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ABANDONMENT
lessee leaves without consent of lessor before lease expires, does not break lease or relieve lessee of obligations
ABATEMENT
reduction of property taxes
ABSTRACT OF TITLE
a condensed history of legal title, summarizing all instruments in chain of ownership; provided by lender''s attorney and paid by borrower
ABUTTING
neighboring land with a common boundary
ACCELERATION CLAUSE
a clause in Note; upon default, balance of debt becomes due immediately instead of maturity date; prelude to foreclosure
ACCEPTANCE
indication by signature of offeree that he is willing to be bound by terms of offer from offeror
ACCRETION
the gradual addition of land by action of water or wind.
ACCRUED DEPRECIATION
difference between cost of replacing property new as of date of appraisal and present value
ACKNOWLEDGMENT
act of executing a legal instrument such as a deed, mortgage or discharge before a notary public; declares signing to be free and voluntary; this is necessary before recording at registry
ACRE
43,560 square feet
ACTUAL EVICTION
legal action originated by lessor whereby lessee in default is physically ousted by result of (pursuant to) court order
ACTUAL NOTICE
actual and specific knowledge of a legal matter as opposed to constructive notice (recorded in registry of deeds)
ADJACENT
nearby or abutting
ADJOINING
touching and contiguous
ADJUSTMENTS
rents, insurance, fuel, taxes etc., apportioned or prorated between buyer and seller at closing of title (passing)
ADMINISTRATOR/ADMINISTRATRIX
person appointed by probate court to probate or prove and settle estate of person leaving no will
AD VALOREM
tax assessment based on actual value
AEOLIAN SOIL
sand dunes formed by the action of the wind
ADVERSE POSSESSION
occupant''s right to acquire legal title to private property held by title holder by deed if occupant holds land openly, notoriously, adversely and without permission for 20 years; also known as squatter''s rights
AFFIDAVIT
a sworn statement; written oath such as acknowledgment
AFFIRMATION
a solemn declaration; a non-religious oath
AGENCY
a contract by which one party undertakes to represent another in certain business situations, such as realty brokerage
AGENT
a person (natural), corporation, society, association or partnership (legal persons) acting by authority of a principal in a realty transaction for compensation
AGREEMENT OF SALE
a bilateral contract whereby buyer promises to buy and seller promises to sell by execution and delivery of deed; also known as Purchase and Sale Agreement (P&S); Agreement means the same as Contract
AIR RIGHTS
ownership or lease of air space over a specific parcel of realty, such as a building over a turnpike
ALIENATION
voluntary transfer of realty
ALIENATION CLAUSE
clause in mortgage giving lender right to accept or reject new owner of take-over mortgage
ALLUVION (ALLUVIUM)
sand or mud carried by water and deposited on other land
AMENITIES
features of property making it desirable and thus adding value, such as scenic views, convenient shopping, etc.
AMORTIZATION
paying indebtedness by equal and periodic payments; each payment is equal but ratio of principal and interest changes with an increasingly larger portion credited to reducing debt
APPRAISAL
an estimate of value
APPRECIATION
increase in value resulting from market forces such as demand stronger than supply
APPROACHES TO VALUE
three methods used by appraiser to form an estimate of value such as cost, market and income approaches
APPURTENANCE
a right belonging to and passing with a property such as having a right of way through adjoining property
ARM''S LENGTH TRANSACTION
sale without duress on either party resulting in fair market value; an open and willing sale
ASSEMBLAGE
the act or process of combining two or more lots under single ownership.
ASSESSED VALUATION
value given to realty by assessor's office for property taxation purposes; also called assessment; actual collection of tax comes from Tax Collector or Treasurer
ASSETS
all real and personal property one owns; assets minus liabilities such as mortgages, equal net worth (equity) transfer of title or interest in writing
ASSOCIATE BROKER
a broker who chooses to work as a salesperson for another broker (the employing broker)
ASSUMPTION OF MORTGAGE
taking of title to property by grantee who assumes existing loan; however original mortgagor is not released and in event of foreclosure and deficiency, mortgagee can look to either original mortgagor or new grantee or both
ATTACHMENT
a writ issued, beginning or during a legal action commanding sheriff to attach ("seize") property, rights and effects of defendant to satisfy possible credit demands of plaintiff if judgment comes out in plaintiff's favor
ATTEST
affirmation that something is true or authentic
ATTESTATION
testimony or evidence given under oath
ATTORNEY-AT-LAW
a lawyer employed by a party to manage a cause
ATTORNEY-IN-FACT
anyone who is authorized in writing to perform certain acts for another; valid only during lifetime of party giving this power
AUCTION
public sale of property to highest bidder
AVULSION
the sudden loss of land by action of water.
BALLOON MORTGAGE
principal loan amount paid off in lump sum at end of term as opposed to amortized direct reduction method
BENCHMARK
mark on stone or cement permanently fixed to ground; used as measuring point by surveyors
BEQUEATH
to give personal property by will; bequest
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