San Antonio Real Estate Glossary A
(After-acquired Title - Approval)
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After-acquired Title
Doctrine by which the title of real estate, previously unsuccessfully
transferred because of lack of possession by grantor, automatically
passes to the buyer upon acquisition by the grantor and is based on
the acquisition of title by estoppel.
After-completion Costs
Expenditures incurred after the completion of a building.
Agency
The relationship between two people or entities where one is a principal
and the other is an agent representing the principal in activities with
other parties, such as a real estate agent buying or selling for a client.
Agency Closing
The use of a Title company or another firm to complete a loan.
Agent
Anyone who has the authority to act on the behalf of another, representing
the business interests of that person.
Amortization
The gradual repayment of a mortgage loan by installments.
Amortization Schedule
A timetable for payment of a mortgage loan. An amortization schedule
shows the amount of each payment applied to interest and principal and
shows the remaining balance after each payment is made.
Amortization Tables
Mathematical tables used to calculate a monthly payment on a loan.
Amortization term
The amount of time required to amortize the mortgage loan. The amortization
term is expressed as a number of months. For example, for a 30-year
fixed-rate mortgage, the amortization term is 360 months.
Amortize
To repay a mortgage with regular payments that cover both principal
and interest.
Amortized Mortgage
Mortgage where the interest and principal have been fully repaid by
the mortgagee.
Apartment Building
A structure with individual apartment units and a common entrance and
hallway.
Apartment House
Multi-family housing complex of rental apartments managed by the property
owner or a resident manager.
Appraisal
A written analysis of the estimated value of a property prepared by
a qualified appraiser. Contrast with home inspection.
Approval
A confirmation of an amount able to be borrowed by an individual, based
upon assessment of his ability to repay said loan. Alternatively, an
authorization obtained from governmental authorities for a building
project to proceed.