Abandonment
The actor of voluntarily surrendering or relinquishing possession of real property, without transferring title to someone else. Non-use of the property does not prove abandonment.
Abandonment of easement
The obvious and intentional surrender of the easement
Abandonment of homestead
A legal document that proves a homestead was abandoned. An owner must file an abandonment of homestead on the old property, in order to obtain a homestead on the new property
abatement
a reduction or decrease in amount or worth; usually applies to rent or taxes
abatement of nuissance
legal process used to remove nuisances or code violations
able
financial ability, as in ready, willing, and able buyer
above grade improvements
improvements built above ground level
abrogation
the revocation, recision, or annulling of a contract by mutual consent of the parties to the contract, or for cause by either party to the contract
absentee owner
a property owner who does not live on the property, and who may rely on a property manager to oversee it
absolute net lease
lease requiring the tenant to pay for all the expenses of operating and maintaining the property, including major repairs and any capital expenditures
absorption analysis
a study of the number of units of residential or non-residential property that can be sold or leased over a given period of time in a defined location
absorption bed
a shallow trench containing a pipe that carries effluent away from the septic tank into an open area, where it is absorbed into the soil
absorption period
the estimated time period required to sell, lease, place in use, or trade the subject property in its marketing area at prevailing prices or rental rates
absorption rate
the rate at which a type of property is either bought or lease. Usually the rate is expressed in square feet per year or number of units per year
abstract of judgment
a document summarizing a court decision and is used to execute a judgment lien
abstract of title
a summary of the conveyances, transfers, and other facts appearing of record and relied upon as evidence of title to real property
abstractor
a person who searches historic records affecting the title to real property and summarizes the the results in a report called the abstract of title
abutter's rights
the reasonable right to light, air, and visibility that a property enjoys from another
abutting property
property that touches or is contiguous to another property, as opposed to being near another property
accelerated cost recovery system (ACRS)
for tax purposes, the system for calculating depreciation (cost recovery) on depreciable real property acquired and placed intro service after January 1, 1981. The method of depreciation is based on recovery periods, instead of the useful life of the prop
accelerated depreciation
a method of cost write-off in which depreciation allowances are greater in the first few years of ownership that in subsequent years. This permits and earlier recovery of capital and a faster tax write-off of an asset
acceleration clause
a clause in a loan document describing certain events that cause the entire loan to be due. possible events include sale of the property, failure to repay the debt, pay the property taxes, or provide adequate hazard insurance coverage
acceptance
unqualified agreement to the terms of an offer
access right
the right of an owner to have ingress to and egress from owner's property over adjoining property
accessibility
the ease of entrance and exit to a property, this is a factor in determining the most profitable use of a property
accession
the acquisition of title to additional land or to improvements, as a result of natural increase or growth or by installation of improvements
accessory buildings
structures on a property that are secondary to the main building, such as sheds and garages
access to property
a seller must provide reasonable access to the property to the buyer, inspectors representing the buyer, and representative of lending institutions for appraisal purposes, or for any other purposes relating to the sale
accommodation recording
the recordation of an instrument without consideration and without assumption of responsibility for correctness or validity
accord and satisfaction
the discharge of an existing obligation by acceptance of a substitute agreement in which the creditor accepts less than the full amount owed as satisfaction of the debt
acounting
the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information
accounting method
a set of rules used to determine when and how income and expenses are reported
accredited management organization (AMO)
a property management designation offered by the institute of real estate management to property management companies tat meet prescribed high standards
accredited residential manager (ARM)
a property management designation offered by the institute of real estate management to individuals. requirements for designation include management experience, additional training, and adherence to a code of ethics
accretion
a buildup of soil by natural causes on property bordering a river, lake or ocean
accural method
an accounting method that reports revenue when earned and expenses when occured
accrue
to accumulate, grow, or mature over a period of time as in accrued interest on a loan
accrued depreciaton
depreciation that has already occurred and is the difference between the cost of replacement or reproduction and the current appraised value of a property
acid rain
precipitation containing harmful amounts of nitric and sulfuric acids formed primarily by sulfur dioxide and nitrogen oxides released into the atmosphere when fossil fuels are burned.
acknowledgement
a signed statement by a named person made before a notary public, confirming that a document was signed voluntarily
acoustical tile
blocks of fiber, mineral or metal, with small holes or rough textured surface to absorb sound, used as covering for interior walls and ceilings
acquisition
the actor or process by which a person procures property, a transaction in which a firm is absorbed by another firm with the ownership vested in the acquiring firm
acquisition appraisal
an appraisal that estimates market value of a property facing condemnation under the governments powers of eminent domain. the appraisal is performed to determine the amount of just compensation due to the owner
acquisition cost
the total cost of acquiring a property. in addition to the purchase price, other costs include escrow fees, title insurance, lenders fees, etc
acre
a measure of land equalling 43,560 square feet or 4,840 square yards, or 160 square rods, or a tract about 208.71 a square
acre foot
a volume of material such as water, sand, coal, etc, equal to an area of one acre with a depth of one foot. If a liquid equal to 325,850 gallons
acreage
a large piece of property that is usually unimproved, may be used for agricultural, industrial, residential or commercial uses
acreage zoning
zoning that reduces residential density by requiring large building lots.
action
a lawsuit brought to court
action in rem
an action in which judgment is sought against property to determine its status
active solar
as an energy source, energy from the sun collected and stored using mechanical pumps or fans to circulate heat laden fluids of air between solar collectors and a building