Abstract of Title:
A public records summary that relates to the title of a specific piece of land. A title insurance company representative or attorney reviews this records summary to determine if there are any title defects that must be cleared before a buyer can purchase clear, marketable and insurable title.

Acceleration Clause:
Stipulation or clause in a mortgage document that may require the loan balance to become due immediately. This condition usually applies if regularly scheduled mortgage payments are not made or if there's a breach of other mortgage conditions.

Acreage:
Residential structure with more than one dwelling.

Adjustable-Rate Mortgage (ARM):
A mortgage with an interest rate that is periodically adjusted by the lender based on a specified index. Also known as a variable rate mortgage. These types of mortgage products typically start with a lower interest rate, then the interest rate may move up or down as market conditions and the index change.

Advanced Search Criteria:
Additional details that may be used to find a home using the My Search feature on this website. These details may include pools, lot size, square footage and more.

Advocate:
Someone who works for the benefit of another person.

Agreement of Sale:
A contract in which a seller agrees to sell and a buyer agrees to buy, under specific terms and conditions specified in writing and signed by both parties. Also known as a Contract of Purchase, Purchase Agreement or Sales Agreement according to location or jurisdiction.

Alert:
Electronic client email communications regarding a change to a home found in the My Portfolio feature or when a new home is added to the market. Alerts may be turned on or off by clients registered on this website.

Amenity:
An attractive or desirable feature in a property.

American Dream:
The quest for homeownership that has become a symbol of the quality of life entitled to all Americans.

Amortization:
The gradual repayment of a mortgage loan by periodic installments.

Appraisal:
Estimate of value established by a licensed appraiser, which compares a subject property to recently sold comparable properties.

Appraiser:
Licensed person who prepares an appraisal, which is a report of the value of a property.

Appreciation:
Increase in the value of real estate over time.

Area Inventory:
A feature that enables customers or users to poll certain geographic zones such as a specific ZIP code, school district or Multiple Listing Service (MLS) area to determine a variety of information, including the number of available properties that are for sale, prices and current reported sale status.

Area Map Search:
A clickable map that enables users to search a city by specific ZIP code, school district or subdivision.

Area Maps:
A visual representation of city or town areas where real estate services are available.

ARM:
Acronym for adjustable-rate mortgage.

Definitions are intended to be informational only. Please be advised that real estate practices vary from state to state and market to market. The information contained herein does not constitute legal advice. It is recommended that you consult with a qualified real estate attorney who can advise you specifically with respect to the requirements in your market.