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Real Estate

Terms

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ESCHEAT
If a real property owner dies and leaves no heirs or devisees, the ownership of that property reverts ("Escheats") to the State after a Statutory period of time.
Abandonment
Voluntarily giving up a right or interest in real property without conveying those rights/interests to anyone else
Abstract of Title
An historical summary of the chain of title to a piece of property, including conveyances and encumbrances, back to the original grantor.
Abstractor
The person or firm that prepares an Abstract of Title.
Abutting Land
Parcels that join, reach or touch each other at a common point.
Accelerated Depreciation
A tax deduction whereby an investor could "write off" more depreciation than straight line would allow. Accelerated Depreciation was eliminated by the Tax Reform Act of 1986.
Acceleration Clause
(Call Provision) A loan contract clause that calls the entire principle and interest immediately due and payable upon default.
Accession
The legal process by which a real property owner acquires title to soil or fixtures added to his property.
Accretion
The physical process of the addition of soil to real property by act of water
Acknowledgment:
A formal declaration by a person signing a document that he is who he says he is. Acknowledgment, which is done before a notary or otherwise qualified person, is required for recording documents in Oregon and Washington.
Acre
43,560 square feet of land.
Activity Sheet
A list maintained by a Broker that shows the date and time every property listed with that firm is advertised, shown, offers presented, etc.
Actual Notice
Hearing, being told or actually knowing that a situation exists.(opposite of Constructive Notice)
Ad Valorem
A Latin term used in property taxation meaning, tax according to value, true cash value or market value.
Administrator
A person named by a court to handle the estate of a deceased person when that person died without leaving a proper will.
Advance Fee
A fee charged by a Broker to pay for the cost of advertising a listed property. The fee is deducted from the commission if the property sells, but will not be refunded if the property does not sell.

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juliettyler

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