Real Estate Glossary


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ABANDONMENT

The relinquishment of all rights and title to a property with no intention of reclaiming ownership.

ABSOLUTE FEE SIMPLE TITLE

Absolute and unqualified title; the ultimate one can hold.

ABSTRACT OF JUDGMENT

A 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 TITLE

A 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 Term

The right of the owner to the proceeds from a sale or mortgage.

ACCELERATION CLAUSE

A 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.

ACCEPTANCE

The 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 RIGHT

The right of a property owner to have ingress and egress to and from his property.

ACCESSION

Acquisition of property by its joining or union with other property.

ACCORD

The agreement between contracting parties to make a substitution in a contract.


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