of property from one person to another. Pronunciation: ˌā-lē-ə-ˈnā-shən Used in a Sentence:  The sale of property under a contract consummated by the delivery of a deed is a voluntary alienation. Read more...
Air Rights
Definition: A property right to the space above a surface area or object. Pronunciation: Used in a Sentence:  The air rights above the property near the airport was limited due to aircraft in the area. Read more...
Agricultural
Definition: As defined in Chapter 475, F.S. property consisting of more than 10 acres, zoned as such. Pronunciation: a-gri-ˈkəl-ch(ə-)rə Used in a Sentence:  The 100-acre farm was zoned as agricultural property. Read more...
Agent
Definition: One who is authorized to act on behalf of another. Pronunciation: ā-jənt Used in a Sentence:   You should hire a real estate agent to help you sell your home. Read more...
Agency
Definition: Express or understood authorization for one person to act for another. Pronunciation: ā-jən(t)-sē Used in a Sentence:  An agency relationship was created when Sue signed a contract with a broker to sell her house. Read more...
Affiliated Business Relationship
Definition: An arrangement in which (a) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct  or beneficial ownership interest of more than 1% in a provider of settlement services; and (b) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the selection of that provider. Pronunciation:    ə-ˈfi-lē-ā-təd Used in a... Read more...
Affidavit
Definition: A sworn statement made in writing under oath or before an authorized official. Pronunciation: a-fə-ˈdā-vət Used in a Sentence: We have a signed affidavit stating that the two men were seen entering the building. Read more...
Adverse Possession
Definition: A means of gaining title to real property by occupying it in an open and hostile manner contrary to the interests of the owner. Pronunciation: ad-ˈvərs   pə-ze-shən Used in a Sentence:   The occupant of the house tried to claim adverse possession because he had lived there for several years and had been paying the taxes on the property. Read more...
Adverse Interest
Definition: An intention in opposition to the interest of another party (as, with a buyer and a seller). Pronunciation: ad-ˈvərs Used in a Sentence:   The low counter offer was an adverse interest to the seller. Read more...
Advance Fee
Definition: A commission or partial payment received by a broker in advance of completing the real estate service. Pronunciation: əd-ˈvan(t)s Used in a Sentence: The seller paid the broker an advance fee when he listed his house for sale. Read more...
Administrative Law Judge
Definition: An attorney hired by the Division of Administrative Hearings, Department of Administration, to hear complaints and issue recommended orders. Pronunciation: əd-ˈmi-nə-ˌstrā-tiv Used in a Sentence:  The charge against the broker was reviewed by an administrative law judge. Read more...
Administrative Law
Definition: The body of law created by administrative agencies in the form of rules, regulations, orders and decisions. Pronunciation: əd-ˈmi-nə-ˌstrā-tiv Used in a Sentence:  Administrative law prohibits agents from misrepresenting a property. Read more...
Administrative Complaint
Definition: A summary of allegations of facts and charges against a licensee. Pronunciation:  əd-ˈmi-nə-ˌstrā-tiv    kəm-ˈplānt Used in a Sentence:   An administrative complaint was filed against the agent due to a breach of trust. Read more...
Adjusted Basis
Definition:  An owner’s original cost of a property plus buying expenses plus capital improvements. Pronunciation: ə-ˈjəst-ed Used in a Sentence:    The adjusted basis of the property calculated out to be $475,000. Read more...
Adjustable Rate Mortgage (arm)
Definition:  A mortgage that typically has a lower rate than a fixed rate mortgage to start, but can be adjusted periodically by the lender. Pronunciation: \ə-ˈjəs-tə-bəl, mȯr-gij Used in a Sentence:   The buyer chose an adjustable rate mortgage to get a lower rate. Read more...
Adjudication
Definition:  A judicial or court decision. Pronunciation: ə-ˌjü-di-ˈkā-shən Used in a Sentence:  The court withheld adjudication of guilt for the defendant. Read more...
Address Of Record
Definition:   The last known mailing address or email address of a person. Pronunciation:   ə-ˈdres, a- also ˈa-ˌdres Used in a Sentence:   Please get the address of record for the buyer.   Read more...
Ad Valorem
Definition:    Taxable value of real property, according to the value Pronunciation:   ad-və-ˈlȯr-əm Used in a Sentence:   The ad valorem tax for the real property was  determined to be $2375. Read more...
Actual Notice
Definition:  Information that is learned by reading, seeing or hearing. Pronunciation:  ak-ch(ə-w)əl Used in a Sentence:   The seller gave actual notice when he advised the buyer there is a construction lien on the property. Read more...
Acre
Definition:   A measure of land equal to  43,560 square feet, 7/11 (4+3=7, 5+6+0= 11) Pronunciation: ˈā-kər Used in a Sentence:   The property was measured at one acre. Read more...
Acknowledgment
Definition:  A formal declaration before a notary that the signing of a document is a free act Pronunciation:  ik-ˈnä-lij-mənt, ak Used in a Sentence:   The notary witnessed the acknowledgement of the  signing of the contract papers. Read more...
Accretion
Definition:  The gradual buildup of land caused by water-borne rock, sand and soil. Pronunciation:  ə-ˈkrē-shən Used in a Sentence:    Accretion had caused the property to grow in size. Read more...
Acceleration Clause
Definition:  A condition in a mortgage that the entire unpaid balance becomes due and payable if the borrower defaults on the promissory note. Pronunciation:    ik-ˌse-lə-ˈrā-shən Used in a Sentence:    The lender activated the acceleration clause in the mortgage when the borrower stopped making payments. Read more...
Abstract Of Title
Definition:  A concise history of title to real property comprising a summary of the links in the “chain of title” extracted from documents impacting on the title status. Pronunciation: abˈstrakt,ˈabˌstrakt Used in a Sentence:   The seller ordered an abstract of title to aid in the purchase of his property. Read more...
Appraiser
Definition: Someone who estimates value Pronunciation: əˈpreɪzə(r) Used in a Sentence: The appraiser is going to estimate what we our house is worth. Read more...