Glossary of Terms
To find a particular term, enter the beginning letter(s) or word and click Search.
| Abstract of Title A compilation of the recorded documents relating to a parcel of land, from which an attorney may give an option as to the condition of title. Still in use in some states, but giving way to the use of title insurance. |
| Acceleration Clause Clause used in an installment note and mortgage (or deed of trust), which gives the lender the right to demand payment in full upon the happening of a certain event, such as failure to pay an installment by a certain date, change of ownership with the lender's consent, destruction of the property, or other even which endangers the security of the loan. |
| Access Right A right to ingress and egress to and from one's property. May be express or implied. |
| Acknowledgement A written declaration by a person executing an instrument, given before an officer authorized to give an oath (usually a notary public), stating that the execution is of his own volition. |
| Acre A measure, usually of land, equal to 160 sq. rods (43,560 sq. ft.) in any shape. |
| Action to Quiet Title A court action to establish ownership to real property. Although technically not an action to remove a cloud on a title, the two actions are usually referred to as "Quiet Title" actions. |
| Ad Litum A guardian "Ad Litum" prosecutes or defends a suit for a minor or incompetent. |
| Ad Valorem "According to value". A method of taxation using the value of the thing taxed to determine the amount of tax. Taxes can be either "Ad Valorem" or "Specific". |
| Addendum Something added. A list or other material added to a document, letter, contractual agreement, escrow instructions, etc. |
| Adjustable Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see ARMs referred to as AMLs or VRMs. |
