| Term | Definition |
|---|
| administrator/administratrix | A man/woman appointed by a court to settle the estate of a deceased person when there is no will. Contrast with executor/executrix. |
| adverse possession | The right of an occupant of land to acquire title against the real owner, where possession has been actual, continuous, hostile, visible, and distinct for the statutory period. The requirements for adversely possessing property vary between states, but usually include continuous and open use for a period of five or more years and paying taxes on the property in question. |
| affidavit | Written statement signed and sworn to before some person authorized to take an oath. |
| agency | The legal relationship between a principal and an agent. In real estate transactions, usually the seller is the principal, and the broker is the agent: however, a buyer represented by a broker (i.e., buyer as principal is a growing trend. In an agency relationship, the principal delegates to the agent the right to act on his or her behalf in business transactions and to exercise some discretion while so acting. The agent has a fiduciary relationship with the principal and owes to that principal the duties of accounting, care, loyalty, and obedience. Also see buyer's broker. |
| agent | A person authorized to act for and under the direction of another person when dealing with third parties. The person who appoints an agent is called the principal. An agent can enter into binding agreements on the principal's behalf and may even create liability for the principal if the agent causes harm while carrying out his or her duties. See also attorney-in-fact. |
| alienation Clause | A clause in a mortgage, which gives the lender the right to call the entire loan balance due if the property is sold; due-on-sale clause. |
| amenities | Non monetary benefits and satisfactions derived from property ownership, such as a pleasant view, pride in home ownership, etc. |
| ammendment | A modification to an existing contract, mutually agreed to by all parties. Examples might include a change in the pruchase price due to a low appraisal, or a change in the closing date. |
| amortization | The operation of paying off indebtedness, such as a mortgage, by installments. The conventional amortization periods are15 or 30 years. (See term) |
| amortized mortgage | A mortgage requiring periodic payments that include both interest and principal. Also see self amortized loan. |
