Abstract of Judgment
A summary of the essential provisions of a court judgment. When recorded,
an abstract of judgment creates a general lien on all of the real property
of the judgment debtor in the county in which it is recorded.
A formal declaration made before a duly authorized officer (usually a
notary public) by a person who has executed an instrument that such execution
is his or her act and deed.
Adjustable Rate Mortgage (ARM)
A mortgage in which the interest rate is adjusted periodically according
to a preselected index. The terms, adjustment schedule and index to be
used can vary based on the particular lender.
American Land Title Association (ALTA)
A national association of title insurance companies, abstractors, and
agents. The association adopts standard title policy forms.
The process of paying off a debt in installments over a given period of
time without a final balloon payment.
Annual Percentage Rate (APR)
An expression of the percentage relationship of the total finance charges
to the total amount to be financed, as required under the federal Truth-in-Lending
An opinion of the value of property resulting from an analysis of facts
affecting market value.
The value that a taxing authority places upon real or personal property
for the purpose of taxation.
A mortgage loan which can be transferred to another person without a change
in the terms of the loan.