Affirmation A substitution for an oath granted to people based on religious reasons. The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract. Agency closing The process by which a lender uses a title company or other firm as an agent to complete a loan. Agency disclosure Laws in most states requiring agents who act for buyers or sellers to disclose who represents whom in a real estate transaction.
Laws vary widely by state.
A compromise boundary to which property owners agree in order to resolve a dispute. A document the buyer initiates and the seller approves that details the price and terms of the transaction. Alcove A recessed section of a room, such as a breakfast nook. A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred. Alkali Mineral salt found in soil.