| Term | Definition |
|---|
| appreciation | An increase in value or worth of property. Opposite of depreciation. |
| asking (list) price | The price placed on property for sale. |
| assessor | A local government official who determines the value of the property for taxation purposes. |
| assignee | A person to whom a property right is transferred. For example, an assignee may take over a lease from a tenant who wants to permanently move out before the lease expires. The assignee takes control of the property and assumes all the legal rights and responsibilities of the tenant, including payment of rent. However, the original tenant remains legally responsible if the assignee fails to pay the rent. |
| assignment | A transfer of property rights from one person to another, called the assignee. |
| assumable mortgage | An existing mortgage that can be taken over by the buyer on the same terms given to the original borrower. |
| assumption of mortgage | The transfer of title to property to a grantee wherein he assumes liability for payment of an existing note secured by a mortgage against the property; should the mortgage be foreclosed and the property sold for a lesser amount than that due, the grantee-purchaser who has assumed and agreed to pay the debt secured by the mortgage is personally liable for the deficiency. Before a seller may be relieved of liability under the existing mortgage, the lender must accept the transfer of liability for payment of the note. Also known as simple assumption. Contrast withsubject to mortgage. |
| attachment | Method by which a debtor's property is placed in the custody of the law and held as security pending outcome of a creditor's suit. |
| attorney's opinion of title | An instrument written and signed by the attorney who examines the abstracts of title, stating his opinion as to whether a seller may convey good title. |
| attractive nuisance | Something on a piece of property that attracts children but also endangers their safety. For example, unfenced swimming pools, open pits, farm equipment and abandoned refrigerators have all qualified as attractive nuisances. |
