New York Real Estate Glossary A
(After-acquired Title - Approval)
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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.
Expenditures incurred after the completion of a building.
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.
The use of a Title company or another firm to complete a loan.
Anyone who has the authority to act on the behalf of another, representing
the business interests of that person.
The gradual repayment of a mortgage loan by installments.
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.
Mathematical tables used to calculate a monthly payment on a loan.
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.
To repay a mortgage with regular payments that cover both principal
Mortgage where the interest and principal have been fully repaid by
A structure with individual apartment units and a common entrance and
Multi-family housing complex of rental apartments managed by the property
owner or a resident manager.
A written analysis of the estimated value of a property prepared by
a qualified appraiser. Contrast with home inspection.
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.