FHAAR: Rick's Glossary

Rick's Glossary

Look Up This is a glossary of common real estate terms and real estate definitions. If you have any comments or suggestions, please send an email to: rick@cretc.com
Copyright ©2006 by Rick Knowles. No portion of this glossary may be reproduced in any way without express written permission of the owner.

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abstract of title:

A summary report of the chain of title prepared by an abstractor that summarizes all recorded events that affect the title of a piece of land throughout history such as liens and encumbrances.

abutting:

Pieces of land that are adjoining having a common boundary.

acceleration clause:
In a mortgage, trust deed or note this clause also known as the due-on-sale clause can make the balance of the principal and interest due immediately upon default of installment payments.

acceptance:
A promise to the offeror by the offeree bounding by the exact terms of the proposed offer.

accretion:

increases in land caused by natural action of the water, which can affect how much land, an individual owns.

acknowledgment:

A declaration made before an authorized public officer such as a Notary Public or a Judge, that the person signing a written document does so voluntary and that the signature is genuine.

acre:

A piece of land that measures to 43,560 Square Feet.

ad valorem:

Real Estate tax levied against property leased on the value of that property; levied to fund the government agency that imposes the tax.

adjustable rate mortgage (ARM):

Affected by the movement of an objective economic indicator called an index, this interest rate will fluctuate up or down during the term of the mortgage loan.

Keyword(s):

adjusted basis:

When the amount of any depreciation on the property claimed as a tax deduction is subtracted from the investors initial cost including costs of improvements made to the property during ownership.

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