California Real Estate Terms

Front 1

abandonment

Back 1

the voluntary surrender of a right, claim or interest in a piece of property without naming a successor as owner or tenant.

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abstract of title

Back 2

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.

Front 3

abutting

Back 3

sharing a common boundary;adjoining

Front 4

acceleration clause

Back 4

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.

Front 5

acceptance

Back 5

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

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accretion

Back 6

the increase or addition of land resulting from the natural deposit of sand or soil by streams lakes or rivers

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accrued depreciation

Back 7

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

Front 8

accrued items

Back 8

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.

Front 9

acknowledgment

Back 9

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.

Front 10

acknowlegment

Back 10

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.

Front 11

acre

Back 11

a measure of land equal to 43,550 sq ft or 4,840 sq yds

Front 12

actual eviction

Back 12

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

Front 13

actual notice

Back 13

the actual knowledge that a person has of a particular fact

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addendum

Back 14

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.