Real Estate Glossary 2
Terms
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- Abandonment
- Voluntary surrender of a claim or right, such as when a Declaration of Abandonment terminates a homestead.
- Abstract
- A brief summary.
- Abstract of Judgement
- A condensation of the essential provisions of a court judgment.
- Abstract of Title
- A summary or digest of the conveyances, transfers, and any other facts relied on as evidence of title, together with any other elements of record which may impair the title.
- Accelaration Clause
- Clause in trust deed or mortgage giving the lender the right to call all sums owing to be due and payable upon the happening of a certain event, such as the sale of the property or failure to pay property taxes.
- Accession
- Acquiring title by having property added to your property.
- Accretion
- An addition to land from natural causes as, for example, from gradual action of the ocean or river waters.
- Accrued
- Accumulated up to this point in time. Accrued interest, or accrued depreciation.
- Accrued Depreciation
- The difference between the cost of replacement new as of the date of the appraisal and the present appraised value.
- Acknowledgment
- A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is his act and deed.
- Acre
- 43,560 square feet of land.
- Actual Notice
- Knowledge of the existence of a thing or fact.
- Ad Valorem
- According to valuation.
- Agency
- The relationship between principal and agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party.
- Agent
- One who represents another from whom he has derived authority.
- Alienation
- The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.
- Alienation Clause
- Clause in a loan document providing for full payment if property is sold.
- ALTA Title Policy
- (American Land Title Association) A type of title insurance policy issued by title insurance companies which expands the risks normally insured against under the standard type policy. It is a lender's policy.