Property and real estate glossary
There are 150 entries in this glossary.All
| Term | Definition |
|---|---|
| ABANDONMENT |
The voluntary relinquishment of rights of ownership or another interest(such as easement) by faliure to use the property, coupled with an intent to abandon (give up the interest). |
| ABSORPTION RATE |
The ratio of the number of properties in an area that have been sold against the number available. Used to show the volatility of a market. |
| ABSTRACT OF JUDGEMENT |
A summary of money judgement obtained in court. (When this summary or abstract is recorded in the county recorder's office, in some states the judgement becomes a lien on the debtor's property, both presently owned or after-acquired.) |
| ACCELERATION CLAUSE |
A provision in a mortgage that gives the lender the right to demand immediate payment of the outstanding loan balance under certain circumstances. Usually when the borrower defaults on the loan. |
| ACCESSORY BUILDING |
A building separate from the main structure on a property. Often used for a specific purpose, such as a workshop, storage shed or garage. |
| ACCRETION |
The natural growth of a piece of land resulting from forces of nature |
| ACRE |
43,560 square feet. A measurement of area. |
| ACTUAL AGE |
The amount of time that has passed since a building or other structure was built. See also: EFFECTIVE AGE |
| ADJUSTMENT DATE |
The date the interest rate changes on an adjustable rate mortgage. |
| BACKFILL |
The slope of the ground around a house |
| BALL COCK VALVE |
The valve inside a toilet tank that controls the filling of the tank. |
| BALLOON MORTGAGE |
A mortgage loan in which the monthly payments are not large enough to repay the loan by the end of the term. So at the end of the term, the remaining balance comes due in a single large payment. |
| BALLOON PAYMENT |
The final large payment at the end of a balloon mortgage term. |
| BANKRUPTCY |
A special proceeding under federal, or in some instances state, laws by which the property of a debtor is protected by the court and may be divided among the debtor's creditors and the debtor. |
| BILL OF SALE |
A physical receipt indicating the sale of property. |