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Abstract of title: A condensed history of the recorded documents affecting title to real property.

Acceleration clause: A mortgage clause that allows the lender to call the entire balance due and payable immediatley in the event of a default by the borrower.

Adjustable-rate mtg(ARM): A mortgage loan program that allows the lender to change interest rate based on a published index that's beyond the lender's control.

After-tax cash flow: The amount remaining after expenses, mortgage payments, and income taxes have been deducted from the gross income of an investment property.

Annual percentage rate(APR): A calculation required under the Truth-in-Lending Act that discloses the annual cost of credit, including financing charges.

Appraisal: A supported, defended estimate of value of property rights as of a given date.

Arm's-length transaction: A transaction in which the parties are dealing from equal bargaining positions.

Assessed Value: Worth established for each unit of real property for tax purposes by a county property appraiser.

Balloon Payment: The final payment due under a partially amortized mortgage that is larger than the periodic payments made during the term of the loan.

Blanket Mortgage: Collateral for a promissory note that encumbers more than one parcel of property.