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ABATEMENT OF JUDGMENT
A document containing a condensation of the essential provisions of a court judgment.
ABATEMENT OF NUISANCE
The act of ending or terminating a nuisance; a type of legal action brought in order to end a nuisance.
ABSTRACT OF JUDGMENT
A summary of a money judgment. The summary is usually prepared so that it may be recorded, thereby creating a (judgement) lien on real estate owned by the judgment debtor.
ABSTRACT OF TITLE
A summary of the instruments affecting title to a parcel of real property as shown by the public records.
ACCELERATE
To make a note all due and payable at one time.
ACCELERATION CLAUSE
A clause in a deed of trust or mortgage giving the lender the right to call all sums owed to him or her to be immediately due and payable upon the occurrence of a certain event. It is also a clause that permits a debtor to pay off a loan before the due date.
ACCEPTANCE
An essential element of every contract, it is the consent to be bound by the offer. In deeds, it is the consent to accept a grant of real property.
ACCESS RIGHT
The right of an owner to go into and out of his or her property.
ACCOMMODATION PARTY
A person who, without receiving value, signs a promissory note to help another person borrow money or get credit.
ACCORD AND SATISFACTION
The discharge of an existing contract by accepting the performance under a substitute contract. Generally, consideration under the new contract is different from and of lesser value than under the original contract, and satisfaction is the performance of that contract; the combination discharges the original contract.
ACCRETION
A gradual addition to land from natural causes; for example, from gradual action of ocean or river waters.
ACCRUED DEPRECIATION
(1) The difference between the cost of replacement new as of the date of the appraisal and the present appraised value. (2) The accumulated los in value that has affected the improvements on real property.
ACKNOWLEDGEMENT
A formal declaration before an officer duly authorized as a notary public by a person who has executed an instrument, stating that the execution is his or her act and deed. A formal statement (usually before a notary public) by the person signing a deed or document that the instrument was actually and freely signed.
ACOUSTICAL TILE
Blocks of fiber, mineral, or metal with small holes or a rough-textured surface to absorb sound, used as covering for interior walls and ceilings.
ACQUISITION
The act or process by which a person procures property.
ACRE
A measure of land equaling 160 square rods, 4840 square yards, 43,560 square feet, or a tract about 208.71 feet square.
ACTUAL NOTICE
Delivering a written statement to the defaulted party or any interested parties of a recordation or default.
AD VALOREM
According to value.
ADA
Refers to the Americans With Disabilities Act. The ADA applies to equal access to employment, public services, public accommodations, public transportation, and telecommunications.
ADJACENT
Located next to or near an object or parcel of property.
ADJOINING
Located so as to touch an object or share a common property line.
ADJUSTED COST BASIS
For tax purposes, it is the cost of the property plus improvements and minus depreciation, amortization, and depletion.
ADMINISTRATOR
A person appointed by the probate court to administer the estate of a deceased person. His or her duties include making an inventory of the assets, managing the property, paying the debts and expenses, filing necessary reports and tax returns, and distributing the assets as ordered by the probate court.
ADRE
Arizona Department of Real Estate (Also known as ADRE)
ADVERSE POSSESSION
A method of acquiring property based on open, notorious and hostile possession for three to twenty-five years, as applicable to the case. Also referred to as PRESCRIPTION.
AFFIDAVIT
A statement or declaration reduced to writing, sworn to or affirmed before some officer who has authority to administer an oath or affirmation, such as a notary public or a commanding officer in the service.
AFFIRM
To confirm, swear, ratify of verify.
AGENCY

A special relationship of trust by which one person (agent) is authorized to conduct business, sign papers, or otherwise act on behalf of another person (principal).
AGENCY AGREEMENT

A contract created between a broker and client.
AGENCY RELATIONSHIP
A special relationship of trust by which one person (agent) is authorized to conduct business, sign papers, or otherwisw act on behalf of another person (principle). This relationship may be created by expressed agreement, ratification, or estoppel.
AGENT

One who represents another, called a principal, and who has authority to act for the principal in dealing with third parties. The relationship is referred to as an agency. Someone authorized to act for another (called the principal) in business matters.
AGREEMENT

A mutual understanding or compact between parties. Although often used synonymously with "contract", technically it denotes mutual promises that fail as a contract because of lack of consideration. Also known as a contract.
AGREEMENT OF SALE

(1) A written contract between a buyer and seller setting out the terms of sale. (2) An installment sales contract covering real property, especially a long-term contract.
AIDS

The seller of real property, his agents or his subagents do not have to disclose that somebody died of AIDS or had AIDS in said property.
ALIENATE

The transferring of property to another. Conveyance or transfer of title to real estate from one person to another person.
ALIENATION

The transfer of property from one person to another.
ALIENATION CLAUSE

In a deed of trust or mortgage, a provision that if the secured property is sold or transferred, the lender has the option of accelerating the loan and declaring the entire unpaid balance immediately due and payable. Also called a "due-on-sale" clause.
ALL-INCLUSIVE DEED OF TRUST

A financing device whereby a lender makes payments on the existing trust deeds of a borrower, and takes from the borrower a junior trust deed with a face value in an amount equal to the amount outstanding on the old trust deeds and the additional amount of money borrowed.
ALLUVION (ALLUVIUM)

Soil that has been deposited by accretion on the shore of a river or body of water and that increases the amount of real property.
ALTA TITLE POLICY

A title insurance policy issued by title insurance companies that expands the risks insured against under the standard type of policy to include unrecorded physical easements, facts a physical survey would show, water and mineral rights, and rights of parties in possession (such as tenants and buyers under unrecorded instruments). The initials stand for American Land Title Association, an organization that regulates and standardizes the provisions within title policies.
ALTER EGO

A doctrine which holds that a corporation is really owned by shareholders as their own property, and therefore it should not be considered as a separate entity. Usually used to try to hold shareholders liable for corporate debts.
AMBULATORY

Capable of being changed or revoked. In wills, it refers to the concept that a will may be revoked or modified at any time up to the testator's death.
AMELIORATING WASTE

Improvements to property that, while not damaging the value of the property, technically qualify as waste. For example, an apartment building constructed on property designated only for single-family structures is considered ameliorating waste.
AMENITIES

As used in the real estate business, the features that make a piece of real property, especially a home, enjoyable.
AMORTIZATION

(1) The liquidation of a financial obligation on an installment basis, which includes both principal and interest. (2) Recovery of cost or value over a period of time. The method or plan for the payment of a debt, bond, deed of trust, etc., by installments or sinking fund.
ANNUAL PERCENTAGE RATE (APR)

The cost of credit as determined in accordance with Regulation Z of the Board of Governors of the Federal Reserve System for implementing the Federal Truth in Lending Act.
ANNUITY

A sum of money received or paid yearly or at other fixed periods.
ANTICIPATION

Affirms that value is created by the anticipated benefits to be derived in the future.
ANTICIPATORY BREACH

Advance notice of intention to violate the terms of a contract.
APPEAL

The review or rehearing by a higher court of a low (inferior) court's decision.
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