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20 Cards in this Set
- Front
- Back
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Abstract of title |
A summary or copy of all recorded transfers, conveyances, legal proceedings, and other facts relaid on as evidence of title showing continuity of ownership, together with any other elements of record which may impair title |
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Abutting |
Adjoining, reaching or touching adjacent land. |
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Accelerated depreciation |
( tax term) depreciation taken at any rate higher than provided by the straight-line method |
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Acceleration clause |
The clause in a mortgage that allows the lender to demand immediate payment of the balance owed upon occurrence of a specific act |
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Acceptance |
An indication of willingness to be bound by the terms of an offer thereby established the "meeting of the minds" |
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Access rights |
Rights of an owner to have ingress an egress to and from their property over ajoining properties |
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Accession |
In addition to property through the efforts of man or by natural forces |
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Accord and satisfaction |
A method of discharging a contract whereby the parties agreed to give and accept something in a settlement of a dispute over the performance of the agreement |
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Accretion |
Addition to land from natural causes as, for example, the gradual action of river waters |
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Accrued depreciation |
The difference between replacement cost and market value |
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Accrued items of expense |
Those incurred expenses, which are not yet payable. The seller's accrued expenses are credited to the purchaser in the closing statement. |
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Acknowledgement |
A formal declaration made before an authorized person stating that the execution of an instrument is genuine and voluntary |
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Acquisition |
The act or process by which a person purchases property |
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Acres |
Measures of land equal in 160 Square rods, or 4,840 square yards, or 43,560 square feet, or tracts about 208. 71 square feet |
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Actual Authority |
Under common law principles of agency, this is Authority given to an agent either expressly or impliedly by a principal |
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Actual delivery |
When the deed is placed in the possession of the grantee |
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Actual notice |
The express or direct knowledge acquired in the course of a transaction |
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Ad valorem |
A Latin phrase meaning " according to the value" is usually used in connection with real estate taxation |
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Adjustable rate mortgage |
Mortgage note that allows A lender to adjust the interest rate at periodic intervals. The rate change is most commonly limited to the movement of a published interest rate as an index |
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Adjusted market value |
The estimated value of subject property after adjustments are made for each comparable |
