Commercial, Residential, Rental Properties in India
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Real Estate Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A Terms :
Abatement Notice
A notice served on the owner(s) or occupier(s) of a property from which a private nuisance arises, warning them of the intention to enter on the land in order to abate the nuisance.
Absolute Title
A notice served on the owner(s) or occupier(s) of a property from which a private nuisance arises, warning them of the intention to enter on the land in order to abate the nuisance.
Abstract of Judgment,Law
The summary of a court judgment that creates a lien against a property when filed with the county recorder.
Accelerated Cost Recovery System
A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property.
Accelerated Depreciation
A bookkeeping method that depreciates property faster in the early years of ownership.
Acceleration Clause
A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.A provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment.
Acceptance
Consent by the person receiving the offer to be bound by the terms and conditions of the person making the offer. Acceptance of an offer constitutes an agreement.
Access
Any means by which a person can enter property.
Accessibility
The degree to which a building or site allows access to people with disabilities.
Accessory
A second building on a lot and one that is not considered to be the primary building, e.g. a storage shed or a parking space. Usually described as 'Accessory Building' or 'Accessory Unit'.
Accomodation Rating
Recording of instruments with the county recorder by a title company merely as a convenience to a customer and without assumption of responsibility for correctness or validity.
Accretion
The gradual addition to the shore or bank of a waterway by deposits of sand or silt.
Acknowledgment
A written declaration affirming that a person acted voluntarily.
Acquisition and Development Loan
A loan for the purchase and preparation of raw land for development.  Usually a construction loan or land sale is the source of repayment.
Acre
A measurement of land equal to 43,560 square feet.
Acre foot
The volume of material needed to cover an acre of land one foot deep.
Act of God
Any act of nature such as rain, lightning, floods or earthquakes. Many insurance policies do not cover losses resulting from an 'Act of God'.
Active Solar System
A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use.
Actual Age
The number of years a structure has been standing.
Addendum


An addition or change to a contract.
Additional Principal Payment

Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan.
Add-on interest

The interest a borrower pays on the principal for the duration of the loan.
Adjustable-Rate Mortgage (ARM)
A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.
Adjusted Cost Basis

The cost of any improvements the seller makes to the property. Deducting the cost from the original sales price provides the profit or loss of a home when it is sold.
Adjustment Period

The amount of time between interest rate adjustments in an adjustable-rate mortgage.
Administrator

A person appointed by a probate court to administer the estate of a person who died intestate (without a will). 'Administratrix' is the feminine form.
Administrator's Deed

A legal document that an administrator of an estate uses to transfer property.
Adverse Possession
The acquisition of title to property through possession without the owner's consent for a certain period of time.
Adverse Use

The access and use of property without the owner's consent.
Aeolian Soil

Soil that is composed of materials deposited by the wind.
Affiant

A person who makes a sworn statement.
Affirmation

A substitution for an oath granted to people based on religious reasons.
A-frame Design
An interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters.
Agency

The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract.
Agency Closing

The process by which a lender uses a title company or other firm as an agent to complete a loan.
Agent

A person licensed by the state to conduct real estate transactions.
Agreed boundary

A compromise boundary to which property owners agree in order to resolve a dispute.
Agreement of Sale

A document the buyer initiates and the seller approves that details the price and terms of the transaction.
Alcove
A recessed section of a room, such as a breakfast nook.

Alienation Clause

A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred.
Alkali
Mineral salt found in soil.

Alley
A lane behind a row of buildings or between two rows of buildings.
Allowances
Budgets offered by builders of new homes for the purchase of carpeting and fixtures.
Alternative Mortgage
Any home loan that does not conform to a standard fixed-rate mortgage.
Aluminum Siding
A metal covering that provides an alternative to paint for owners of wood homes.
Aluminum-Clad Windows
Wooden windows with aluminum covering the exterior.
Amenities
Parks, swimming pools, health-club facilities, party rooms, bike paths, community centers and other enticements offered by builders of planned developments.
Amenity
A feature of real property that enhances its attractiveness and increases the occupant's or user's satisfaction although the feature is not essential to the property's use, e.g. scenic views, proximity to public transport or recreational facilities.
Amortise

To repay a mortgage with regular payments that cover both principal and interest.
Amortization Schedule
A table which shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan. It also shows the gradual decrease of the loan balance until it reaches zero.
Amperage
The strength of an electrical current.
Anchor Bolt

A large steel bolt anchored in concrete and attached to a building to prevent the structure from moving.
Anchor Tenant
A well-known commercial retail business such as a national chain store or regional department store  (AAA Tenant) strategically placed in a shopping center so as to generate the most customers for all of the stores located in the shopping center.
Annual Percentage Rate (APR)

The cost of the loan expressed as a yearly rate on the balance of the loan.
Annuity
An amount paid yearly or at regular intervals, often on a guaranteed dollar basis.
Anticipatory Breach

A communication that informs a party that the obligations of the original contract will not be fulfilled.
Appraisal
A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.
Appraisal Report

A detailed written report on the value of a property based on recent sales of comparable sites in the area.
Appraiser

An individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers work directly for mortgage lenders, most are independent.
Appreciation

An increase in the value of a property due to changes in market conditions or supply and demand, etc.
Arbitration
A method of resolving a dispute in which a third party renders a decision.
Arbor

An area shaded by trees, shrubs or vines on a latticework structure.
Architect
A licensed professional who designs homes, buildings and other structures.
Architrave
A decorative moulding around doors or windows.
Arpent
A French measurement of land equal to .84625 acres.
Asbestos

A fire-resistant mineral used for insulation and home products that has been found to pose a health hazard.
As-Is Condition
The purchase or sale of a property in its existing condition.
Asking Price

The listed price of the property but may not always be the selling price. The owner may be willing to negotiate.
Assessed Value
The valuation placed on a property for the purposes of taxation by an authority.
Assessment Rolls
A list of taxable property compiled by the assessor.
Asset
Anything of monetary value that is owned by a person, e.g. personal property, real property, bank accounts.
Assignment
The transfer of a mortgage from one person to another.
Assignor
A person who transfers rights and interests of a property.

Assumable Mortgage

A mortgage that can be transferred to another borrower.
Assumption Clause
A provision that allows a buyer to take responsibility for the mortgage from a seller.
Auction
A public sale of a property or real estate that is sold to the highest bidder.
Avigation Easement
An easement over private property near an airport that limits the height of structures and trees.
Awning Windows
Single-sash windows that tilt outward and up.


 


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