An increased value of property due to either a positive improvement of the area or elimination of negative factors, but not due to an increase in value from inflation. Appreciation in real estate refers to an increase in the value of a property over time. When a home...

An opinion of value based upon factual analysis. An appraisal is an opinion or conclusion as to the value of a property on a given date. An appraiser gives an opinion as to value. The appraiser does not set value, nor does the appraiser determine or create value....

The yearly interest percentage of a loan, as expressed by the actual rate of interest paid, including up-front loan fees. The interest rate on a mortgage loan, sometimes called the note rate, is the percentage the lender charges you to borrow the principal amount of...

The payment of debt in regular and periodic installments of principal and interest, as opposed to interest-only payments. Amortization is a planned series of payments over the life of a loan that pay back the principal and interest on the debt in regular installments....

(American Land Title Association) A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard policy to include unrecorded mechanic's liens; unrecorded physical easements; facts a physical...

An owner's extended coverage policy that provides buyers and owners the same protection the ALTA policy gives to lenders. ALTA stands for American Land Title Association. An ALTA policy is a type of title insurance issued by title insurance companies. This policy...

A type of acceleration clause, calling for a debt under a mortgage or deed of trust to be due in its entirety upon transfer of ownership of the secured property. For example, if a homeowner with a mortgage transfers their property to another party, the lender may...

Adverse possession is a legal concept that, in certain situations, allows one party who is occupying another party’s land to take legal ownership of that land. This concept originated in medieval English common law; it intended to make sure that land that was being...

Accretion is the gradual and imperceptible addition of soil to a riparian or littoral property. The added waterborne soil deposits are known as alluvion or alluvium. Once added to the owner's property, the accreted soil becomes a part of the owner's property. If the...

An addition to property, often through natural geological events. Accession involves acquiring title to something added to the property, either by human-made action or through the operation of natural geological processes. A property expanding by the addition of land...