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Real Estate City Glossary
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Real Estate City Glossary
A
(After-acquired Title - Approval)
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After-acquired Title
Doctrine by which the title of real estate, previously unsuccessfully
transferred because of lack of possession by grantor, automatically
passes to the buyer upon acquisition by the grantor and is based
on the acquisition of title by estoppel.
After-completion Costs
Expenditures incurred after the completion of a building.
Agency
The relationship between two people or entities where one is a
principal and the other is an agent representing the principal
in activities with other parties, such as a real estate agent
buying or selling for a client.
Agency Closing
The use of a Title company or another firm to complete a loan.
Agent
Anyone who has the authority to act on the behalf of another,
representing the business interests of that person.
Amortization
The gradual repayment of a mortgage loan by installments.
Amortization Schedule
A timetable for payment of a mortgage loan. An amortization schedule
shows the amount of each payment applied to interest and principal
and shows the remaining balance after each payment is made.
Amortization Tables
Mathematical tables used to calculate a monthly payment on a loan.
Amortization term
The amount of time required to amortize the mortgage loan. The
amortization term is expressed as a number of months. For example,
for a 30-year fixed-rate mortgage, the amortization term is 360
months.
Amortize
To repay a mortgage with regular payments that cover both principal
and interest.
Amortized Mortgage
Mortgage where the interest and principal have been fully repaid
by the mortgagee.
Annunity
A regular stream of payments payable at stated intervals for a
fixed period of time
Apartment Building
A structure with individual apartment units and a common entrance
and hallway.
Apartment House
Multi-family housing complex of rental apartments managed by the
property owner or a resident manager.
Appraisal
A written analysis of the estimated value of a property prepared
by a qualified appraiser. Contrast with home inspection.
Appreciation
An increased in value bought about by any factor
Approval
A confirmation of an amount able to be borrowed by an individual,
based upon assessment of his ability to repay said loan. Alternatively,
an authorization obtained from governmental authorities for a
building project to proceed.
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