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Glossary of Terms

A B C D E F G I L N P Q R S U V W

Acknowledge A declaration by someone that something is true.
 
Affidavit A sworn statement; written oath such as acknowledgment.
 
Affirmation A solemn declaration; a non-religious oath.
 
Agency The legal relationship between a principal and his agent arising from a contract in which the principal engages the agent to perform certain acts on the principals behalf.
 
Agent A person (natural), corporation, society, association or partnership (legal persons) acting by authority of a principal in a realty transaction for compensation.
 
Agreement of Sale A bilateral contract whereby buyer promises to buy and seller promises to sell by execution and delivery of deed; also known as Offer to Purchase. Agreement means the same as Contract.
 
Amortization Act of liquidating an indebtedness by equal and periodic payments usually monthly; this direct reduction method means each payment remains constant but ratio of principal and interest changes with an increasing larger portion credited to reducing debt; savings and loan associations popularized method.
 
Appraisal An estimate of value.
 
Appreciation Increase in value resulting from market forces such as demand stronger than supply.
 
Asset Sale A form of acquisition whereby the seller of a corporation agrees to sell all or certain assets and liabilities of a company to a purchaser. The corporate entity is not transferred.
 

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