The ABCs of Real EstateJanuary 1, 2015Anchin, Block & Anchin LLP
Acre: A parcel of land that measures 43,560 square feet.
Ad Valorem Taxes: Property taxes on the assessed value of property.
Adjustable Rate Mortgage (ARM): A mortgage in which the interest rate is adjusted periodically according to a pre-selector index. The terms, adjustment schedule, and index to be used can be negotiated by the borrower and lender. Specific types include the renegotiable rate mortgage and the variable rate mortgage. Also referred to as a Canadian rollover mortgage.
All-Inclusive Trust Deed (AITD): An alternative to refinancing the entire loan when a borrower needs additional funds, this technique involves the creation of a subordinate mortgage that includes the balance due on the existing mortgage(s) plus the amount of the new secondary or junior lien.