Agreement of Purchase and Sales
The legal contract a purchaser and a seller go into. We recommend that you have your offer prepared by a professional realtor that has the knowledge and experience to satisfactorily protect you with the most suitable clauses and conditions.

Amortization Period
The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.

Appraisal
The process of determining the market value of a property.

Assets
What you own or can call upon. Often used in determining net worth or in securing financing.

Assumption Agreement
A legal document signed by a buyer that requires the buyer assume responsibility for the obligations of an existing mortgage. If someone assumes your mortgage, make sure that you get a release from the mortgage company to ensure that you are no longer liable for the debt.