Business / Real Estate Glossary

Attachment: The legal process of seizing the real or personal property of a defendant in a lawsuit by levy or judicial order, and holding it in court custody as security for satisfaction of a judgment. . . . View Full Definition

Attorney General: The chief law officer of the federal or state government, who appears for the people in criminal court.

Attorney-In-Fact: A competent and disinterested person who is authorized by another person to act in his or her place. In real estate conveyance transactions, an attorney-in-fact, who has a fiduciary relation . . . View Full Definition

Attorneys Opinion Of Title: An abstract of title that an attorney has examined and has certified to be, in his or her opinion, an accurate statement of the facts concerning the property ownership.

Attractive Nuisance Doctrine: An owner has a duty to reasonably protect children from injury when his or her property is likely to attract children.

Auction: Selling property to the highest bidder.

Automated Underwriting: Computer systems that permit lenders to expedite the loan approval process and reduce lending costs.

Automatic Extension: A clause in a listing agreement that states that the agreement will continue automatically for a certain period of time after its expiration date. In many states, use of this clause is disco . . . View Full Definition

Avulsion: The sudden tearing away of land, as by earthquake, flood, volcanic action or the sudden change in the course of a stream.

Back-End Qualification: When qualifying a prospective buyer for financing, the ratio of the borrowers income to monthly debt obligation is a primary consideration. Based on back-end qualification, the ratio of a pr . . . View Full Definition

Back-End Ratio: The ratio of monthly housing costs (PITI) plus long-term debt service to total monthly income.

Backup Offer: An offer to buy, submitted to a seller, with the understanding that the seller has already accepted a prior offer, a secondary offer. Sometimes the seller accepts the backup offer contingent . . . View Full Definition

Bail Bond Lien: A real estate owner who is charged with a crime for which he or she must face trial, and may post bail in the form of real estate rather than cash. The execution and recording of such a bail . . . View Full Definition

Balance: The appraisal principle that states that the greatest value in a property will occur when the type and size of the improvements are proportional to each other as well as the land.

Balanced Trust: A combination trust is referred to as a balanced trust in California.

Balloon Payment: Under an installment loan agreement, a final payment that is substantially larger than the previous installment payments and repays the debt in full, the remaining balance that is due at mat . . . View Full Definition

Baluster: Any of the vertical supports for a stair, balcony or railing.

Bankers Rule: Using a 360-day year for prorations.

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