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Abstract of Title
A complete historical summary of all recorded documents affecting the title of a property.
Abstractor (conveyancer)
An expert in title search and abstract preparation.
Accelerated depreciation
Any method of depreciation that achieves a faster rate of depreciation than straight-line.
Acceleration clause
Allows the lender to demand immediate payment of balance owed.
Acceleration principle
States that an event has a greater impact on demand or prices than can be traced to that event alone.
Accession
The addition to land by man or nature.
Accord
Agreement of consent.
Accretion
The process of land build-up by waterborne rock, sand, and soil.
Acknowledgement
A formal declaration by a person that he or she, in fact, did sign the document.
Acre
A unit of land measurement that contains 43,560 square feet.
Actual cash value
The new price less accumulated depreciation.
Actual notice
Knowledge that one has gained based on what he has seen, heard, read, or observed.
Adjustable rate mortgage
A mortgage loan on which the interest rate rises and falls with changes in prevailing rates.
Adjusted market price
The value of comparable property after adjustments have been made for differences between it and the subject property.
Adjusted sales price
The sales price of property less commissions, fix-up, and closing costs.
Administrator
A person appointed by a court to carry out the instructions found in a will.
Ad valorem taxes
Taxes charged according to the value of a property.
Adverse possession
Acquisition of real property through prolonged and unauthorized occupation.
Agency
A relationship created when one person (the principal) delegates to another person (the agent) the right to act on his behalf.
Agency by estoppel
Results when a principal fails to maintain due diligence over his agent and the agent exercises powers not granted to him.
Agency by ratification
One that is established after the fact.
Agency coupled with an interest
One that results when the agent holds an interest in the property he is representing.
Agent
The person empowered to act by and on behalf of the principal.
Agreement of sale, installment contract
Offer to purchase.
Air lot
A designated airspace over a parcel of land.
Air right
The right to occupy and use the airspace above the surface of a parcel of land.
Alienation clause
A provision in a loan contract that a loan against a property must be paid in full if ownership is transferred.
Alienation of title
A change in ownership of any kind.
Allodial system
One in which individuals are given the right to own land.
All-risks policy
All perils, except those excluded in writing, are covered.
Alluvion
The increase of land when waterborne soil is gradually deposited.
Amortized loan
A loan requiring periodic payments that include both interest and partial repayment of principal.
Amount realized
A selling prices less selling expenses.
Annual percentage rate (APR)
A uniform measure of the cost of credit that includes interest, discount points, and loan fees.
Apartment locators
Firms that specialize in finding rental units for tenants.
Appraisal
An estimate in property value.
Appreciation
An increase in property value.
Appropriation process
The enactment of a taxing body's budget and sources of money into law.
"As is"
Said of property offered for sale in its present condition with no guaranty or warranty of quality provided by the seller.
Assessed value
A value placed on a property for the purpose of taxation.
Assessment appeal board
Local government body which hears and rules on property owner complaints of over assessment.
Assessment roll
A list or book, open for public inspection that shows assessed values for all lands and buildings in a taxing district.
Assessor's parcel number
A system for assigning numbers to land parcels to aid in property tax assessment and collection.
Assign
To transfer to another one's rights under a contract.
Assignee
One to whom a right or property is transferred (also called an assign).
Assignment
The transfer of one's rights under a contract to another.
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