Aristocrat Title Glossary of Terms

A document giving a lender the right to collect tenant income if a borrower defaults on a commercial loan.

The value assigned to a property by a local government for tax purposes. Not the same as market value.

A professional estimate of a property’s market value, typically required by a lender before approving a mortgage.

The gradual repayment of a loan through scheduled payments over time.

A detailed property survey that meets the standards of the American Land Title Association (ALTA) and the National Society of Professional Surveyors (NSPS). It shows boundaries, improvements, easements, and rights-of-way, helping title companies and lenders confirm that a property’s legal description matches its physical layout. (See also: Commercial Services)

The national trade association that sets standards and best practices for the title industry. ALTA policies protect buyers and lenders during real estate transactions.

A loan with an interest rate that may change after an initial fixed period.

A historical summary of all recorded documents affecting a property, including ownership transfers, liens, and legal claims.