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Real estate glossary


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Term Definition
ABANDONMENTThe 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 RATEThe 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 JUDGEMENTA 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 CLAUSEA 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 BUILDINGA building separate from the main structure on a property. Often used for a specific purpose, such as a workshop, storage shed or garage.
 
ACCRETIONThe natural growth of a piece of land resulting from forces of nature
 
ACRE43,560 square feet. A measurement of area.
 
ACTUAL AGEThe amount of time that has passed since a building or other structure was built. See also: EFFECTIVE AGE
 
ADJUSTMENT DATEThe date the interest rate changes on an adjustable rate mortgage.
 


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