Real Estate Glossary

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Abandonment

Back 1

Voluntary surrender of a claim or right, such as when a Declaration of Abandonment terminates a homestead.

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Abstract

Back 2

A brief summary.

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Abstract of Judgement

Back 3

A condensation of the essential provisions of a court judgment.

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Abstract of Title

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A summary or digest of the conveyances, transfers, and any other facts relied on as evidence of title, together with any other elements of record which may impair the title.

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Accelaration Clause

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Clause in trust deed or mortgage giving the lender the right to call all sums owing to be due and payable upon the happening of a certain event, such as the sale of the property or failure to pay property taxes.

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Accession

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Acquiring title by having property added to your property.

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Accretion

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An addition to land from natural causes as, for example, from gradual action of the ocean or river waters.

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Accrued

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Accumulated up to this point in time. Accrued interest, or accrued depreciation.

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Accrued Depreciation

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The difference between the cost of replacement new as of the date of the appraisal and the present appraised value.

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Acknowledgment

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A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is his act and deed.

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Acre

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43,560 square feet of land.

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Actual Notice

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Knowledge of the existence of a thing or fact.

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Ad Valorem

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According to valuation.

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Agency

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The relationship between principal and 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.

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Agent

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One who represents another from whom he has derived authority.

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Alienation

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The transferring of property to another; the transfer of property and possession of lands, or other things, from one person to another.

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Alienation Clause

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Clause in a loan document providing for full payment if property is sold.

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ALTA Title Policy

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(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. It is a lender's policy.