A Terms : |
Abatement Notice
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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.
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Absolute Title
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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.
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Abstract of Judgment,Law
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The summary of a court
judgment that creates a lien against a property when filed
with the county recorder.
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Accelerated Cost Recovery
System
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A tax calculation that
provides greater depreciation in the early years of ownership
of real estate or personal property.
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Accelerated Depreciation
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A bookkeeping method that
depreciates property faster in the early years of ownership.
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Acceleration Clause
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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.
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Acceptance
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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.
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Access
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Any means by which a person
can enter property.
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Accessibility
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The degree to which a
building or site allows access to people with disabilities.
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Accessory
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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'.
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Accomodation Rating
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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.
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Accretion
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The gradual addition to
the shore or bank of a waterway by deposits of sand or silt.
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Acknowledgment
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A written declaration
affirming that a person acted voluntarily.
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Acquisition and Development
Loan
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A loan for the purchase
and preparation of raw land for development. Usually
a construction loan or land sale is the source of repayment.
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Acre
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A measurement of land
equal to 43,560 square feet.
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Acre foot
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The volume of material
needed to cover an acre of land one foot deep.
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Act of God
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Any act of nature such
as rain, lightning, floods or earthquakes. Many insurance
policies do not cover losses resulting from an 'Act of God'.
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Active Solar System
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A system that utilizes
electric pumps or fans to transfer solar energy for storage
or direct use.
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Actual Age
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The number of years a
structure has been standing.
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Addendum
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An addition or change to a contract.
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Additional Principal Payment
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Extra money included in
the monthly payment to help reduce the principal and shorten
the term of the loan.
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Add-on interest
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The interest a borrower
pays on the principal for the duration of the loan.
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Adjustable-Rate Mortgage
(ARM)
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A mortgage in which the
interest changes periodically, according to corresponding
fluctuations in an index. All ARMs are tied to indexes.
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Adjusted Cost Basis
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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.
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Adjustment Period
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The amount of time between
interest rate adjustments in an adjustable-rate mortgage.
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Administrator
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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.
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Administrator's Deed
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A legal document that
an administrator of an estate uses to transfer property.
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Adverse Possession
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The acquisition of title
to property through possession without the owner's consent
for a certain period of time.
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Adverse Use
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The access and use of
property without the owner's consent.
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Aeolian Soil
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Soil that is composed
of materials deposited by the wind.
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Affiant
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A person who makes a sworn
statement.
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Affirmation
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A substitution for an
oath granted to people based on religious reasons.
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A-frame Design
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An interior style that
features a steeply peaked roofline and a ceiling that is
open to the top rafters.
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Agency
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The relationship of trust
that exists between sellers and buyers and their agents.
The agency is formed through a written contract.
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Agency Closing
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The process by which a
lender uses a title company or other firm as an agent to
complete a loan.
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Agent
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A person licensed by the
state to conduct real estate transactions.
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Agreed boundary
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A compromise boundary
to which property owners agree in order to resolve a dispute.
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Agreement of Sale
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A document the buyer initiates
and the seller approves that details the price and terms
of the transaction.
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Alcove
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A recessed section of
a room, such as a breakfast nook.
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Alienation Clause
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A provision that requires the borrower to pay the balance
of the loan in a lump sum after the property is sold or
transferred.
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Alkali
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Mineral salt found in
soil.
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Alley
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A lane behind a row of
buildings or between two rows of buildings.
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Allowances
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Budgets offered by builders
of new homes for the purchase of carpeting and fixtures.
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Alternative Mortgage
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Any home loan that does
not conform to a standard fixed-rate mortgage.
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Aluminum Siding
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A metal covering that
provides an alternative to paint for owners of wood homes.
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Aluminum-Clad Windows
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Wooden windows with aluminum
covering the exterior.
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Amenities
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Parks, swimming pools,
health-club facilities, party rooms, bike paths, community
centers and other enticements offered by builders of planned
developments.
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Amenity
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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.
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Amortise
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To repay a mortgage with
regular payments that cover both principal and interest.
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Amortization Schedule
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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.
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Amperage
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The strength of an electrical
current.
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Anchor Bolt
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A large steel bolt anchored
in concrete and attached to a building to prevent the structure
from moving.
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Anchor Tenant
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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.
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Annual Percentage Rate
(APR)
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The cost of the loan expressed
as a yearly rate on the balance of the loan.
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Annuity
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An amount paid yearly
or at regular intervals, often on a guaranteed dollar basis.
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Anticipatory Breach
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A communication that informs
a party that the obligations of the original contract will
not be fulfilled.
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Appraisal
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A written justification
of the price paid for a property, primarily based on an
analysis of comparable sales of similar homes nearby.
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Appraisal Report
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A detailed written report
on the value of a property based on recent sales of comparable
sites in the area.
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Appraiser
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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.
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Appreciation
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An increase in the value
of a property due to changes in market conditions or supply
and demand, etc.
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Arbitration
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A method of resolving
a dispute in which a third party renders a decision.
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Arbor
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An area shaded by trees,
shrubs or vines on a latticework structure.
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Architect
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A licensed professional
who designs homes, buildings and other structures.
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Architrave
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A decorative moulding
around doors or windows.
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Arpent
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A French measurement of
land equal to .84625 acres.
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Asbestos
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A fire-resistant mineral
used for insulation and home products that has been found
to pose a health hazard.
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As-Is Condition
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The purchase or sale of
a property in its existing condition.
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Asking Price
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The listed price of the
property but may not always be the selling price. The owner
may be willing to negotiate.
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Assessed Value
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The valuation placed on
a property for the purposes of taxation by an authority.
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Assessment Rolls
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A list of taxable property
compiled by the assessor.
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Asset
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Anything of monetary value
that is owned by a person, e.g. personal property, real
property, bank accounts.
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Assignment
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The transfer of a mortgage
from one person to another.
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Assignor
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A person who transfers
rights and interests of a property.
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Assumable Mortgage
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A mortgage that can be
transferred to another borrower.
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Assumption Clause
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A provision that allows
a buyer to take responsibility for the mortgage from a seller.
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Auction
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A public sale of a property
or real estate that is sold to the highest bidder.
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Avigation Easement
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An easement over private
property near an airport that limits the height of structures
and trees.
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Awning Windows
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Single-sash windows that
tilt outward and up.
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