ABSTRACT OF TITLE: Summarized history of the legal title to property, shows changes of title, records of liens and encumbrances.

ALTA OWNERS POLICY: (American Land Title Association) An owners extended coverage policy that provides buyers and owners the same protection the ALTA policy gives to lenders.
ALTA TITLE POLICY: A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard type policy to include unrecorded mechanics´ liens; unrecorded physical easements; facts a physical survey would show; water and mineral rights; and rights of parties in possession, such as tenants and buyers under unrecorded instruments.
AMORTIZATION: The liquidation of a financial obligation on an installment basis; also, recovery over a period of cost or value.
AMORTIZED LOAN: A loan to be repaid, interest and principal, by a series of regular payments that are equal or nearly equal, without any special balloon payment prior to maturity. Also called a Level Payments Loan.
ANNUAL PERCENTAGE RATE: The relative cost of credit as determined in accordance with Regulation Z of the Board of Governors of the Federal Reserve System for implementing the Federal Truth in Lending Act.
ANNUITY: A sum of money received at fixed intervals, such as a series of assured equal or nearly equal payments to be made over a period of time, or it may be a lump sum payment to be made in the future. The installment payments due to the landlord under a lease is an annuity. So are the installment payments due to a lender.
APPRAISAL: An estimate of the value of property resulting from an analysis of facts about the property. An opinion of value.
APPRAISER: One qualified by education, training and experience who is hired to estimate the value of real and personal property based on experience, judgment, facts, and use of formal appraisal processes.
ASSESSED VALUATION: A valuation placed upon a piece of property by a public authority as a basis for levying taxes on the property.
ASSESSMENT: The valuation of property for the purpose of levying a tax or the amount of the tax levied. Also, payments made to a common interest subdivision homeowners- association for maintenance and reserves.
ASSESSOR: The official who has the responsibility of determining assessed values.
ASSIGNMENT OF RENTS: A provision in a deed of trust (or mortgage) under which the beneficiary may, upon default by the trustor, take possession of the property, collect income from the property and apply it to the loan balance and the costs incurred by the beneficiary.
ASSIGNMENT: A transfer to another of any property in possession or in action, or of any estate or right therein. A transfer by a person of that person´s rights under a contract.