Real Estate Glossary

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

Absolute and unqualified title; the ultimate one can hold.

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.

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.

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

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.

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.

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

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

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

Gradual additions to land by deposits of sand or soil by bordering waters through natural causes.

The difference between the cost of a replacement new, on the date of the appraisal, and the present appraised value.

Those incurred expenses which are not yet payable. The seller's accrued expenses are credited to the purchaser in a closing statement.

A written statement of charges against the licensee, delivered to him prior to a hearing regarding the possible revocation or suspension of his license.

A formal declaration made before a notary public or other authorized person, by a person who has executed an instrument, that such execution is his free act and deed.

Civil Law Term: A concept existing in Louisiana Civil law which is similar to the Common Law concept of adverse possession.

A measure of land equal to 160 square rods, 4,480 square yards, or 43,560 square feet.

The volume of water equal to the quantity of water required to cover 1 acre 1 foot deep; 43,560 cubic feet.