Glossary of Real Estate Terms (ab-ag)

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

Abstract of judgment

• 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.
  

Acceleration clause

• A provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment.
  

Accelerated depreciation

• A bookkeeping method that depreciates property faster in the early years of ownership.
  

Acceptance

• The seller's written approval of a buyer's offer.
  

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.
  

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.
  

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.
  

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 loan with an interest rate that is periodically adjusted to reflect changes in a specified financial index.
  

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 given authority to manage and distribute the estate of someone who died without leaving a will.
  

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.
  

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