Saturday, May 4, 2024, 6:16 AM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
A
ABANDONMENTThe relinquishment of all rights and title to a property with no intention of reclaiming ownership. |
ABSOLUTE FEE SIMPLE TITLEAbsolute and unqualified title; the ultimate one can hold. |
ABSTRACT OF JUDGMENTA summary of a court order which when recorded creates a general lien upon real and personal property of a debtor in the county in which it was recorded. |
ABSTRACT OF TITLEA condensed history of the title to a parcel of land consisting of the original grant and all subsequent conveyances and recorded instruments, together with a statement of all liens, charges, or encumbrances affecting title to that land. |
ABUSUS - Civil Law TermThe right of the owner to the proceeds from a sale or mortgage. |
ACCELERATION CLAUSEA clause in a mortgage or installment contract stating that upon default of payment due, immediate and full payment of the balance of the obligation becomes due and payable. |
ACCEPTANCEThe indication by the offeree that he is willing to be bound by the terms of the offer, and the receipt on delivery of the instrument. |
ACCESS RIGHTThe right of a property owner to have ingress and egress to and from his property. |
ACCESSIONAcquisition of property by its joining or union with other property. |
ACCORDThe agreement between contracting parties to make a substitution in a contract. |