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Abandonment – The relinquishment of all rights and title to
a property with no intention of reclaiming ownership
Abstract of Title – A condensed history or digest of the
title to a parcel of land consisting of a summary of every recorded
instrument, together with a statement of all liens, charges or encumbrances
affecting title too that land.
Acceleration Clause – A clause in a mortgage or agreement
of sale stating that upon default of a payment due, immediate and
full payment of the balance of the obligation becomes due and payable.
Adverse Possession – The means of acquiring title to land
against the real owner, where possession has been actual, open,
hostile, excusive, continuous, and under claim of right for the
statutory period of 20 years.
Agency – The legal relationship resulting from an agreement
that the agent if authorized by a principal to perform certain acts
on behalf of the principal in dealing with a third party.
Agreement of Sale – A written agreement in which the buyer
agrees to buy certain realty and the seller agrees to sell upon
terms and conditions set forth therein. Title remains with the seller
until terms and conditions are fulfilled; buyer has equitable title;
there are two closings.
Anchor Tenant – Major tenant in a shopping center that serves
as a magnet to attract customers to the center.
Appraisal – An estimate of value of real estate; the report
stating and supporting the estimated value of realty.
Appreciation – An increased value of property due to economic
or related causes which may prove to be either temporary or permanent.
Assessment – A charge against real estate made by a unit
of government or a condo association to cover the proportionate
cost of improvement.
Assignment – The method or manner by which a right, or contract
is transferred from one person to another.
Assumption Of Mortgage – Taking of title to property by
assuming liability for payment of an existing note secured by a
mortgage.
Attorney In Fact – One who is authorized to perform certain
acts for another under a power of attorney.
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