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10 Cards in this Set
- Front
- Back
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Abstract Title
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The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate.
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Acceleration clause
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The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or other covenant.
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Accession
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Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.
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Accretion
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The increase or addition of land by the deposit of sand or soil washed up naturally from a river, lake, or sea.
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Accrued items
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On a closing statement, items of expense that are incurred but not yet payable, such as interest on a mortgage loan or taxes on real property.
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Acknowledgment
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A formal declaration made before a duly authorized officer, usually a notary public, by a person who has signed a document.
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Acre
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A measure of land equal to 43,560 square feet.
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Actual eviction
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The legal process that results in the tenant's being physically removed from the leased premises.
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Actual Notice
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Express information or fact; that which is known; direct knowledge.
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Adjustable-rate mortgage (ARM)
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A loan characterized by a fluctuating interest rate, usually one tied to a bank or savings and loan association cost-of-funds index.
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