A Glossary Terms

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AGREEMENT OF SALE
A written contract signed by the seller and buyer stating the terms and conditions under which a property will be sold. Also known as the Sales Contract.

APPLICATION FEE
The charge collected by the lender at the time of the mortgage application. This fee often includes charges for property appraisals and credit report.

APPRAISAL
A professional, written estimate of the current market value of a property.

APPRECIATION
The increased value of a property.

ANNUAL PERCENTAGE RATE (APR)
Annual Percentage Rate is used to determine the full cost of a loan including interest and loan fees. This is the rate which is often used to compare lending programs.

ARREARS
Any debts, such as rent, that are overdue.

ASSESSED VALUE
The value of the property as assessed for property tax purposes.

ASSUMABLE MORTGAGE
An existing mortgage that can be taken over by the buyer when a property is sold; it may require waiver of an enforceable due-on-sale provision.