Real Estate Dictionary

a b c d e f g h i j k l m n o p q r s t u v w x y z
Abandonment

The voluntary surrender of a right, claim, or interest in a piece of property without naming a successor as owner or trustee, such as when a person moves or abandons leased property before the lease term expires.

Abatement

Elimination or reduction of real estate taxes to attract new business to the area.

Abstract of Title

A certified copy of the history of a title to a particular property from the original grant and all subsequent transfers, encumbrances, and releases.

Abutting

Sharing a common boundary line.

Acceleration Clause

A provision in a mortgage or trust deed or note that gives the lender the right to demand payment of the entire principal balance and interest due if the mortgagor defaults on an installment payment or any other covenant.

Acceptance

An offeree’s consent to enter into a contract and be bound by the terms of the offer. ¬†Generally, the offer and acceptance must be in writing in order to be valid.

Accession

Acquiring title to real property as a result of annexation of improvements or additions or the accretion of alluvial deposits on the banks of bodies of water.

Accrued Items

A list of expenses on a closing statement that has incurred but is not yet paid, for example, interest on a mortgage loan or real estate taxes.

Acknowledgement

A formal declaration before a notary public or other authorized public official on a deed, contract or other documents that the execution was a voluntary act and authenticated for the purpose of recording.

Acre

A measure of land equal to 43,560 square feet, 4,840 square yards, 4,047 square meters, 160 square rods.