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14 Cards in this Set

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  • Back
abandonment
the voluntary surrender of a right, claim or interest in a piece of property without naming a successor as owner or tenant.
abstract of title
a certified summary or the histor od a title to a particular parcel of real estate that includes the origional grant and all subsequent transders, encumbrances, and releases.
abutting
sharing a common boundary;adjoining
acceleration clause
a clause in a note, mortgage or deed of trust that permits the lender to declare the entire amount of principal and accured interest due and payable immediately in the event of default.
acceptance
the indication be a party receicing an offer they agree to the terms of the offer. In most states the offer and acceptance must be reduced to writing when real property is involved
accretion
the increase or addition of land resulting from the natural deposit of sand or soil by streams lakes or rivers
accrued depreciation
the amt of depreciation or loss in value that has accumulated since initial construction...the difference between the current appraised value and the cost to replace the building
accrued items
a list of expenses that have been uncurred but not yet ppais such as interest on a loan, that are included on a closing statement.
acknowledgment
a formal declaration before a public official usually a notary public, by a person who has signed a deed, contract or other document that the execution was a voluntary act.
acknowlegment
a formal declaration before a public official ususally a notary pyblic by a person who has signed a deed, contract or other document that the execution was a voluntary act.
acre
a measure of land equal to 43,550 sq ft or 4,840 sq yds
actual eviction
the result of legal action brought by a landlord agains a defaulted tenant whereby the tenant is physically removed from rented or leased propert by a court order
actual notice
the actual knowledge that a person has of a particular fact
addendum
any provision added to a contract or an addition to a contract that expands modifies or enhances the clarity of the agreement. To be a part of the contract and legall enforceable, an addendum must be referenced within the contract.