Page 46 - Homeowners Manual - Butte County
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Real Estate Dictionary









         Old Republic Title offers this dictionary as a reference tool for individuals and organizations in the real estate
         community. We hope you find our definitions useful and we welcome the opportunity to serve you.

         Why Old Republic Title?
         Old Republic Title has been a respected member of the American title insurance community for over
         100 years. Our experienced title professionals would be pleased to answer any questions regarding title
         insurance or entries in this dictionary. You also may access oldrepublictitle.com for a thorough overview of
         our capabilities.




         A                                                       Agent: A person or company that has the power to act on
                                                                  behalf of another or to transact business for another, e.g.,
         Abstract of Title: A condensed history or summary of all   a title agent under contract with Old Republic Title is an
           transactions affecting a particular tract of land.     agent solely for the purpose of issuing policies of title
                                                                  insurance and other title insurance products.
         Access: The legal right to enter and leave a tract of land
           from a public way, which can include the right to enter   Air Rights: The right to ownership of everything above the
           and leave over the land of another.                    physical surface of the land.

         Accretion: The slow buildup of land by natural forces such   ALTA: American Land Title Association, a national
           as wind or water.                                      association of title insurance companies, abstractors
                                                                  and attorneys specializing in real property law. Its
         Adjustable Rate Mortgage (ARM): A residential mortgage   headquarters are in Washington, D.C.
           that has an interest rate that is subject to change. The
           times of adjustment are agreed upon at the inception of   Annual Percentage Rate (APR): An expression of the
           the loan.                                              percentage relationship of the total finance charges to
                                                                  the total amount to be financed as required under the
         Administrator: A man appointed by a probate court to     federal Truth-in-Lending Act.
           settle the affairs of an individual dying without a will.
           The term is “administratrix” if such a person is a woman.    Appraisal: A written opinion of market value based upon a
           Also see “Personal Representative.”                    factual analysis of relevant local market information.

         Adverse Possession: A claim made against the land of    Appurtenance: Anything so annexed to land or used with it
           another by virtue of open and notorious possession of   that it will pass with the conveyance of the land.
           said land by the claimant.
                                                                 ARM: Adjustable Rate Mortgage.
         Affidavit: A sworn statement in writing.                 Also see “Variable Rate Mortgage.”





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