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The failure to occupy and use property that may result in a loss of rights.
ABANDONMENT
Extinction or termination of a nuisance.
ABATEMENT OF NUISANCE
See FEE SIMPLE ESTATE.
ABSOLUTE OWNERSHIP
A condensation of the essential provisions of a court judgment.
ABSTRACT OF JUDGMENT
A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.
ABSTRACT OF TITLE
A method of valuing land. The indicated value of the improvement is deducted from the sale price.
ABSTRACTION
The system for figuring depreciation (cost recovery) for depreciable real property acquired and placed into service after January 1, 1981. (ACRS)
ACCELERATED COST RECOVERY SYSTEM
A method of cost write-off in which depreciation allowances are greater in the first few years of ownership than in subsequent years. This permits an earlier recovery of capital and a faster tax write-off of an asset.
ACCELERATED DEPRECIATION
A condition in a real estate financing instrument giving the lender the power to declare all sums owing lender immediately due and payable upon the happening of an event, such as sale of the property, or a delinquency in the repayment of the note.
ACCELERATION CLAUSE
The act of agreeing or consenting to the terms of an offer thereby establishing the meeting of the minds that is an essential element of a contract.
ACCEPTANCE
The right of an owner to have ingress and egress to and from owner’s property over adjoining property.
ACCESS RIGHT
An addition to property through the efforts of man or by natural forces.
ACCESSION
Accession by natural forces, e.g., alluvium.
ACCRETION
The difference between the cost of replacement new as of the date of the appraisal and the present appraised value.
ACCRUED DEPRECIATION
Those incurred expenses which are not yet payable. The seller’s accrued expenses are credited to the purchaser in a closing statement.
ACCRUED ITEMS OF EXPENSE
A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his or her free act. In this state an acknowledgment is the statement by an officer such as a notary that the signatory to the instrument is the person represented to be.
ACKNOWLEDGMENT
Blocks of fiber, mineral or metal, with small holes or rough-textured surface to absorb sound, used as covering for interior walls and ceilings.
ACOUSTICAL TILE
The act or process by which a person procures property.
ACQUISITION
A measure of land equaling 160 square rods, or 4,840 square yards, or 43,560 square feet, or a tract about 208.71 feet square.
ACRE
Authority expressly given by the principal or given by the law and not denied by the principal.
ACTUAL AUTHORITY
An act intended to deceive another, e.g., making a false statement, making a promise without intending to perform it, suppressing the truth.
ACTUAL FRAUD
Additional pages of material that are added to and become part of a contract.
ADDENDUM
A mortgage loan which bears interest at a rate subject to change during the term of the loan, predetermined or otherwise.
ADJUSTABLE RATE MORTGAGE (ARM)
In appraising, a means by which characteristics of a residential property are regulated by dollar amount or percentage to conform to similar characteristics of another residential property.
ADJUSTMENTS
A person appointed by the probate court to administer the estate of a deceased person who died intestate. (Administratrix, the feminine form.)
ADMINISTRATOR
See ALTERNATIVE DISPUTE RESOLUTION.
ADR
A Latin phrase meaning according to value. Usually used in connection with real estate taxation.
AD VALOREM
Transfer of funds from a lender to a borrower in advance on a loan.
ADVANCE
The institutional investor’s prior agreement to provide long-term financing upon completion of construction; also known as a take-out loan commitment.
ADVANCE COMMITMENT
A fee paid in advance of any services rendered. Sometimes unlawfully charged in connection with that illegal practice of obtaining a fee in advance for the advertising of property or businesses for sale, with no intent to obtain a buyer, by persons representing themselves as real estate licensees, or representatives of licensed real estate firms.
ADVANCE FEES
A method of acquiring title to real property through possession of the property for a statutory period under certain conditions by a person other than the owner of record.
ADVERSE POSSESSION
One who makes an affidavit or gives evidence.
AFFIANT
A statement or declaration reduced to writing sworn to or affirmed before some officer who has authority to administer an oath or affirmation.
AFFIDAVIT
A statement, in writing, made under oath by seller or grantor, acknowledged before a Notary Public in which the affiant identifies himself or herself and affiant’s marital status certifying that since the examination of title on the contract date there are no judgments, bankruptcies or divorces, no unrecorded deeds, contracts, unpaid repairs or improvements or defects of title known to affiant and that affiant is in possession of the property.
AFFIDAVIT OF TITLE
To confirm, to aver, to ratify, to verify. To make a declaration.
AFFIRM
The relationship between principal and the principal’s 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.
AGENCY
One who acts for and with authority from another called the principal.
AGENT
An exchange of promises, a mutual understanding or arrangement; a contract.
AGREEMENT
A written agreement or contract between seller and purchaser in which they reach a meeting of minds on the terms and conditions of the sale. The parties concur; are in harmonious opinion.
AGREEMENT OF SALE
The rights in real property to the reasonable use of the air space above the surface of the land.
AIR RIGHTS
The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.
ALIENATION
A clause in a contract giving the lender certain rights in the event of a sale or other transfer of mortgaged property.
ALIENATION CLAUSE
A real property ownership system where ownership may be complete except for those rights held by government. Allodial is in contrast to feudal tenure.
ALLODIAL TENURE
The gradual increase of the earth on a shore of an ocean or bank of a stream resulting from the action of the water.
ALLUVIUM
An owner’s extended coverage policy that provides buyers and owners the same protection the ALTA policy gives to lenders.
ALTA OWNER’S 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 to include unrecorded mechanic’s liens; 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.
ALTA TITLE POLICY
The resolution of disputes by various means including, but not limited to negotiation, mediation, and arbitration.
ALTERNATIVE DISUPUTE RESOLUTION (ADR)
Satisfaction of enjoyable living to be derived from a home; conditions of agreeable living or a beneficial influence from the location of improvements, not measured in monetary considerations but rather as tangible and intangible benefits attributable to the property, often causing greater pride in ownership.
AMENITIES
The liquidation of a financial obligation on an installment basis; also, recovery over a period of cost or value.
AMORTIZATION
A loan to be repaid, interest and principal, by a series of regular payments that are equal or nearly equal, without any special balloon payment prior to maturity. Also called a Level Payments Loan.
AMORTIZED LOAN
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