Real
Estate Markets are very different and many
things are handled differently from one
state to another. We have assembled a
glossary of the most common terms used in
the Florida Real Estate Market to assist
our American clients and the many
international clients from Canada, United
Kingdom and other countries across the
world.
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Z
Abandonment
A surrender of rights; point when a broker makes no effort to
service or sell listed property, failure
to perform
Absentee owner
A property holder who does not reside on the property and who
usually relies on a property manager to
supervise the investment
Abstract of title
Condensed history of title to real property consisting of a summary
of the links in the "chain of title"
extracted from documents bearing on the
title status
Acceptance
Voluntary receipt of an item offered by another
Acknowledgment
Formal declaration before an authorized official, by the person who
executed the instrument, that it is a free
act
Adjustable Rate mortgage (ARM)
A financing technique in which the lender can raise or lower the
interest rate according to a set index.
Advalorem
According to the value; in proportion to worth
Adverse possession
A method of obtaining title to real property by occupying it in an
open and hostile manner contrary to the
interests of the owner.
Affidavit
A sworn statement written down before a notary or public official.
Agency
Express or implied authorization for one person to act for another
Agent. A representative, one who is
authorized to act on behalf of another
Alienation
The act of transferring ownership, title, or an interest or estate
in real property.
Amortized mortgage
A loan characterized by payment of a debt by regular installment
payments
Anniversary Date
Recurring each year; the date an insurance policy must be renewed
to continue in effect
Annual percentage rate (APR)
Total yearly cost of credit
Appraisal
Professional service provided by a registered, licensed, or
certified appraiser or real estate
licensee to produce an estimate of value
Appraised value
Estimated worth of a property determined by someone qualified in
valuation
Appraiser
One who is a registered, licensed, or certified by the DBPR and
provides an estimate of value.
Appreciation
An increase in value.
Arbitration
The act of having a third party render a binding decision in a
dispute between two parties.
Assessed value
Worth established for each unit of real
property for tax purposes by a county
property appraiser.
Assessment
The imposition of a tax or charge
according to a preset rate; the allocation
of the proportionate individual share of a
common expense in a condo or co-op
building.
Asset
Anything of value.
Assignee
Person to whom a right or interest is
transferred.
Assignment
Written instrument that serves to transfer
the rights or interests of one person to
another.
Assignor
Person who gives his or her legal rights
or interests to another person
Associate
Person working for a broker
Assumption of mortgage
The taking over of an existing mortgage by
a buyer.
Attorney, power of
Designation of another person to act for a
principal who may not be present
We hope you found the above links useful,
and
remember, if you have any questions
regarding buying or selling your Florida
Holiday Home or permanent residence in
the Disney Orlando area please contact
us - we look forward to your call.
