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Archives: Glossary


Acceleration Clause

This is a provision that often appears in a Note and provides for payment of the Note in full prior to the maturity date (date of the last scheduled payment).  The clause will call out the circumstances under which the beneficiary may impose the requirement.  It is most commonly instituted for the purpose of establishing


An acknowledgment is a written declaration by a person executing (signing) an instrument (a document).  The term ‘acknowledgment’ is most commonly used to refer to the signature of a person given before an officer authorized to deliver an oath (such as a Notary Public).  In a standard Notary Acknowledgment, the person executing the document proves


An agent is a person who acts on behalf of another.  In a real estate sale transaction, agents are present in the form of a Real Estate Broker or Salesperson who represents one (or sometimes both) of the principals, a Mortgage Broker who represents a buyer or borrower in obtaining financing, and an attorney or attorney-in-fact.  The escrow holder is a limited agent for both of the principals in a sale transaction; their duty and obligation being limited to the content of the escrow instructions.


An assessment is a charge or levy placed on property – in the case of real property, land and the improvements thereon.  Assessments most commonly appear in the form of a lien for general (regular) and special taxes collected by the County in which a property is located.  In addition to the regular tax bill,

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