| Term | Definition |
|---|---|
| Attic |
The portion of a house between the ceiling of the top floor and the underside of the roof. There must be access to an attic. By inspecting an attic you can check for signs of structural problems in the rafters and joists and ass ure that there is adequate ventilation. |
| Attorney-in-fact |
One who holds a power of attorney from another to execute documents on behalf of the grantor of the power. |
| Attornment |
A tenant's formal recognition of a new landlord. A mortgagee, who becomes an owner by foreclosure, with the tenant recognizing the mortgagee as the new landlord, has a defense against claims for rent by the defaulting mortgago r. Attornment starts a new tenancy between the new owner and the tenant. |
| Attractive nuisance doctrine |
A legal doctrine holding that a property owner must protect children from injuring themselves by an attractive danger such as a swimming pool. As an example of adhering to this doctrine, a property owner shou ld build a fence around a swimming pool. |
| Automated Underwriting |
After you complete your loan application with a lender, it is sent to "underwriting" for review. In short, underwriting is the process used to analyze how you have managed credit obligations in the past, whether you have the ability to repay the mortgage loan you are applying for (i.e., your income and assets), and whether the price you are willing to pay for the home is supported by the price of the property. |
| Average life of a mortgage |
The average number of years one dollar of principal investment remains outstanding in a mortgage loan. The average life is used in deciding the true yield of a mortgage. A 30-year mortgage is said to have an average life of 12 years; a 10- to 15-year mortgage has an average life of 7 years. Investors base the yield of a mortgage on the average life as opposed to the original term. |
| Avulsion |
The sudden removal of land by action of a body of water, such as a river. |
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