Asbestos A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard. The purchase or sale of a property in its existing condition. A seller's initial price for a property. A determination by a tax assessor of the value of a home in order to calculate a tax base. The estimated value of a piece of real estate or a levy placed on property in addition to taxes.
Assessment rolls A list of taxable property compiled by the assessor.
Assignor A person who transfers rights and interests of a property. Assumable mortgage A mortgage that can be transferred to another borrower. A provision that allows a buyer to take responsibility of the mortgage from a seller. A fee the lender charges for processing new records for a buyer assuming an existing loan. The price of a home determined by totaling the sales prices of all houses sold in an area and divided by the number of homes.