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Abstract of title A
history of ownership of a property and any documents that affect the title
during that ownership.
Acceptance of sale/sales contract
An offer of purchase that has been signed by both buyer and seller. A
firm contract that outlines all details of the property transaction.
Adjustable Rate Mortgage (ARM)
A loan with an interest rate that fluctuates according to the
movements of a predetermined index.
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Agent
or Sales Associate A
person licensed by the state to sell real estate through a real estate
broker.
Amortization The
paying off of a debt such as a mortgage in periodic installments for the
term of the loan.
Appraisal An
opinion by a licensed real estate appraiser about the fair market value of a
home.
Appreciation The
increase in value of a home
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Assumable loan An
existing mortgage that can be taken over by the buyer -- usually on the same
terms given to the original buyer.
Assumption Taking
over responsibility for payments on a mortgage and meeting any of the other
requirements. Typically, a buyer assumes a mortgage from the seller.
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