Glossary of Terms

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.