Page 36 - Home Buyers and Sellers Guide - Hawaii

Real Estate Dictionary

Old Republic Title offers this dictionary as a reference tool for individuals and organizations in the real estate Assessment: The imposition of a tax, charge or levy, usually Changed Circumstance: In accordance with the TRID Rule,
community. We hope you find useful its brief definitions of real estate-related terminology. We welcome the according to established rates. events which allow a creditor to revise a Loan Estimate
opportunity to be of service to you. We hope you find our definitions useful and we welcome the opportunity Assessor: A public official who evaluates property for the or a Closing Disclosure include: (i) an extraordinary
to serve you. purpose of taxation. event beyond the control of any interested party or other
unexpected event specific to the consumer or transaction;
Why Old Republic Title? Assignee: One to whom a transfer of interest is made. For (ii) information specific to the consumer or transaction
that the creditor relied upon when providing the Loan
Old Republic Title has been a respected member of the American title insurance community for over example, the assignee of a mortgage or contract. Estimate and that was inaccurate or changed after the
100 years. Our experienced title professionals would be pleased to answer any questions regarding title Assignor: One who makes an assignment. For example, the disclosures were provided; (iii) new information specific
insurance or entries in this dictionary. You also may access oldrepublictitle.com for a thorough overview of assignor of a mortgage or contract. to the consumer or transaction that the creditor did not
our capabilities. rely on when providing the Loan Estimate; (iv) revisions
Assumable Mortgage: A mortgage which, by its terms, requested by the consumer; (v) when the Loan Estimate
allows a new owner to take over its obligations. expires; or (vi) on the day of the rate lock.
A Agent: A person or company that has the power to act on Attachment: Legal seizure of property to force payment of a Chain of Title: A term applied to the past series of
behalf of another or to transact business for another, e.g., debt. transactions and documents affecting the title to a
Abstract of Title: A condensed history or summary of all a title agent under contract with Old Republic Title is an Attorney in Fact: One who holds a power of attorney from particular parcel of land.
transactions affecting a particular tract of land. agent solely for the purpose of issuing policies of title another, allowing him or her to execute legal documents Cloud on Title: An irregularity, possible claim, or
insurance and other title insurance products.
Access: The legal right to enter and leave a tract of land such as deeds, mortgages, etc., on behalf of the grantor encumbrance which, if valid, would affect or impair the
from a public way, which can include the right to enter Air Rights: The right to ownership of everything above the of the power. title.
and leave over the land of another. physical surface of the land.
B Closing: Also known as “escrow” or “settlement.” The
Accretion: The slow buildup of land by natural forces such ALTA: American Land Title Association, a national process of executing legally binding documents, such as
as wind or water. association of title insurance companies, abstractors Balloon Mortgage: A mortgage that is amortized over a deeds and mortgages, most commonly associated with
and attorneys specializing in real property law. Its specific period of years, but requires a lump-sum payment the purchase of real estate and the borrowing of money to
Adjustable Rate Mortgage (ARM): A residential mortgage headquarters are in Washington, D.C. in full at an earlier date. assist in the purchase.
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 Bankruptcy: A federal court proceeding in which debtors Closing Costs: Expenses for services incidental to a sale
the loan. percentage relationship of the total finance charges to may be relieved of liability for their debts after surrender of real estate, such as sales commissions, loan fees, title
the total amount to be financed as required under the of their nonexempt assets to a court-appointed trustee. fees, appraisal fees, etc.
Administrator: A man appointed by a probate court to federal Truth-in-Lending Act.
settle the affairs of an individual dying without a will. Bureau of Land Management: The branch of government in Closing Disclosure: The five-page Closing Disclosure, also
The term is “administratrix” if such a person is a woman. Appraisal: A written opinion of market value based upon a charge of surveying and managing public land. referred to as CD, must be provided to the consumer three
Also see “Personal Representative.” factual analysis of relevant local market information. business days before they close on the loan. The Closing
C Disclosure details all of the costs associated with the
Adverse Possession: A claim made against the land of Appurtenance: Anything so annexed to land or used with it mortgage transaction.
another by virtue of open and notorious possession of that it will pass with the conveyance of the land. CC&R’s: Covenants, Conditions and Restrictions.
said land by the claimant. Also see “Conditions and Restrictions.” Closing Statement: A summation, in the form of a balance
ARM: Adjustable Rate Mortgage. sheet, made at a closing showing the amounts of
Affidavit: A sworn statement in writing. Also see “Variable Rate Mortgage.” debits and credits to which each party to a real estate
transaction is entitled.
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