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8 Cards in this Set
- Front
- Back
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Abstract of Title
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A summary of the public records relating to the title to a particular piece of land. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects which must be cleared before a buyer can purchase clear, marketable, and insurance title.
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Acknowledgment
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Formal declaration before a public official that one has signed a document. Prior to recording real estate legal documents, such as grant deeds and deeds of trust, a Notary Public acknowledges the person's signature on the document.
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Acre
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A measure of land equal to 43,560 square feet.
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Action to Quiet Title
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A court action to establish ownership of real property. Although technically not an action to remove a cloud on title, the two actions are usually referred to as "Quiet Title" actions.
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Ad Valorem
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Designates an assessment of taxes against property. Literally, according to value; based on the "ability to pay" theory.
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Adverse Possession
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The actual, exclusive, open notorious, hostile and continuous possession and occupation of real property under an evident claim of right or title. The time required legally to obtain title by adverse possession varies from state to state.
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Agreement of Sale
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An agreement between parties for the sale of real estate. In some states it is synonymous with a Purchase Agreement, Sales Agreement, or Land Contract. In Texas it is known as an Earnest Money Contract.
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Alienation Clause
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Provision in a mortgage document stating that the loan must be paid in full if ownership is transferred.
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