Page 42 - Homeowners Manual - San Luis Obispo County

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 useful its brief definitions of real estate-related terminology. We welcome the
opportunity to be of service to you. 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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