Land site

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Glossary terms starting with the Letter A

TermDefinition
Acceleration clause
A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.

Adjustable-rate mortgage
A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes

Amortization
The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time.

Annual percentage rate
This is not the note rate on your loan. It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage.

Appraisal
An estimate or opinion of the value on a piece of property as of a certain date. A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar properties nearby.

Appraised value
An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.

Appraiser
An individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers work directly for mortgage lenders, most are independent.

Appreciation
The increase in the value of a property due to changes in market conditions, inflation, or other causes.

Assessed value
The valuation placed on property by a public tax assessor for purposes of taxation.

Assessmen
A governments valuation of property for tax purposes. The placing of a value on property for the purpose of taxation.

Assessor
A public official who establishes the value of a property for taxation purposes.

Asset
Items of value owned by an individual. All the resources of a person or business, as accounts and note receivable, cash, property and etc.

Assignment
When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment.

Assign
To transfer a right or an interesting property to another

Assignee
One to whom a right or interest has been assigned

Assignor
One who assigns a right or interest to another.

Assumable mortgage
A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must "qualify" in order to assume the loan.

Assumption
When a buyer takes on personal responsibility for paying off a mortgage or deed of trust that was originally taken out by the seller. The terms applied when a buyer assumes the seller's mortgage

Attachment
Court ordered seizure of property belonging to a defendant in a lawsuit, so that it will be available to satisfy a judgment. In the case of real property, attachment creates a lien.

Attorney of Fact
Any person authorized to act for another by a power of attorney: not necessarily a lawyer.

Actual Authority,
Authority actually given to an agent by the principal, either expressly or by implication.

Avulsion
When land is suddenly (not gradually) torn away by the action of water potentially causing a transfer of title 2. A sudden shift in a watercourse, which doesn’t cause a transfer of title

A-FRAME </title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
A type of construction of a building. The exterior framing of the building is shaped like the letter A.

America Land Title Association (A.L.T.A.)</title><style>.adv5{position:absolute;clip:rect(397px,auto
An organization composed of title insurance companies, which has adopted certain insurance policy forms to standardize coverage on a national basis.

Abandonment</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
The voluntary relinquishment of rights of ownership or another interest (such as an easement, by failure to use the property, coupled with intent to abandon

Abandonment of Homestead</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</s
recorded document, executed by those claiming a homestead exemption, giving up said homestead. Not applicable to all states and procedure must be according to local statutes.

Absentee Owner</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
An owner of property who does not occupy said property.

Absorption</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
The filling of space, such as the rental of units or sale of a tract. The time or rate must be estimated and considered as part of the owner's costs.

Abstract of Judgment </title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</styl
A summary of the essential provisions of a court judgment, which when recorded in the county recorder's office, creates a lien upon the property of the defendant in that county, both presently owned or after acquired.

Abstract of Title</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><d
A compilation of the recorded documents relating to a parcel of land, from which an attorney may give an opinion as to the condition of title

Abstraction</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
A method for appraising a land by estimating the depreciated value of the improvements and deducting that amount from the total value (improved value) of the property.

Abutments </title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
The vertical members which bear the load or pressure of the cross member, such as an arch, pier, or similar structure

Accelerated Depreciation</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</s
A general term including any method of depreciation greater than straight line depreciation

Acceptance</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div clas
Agreeing to the terms of an offer to enter into a contract, thereby creating a binding contract.

Access Right </title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
An express or implied right to ingress and egress to and from one's property.

Abutment joint</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A surface divider joint designed to allow free movement between new and existing construction, or between differing materials.

Access flooring</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A raised finish floor surface consisting entirely of small, individually removable panels beneath which wiring, ductwork, and other services may be installed.

Acoustical ceiling</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><
A ceiling of fibrous tiles that are highly absorbing of sound energy.

Acrylic</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
A transparent plastic material widely used in sheet form for glazing windows and skylights.

ADA</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5>
See airtight drywall approach.

Admixture</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
A substance other than cement, water, and aggregates included in a concrete mixture for the purpose of altering one or more properties of the concrete.

Aggregate</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
Inert particles such as sand, gravel, crushed stone, or expanded minerals, in a concrete or plaster mixture.

Air-entraining cement</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</styl
A portland cement with an admixture that causes a controlled quantity of stable, microscopic air bubbles to form in the concrete during mixing.

Airtight drywall approach</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</
Restricting the passage of water vapor into the insulated cavities of a light frame building by eliminating passages around and through the gypsum bord interior finish.

Air-to-air heat exchanger</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</
A device that exhausts air from a building while recovering much of the heat from the exhausted air and transferring it to the incoming air.

AISC</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
The American Institute of Steel Construction.

Alloy</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
A substance composed of two or more metals, or of a metal and a nonmetallic constituent.

Anchorage</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
The device that fastens the end of a posttensioning tendon to the end of a concrete slab.

Anchor bolt</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
A bolt embedded in concrete for the purpose of fastening a building frame to a concrete or masonry foundation.

Angle</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
A structural section of steel or aluminum whose profile resembles the letter L.

Annealed</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
Cooled under controlled conditions to minimize internal stresses.

Anodizing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class
An electrolytic process that forms a permanent, protective oxide coating on aluminum, with or without added color.

ANSI</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
American National Standards Institute, an organization that fosters the establishment of voluntary industrial standards.

Anticlastic</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
Saddle-shaped, or having curvature in two opposing directions.

Apron</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
The finish piece that covers the joint between a window stool and the wall finish below.

Arch</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
A structural device that supports a vertical load by translating it into axial, inclined forces.

Architectural sheet metal roofing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,39
A roof covering made up of sheets of metal in a traditional shop-fabricated pattern such as standing seam, flat seam, or batten seam.

Arc welding</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cla
A process of joining two pieces of metal by melting them together at their interface with a continuous electric spark and adding a controlled additional amount of molten metal from a metallic electrode.

Area divider</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div cl
A curb used to partition a large roof membrane into smaller areas, to allow for expansion and contraction in the deck and membrance.

Ash dump</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=
A door in the underfire of a fireplace that permits ashes from the fire to be swept into a chamber beneath, from which they may be removed at a later time.

Ashlar</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=ad
Squared stonework.

Asphalt</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=a
A tarry brown or black mixture of hydrocarbons.

Asphalt roll roofing</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style
A continuous sheet of the same roofing material used in asphalt shingles. See asphalt shingle.

Asphalt-saturated felt</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</sty
A moisture-resistant sheet material, available in several different thicknesses, usually consisting of a heavy paper that has been impregnated with asphalt.

Asphalt shingle</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div
A roofing unit composed of a heavy organic or in-organic felt saturated with asphalt and faced with mineral granules.

ASTM</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv5
American Society for Testing and Materials, an organization that promulgates standard methods of testing the performance of building materials and components.

Atatactic polypropylene</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</st
An amorphous form of polypropylene used as a modifier in modified bitumen roofing.

Auger</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
A helical tool for creating cylindrical holes.

Awning window</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div c
A window that pivots on an axis at or near the top edge of the sash and projects toward the outdoors.

Axial</title><style>.adv5{position:absolute;clip:rect(397px,auto,auto,397px);}</style><div class=adv
In a direction parallel to the long axis of a structural member.

land development glossary