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Real Estate Words

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AAA Tenant
A well-known business tenant with an exceptionally high credit rating, or one whose national or loca...
Abandonment
The act of voluntarily surrendering or relinquishing possession of real property without vesting thi...
Abatement
A reduction or decrease in amount, degree, intensity, or worth. For example, a lessee usually is ent...
Absentee Owner
A property owner who does not reside on the property and who often relies on a property manager to m...
Absorption Rate
An estimate of the rate at which a particular classification of space—such as new office spac...
Abstract Of Title
A full summary of all consecutive grants, conveyances, wills, records, and judicial proceedings affe...
Abutting Owner
An owner whose land adjoins a public road or any contiguous property. The major problems between abu...
Acceleration Clause
A provision in a mortgage, trust deed, promissory note, or contract for deed (agreement of sale) tha...
Acceptance
1. The expression of intent of a person receiving an offer (offeree, such as the seller in a real e...
Access
A means by which property is approached or a method of entrance into or upon a property. Access is a...
Accessibility
1. The relative ease of entry to a site and its location with respect to different transportation f...
Accord And Satisfaction
The settlement of an obligation. An accord is an agreement by a creditor to accept something differe...
Accrual Method
An accounting method of reporting income and expenses in which expenses incurred and income earned f...
Acknowledgement
A formal declaration made before a duly authorized officer, usually a notary public, by a person who...
Act Of God
An act of nature beyond human control, such as a tidal wave, flood, hurricane, volcanic eruption, or...
Actual Damages
Those damages that a court of law will recognize and that are a direct result of a wrong. In contras...
Actual Eviction
The process of physically removing a tenant after the court issues a judgment decree for possession...
Actual Notice
Express information or fact; that which is known; actual knowledge. Constructive notice, on the othe...
Addendum
Additional material attached to and made part of a document. If there is space insufficient to write...
Additional Deposit
The additional earnest money given by the buyer to the seller or to escrow under a purchase agreemen...
Additional Space Option
A right within a lease giving a tenant the option to expand the tenant’s leased space during...
Adhesion Contract
A contract that is one-sided, favoring the party who drafted the document. In fact, an adhesion cont...
Advance
To give consideration before it is due. Money is advanced by one party (such as a mortgagee or vendo...
Adverse Possession
The acquiring of title to real property owned by someone else by means of open, notorious, hostile,...
Affordable Housing
Housing for individuals or families whose income is a certain percentage of or below the median for...
Age-life Depreciation
An appraisal method of computing depreciation based on the condition of a property and its economic...
Agency
A relationship created when one person, the principal, delegates to another, the agent, the right to...
Agent
One authorized to represent and to act on behalf of another person (called the principal). Unlike an...
Air Rights
Rights to the use of the open space or vertical plane above a property. Ownership of land includes t...
Alternative Mortgage Instrument
A type of mortgage that differs from the standard fixed mortgage in the interest, repayment terms, o...
Amenities
Features, both tangible and intangible, that enhance and add to the value or desirability of real es...
Americans With Disabilities Act
A federal law, effective in 1992, designed to eliminate discrimination against individuals with disa...
Amortization
Self-liquidating (literally, "killing-off"). The gradual repayment or retiring of a debt by means of...
Anchor Tenant
A major department or chain store strategically located at a shopping center so as to give maximum e...
Annual Meeting
A yearly meeting of shareholders of a corporation or members of an association held for the purpose...
Annual Percentage Rate
An expression of the relationship of the total finance charge to the total amount to be financed as...
Anticipatory Breach
A declaration of intention not to perform made by a buyer or seller through words or acts prior to c...
Antitrust
State and federal laws designed to maintain and preserve business competition. Antitrust situatio...
Apartment Building
A building having separate units for permanent tenants who rent or lease them. The owner of the buil...
Appraisal
The process of developing and communicating an opinion about a property’s value. An appraisal...
Appurtenance
That, which belongs to something, but not for all time; all those rights, privileges, and improvemen...
Appurtenant
Belonging to; adjunctive; appended; or annexed to. For example, the garage is appurtenant to the hou...
Arbitration
The nonjudicial submission of a controversy to selected third parties for their determination in a m...
Arm-length Transaction
A transaction in which the parties are dealing from equal bargaining positions. Parties are said to...
Articles Of Incorporation
The document that sets forth the purposes, powers, and basic rules of operation for a corporation. A...
As Is
Words in a contract intended to signify that seller offers the property in its present condition, wi...
Assessed Valuation
The value of real property established for the purpose of computing real property taxes. In general,...
Assignment
The transfer of the right, title, and interest in the property of one person (the assignor) to anoth...
Assignment Of Lease
The transfer of all title, right, and interest that a lessee possesses in certain real property. The...
Assignment Of Rents
An agreement between a property owner and a mortgagee by which the mortgagee receives, as security,...
Association
A group of people gathered together for a business purpose, sometimes treated as a corporation under...
Association Of Unit Owners
All unit owners of a condominium acting as a group for the administration of the project, in accorda...
Assumption
The acts of acquiring title to property that has an existing mortgage and agreeing to be personally...
Assumption Of Mortgage
The acts of acquiring title to property that has an existing mortgage and agreeing to be personally...
Attachment
The legal process of seizing the real or personal property of a defendant in a lawsuit by levy or ju...
Attorney-in-fact
A competent and disinterested person authorized by another person to act in his or her place. In rea...
Attornment
The act of a tenant formally agreeing to become the tenant of a successor landlord; as in attorning...
Attraction Principle
The pulling force of a commercial business center due to one or more of various merchandising factor...
Attractive Nuisance
A doctrine of tort law stating that a person who maintains on his or her property a condition that i...
Auction
A form of selling land or personal property whereby oral offers are taken and the property is sold t...