Glossary 1 A Abandonment Non–payment of taxes Abstract of Title A history of the ownership of a parcel of land which lists transfers of title, rights, and liabilities. Acceleration Clause States that upon default, all of the principal installments come due immediately. Accession The idea that the owner of land is entitled to all that the soil produces or all that is added to the land either intentionally or by mistake. Trade fixtures not removed are “assessed” by the owner of the property. Accretion Refers to land which is accumulated by the gradual washing or motion of water. Accrued An accumulation. Acknowledgment A formal declaration made by the grantor conveying the property to the grantee—a necessary element for validity of a deed. Acre A measure of land equal to 43,560 square feet. Action to Quiet Title The lawsuit filed by a person to remove or clear the claims of others against property. Actual Notice The actual knowledge that a person has about the existence of a particular fact. Ad Valorem A prefix meaning “based on value”. Most local governments levy an ad valorem tax on property. Adverse Possession A method of acquiring original title to property by open, notorious and hostile possession for a statutory period of time ; also referred to as prescription. POACH. Agency A relationship in which one party (the principal) authorizes another party (the agent) to act as the principal's representative in dealing with third parties.
Glossary 2 Agent One who acts for and in place of a principal for the purpose of affecting the principal's legal relations with third persons. Air Rights The right to use, control and occupy the space above a particular parcel of land. Alienation Clause A provision in a mortgage requiring full payment of the debt upon the transfer of title to the property, due on sale. Prevents loan assumptions. Allodial The free and full ownership of rights in land by individuals, which is the basis of real property in the United States. Amortization The repayment of a financial obligation over a period of time in a series of periodic installments. In a level - payment mortgage, this is the portion of the debt service that reduces the principal. Amortized Loan A financial debt that is paid off over a period of time by a series of periodic payments. A loan can be fully amortized or partially amortized requiring a balloon payment to satisfy the debt at the end of the term. Annual Percentage Rate (APR) The yearly cost of credit. Interest Rate plus finance charge. Appraisal An opinion or estimate of value performed by a person licensed to do so. Appreciation An increase in value. Appurtenance Any right or privilege which belongs to and passes with land. Arms - length Transaction Occurs between willing buyer and willing seller with each party completely knowledgeable about the market. A purchaser of property between relatives (father & son) would not be an “arms length transaction”.
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