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     The Real-Estate Glossary

          This glossary is for informational purposes only and should not be used without
          legal counsel for the purpose of reading and understanding a contract.

           A    B    C    D-E    F-K    L-M    N-R    S-Z

- A -

Abandonment 
       The voluntary relinquishment of rights of ownership or another form of interest 
       (an easement) by failure to use the property over an extended period of time. 

ABR 
       The Accredited Buyer Representative designation idicates a real estate agent 
       specializing in representating buyers in the real estate transaction. 

Abstract (Of Title) 
       A summary of the public records relating to the title to a particular piece of land. An attorney 
       or title insurance company reviews an abstract of title to determine whether there are any 
       title defects that must be cleared before a buyer can purchase clear, marketable, and insurable title. 

Acceleration Clause 
       Condition in a mortgage that may require the balance of the loan to become due immediately, 
       if regular mortgage payments are not made or for breach of other conditions of the mortgage. 

Acre 
       A measure of land, equal to 160 sq. rods (43,560 sq.ft.). An acre is approximately 209' x 209'. 

Acknowledgment 
       A formal declaration before an authorized official (usually a notary public) by a person 
       who has executed a document, that he did in fact execute (sign) the document 

Addendum 
       A change or items added to a document, letter, contract, escrow instructions, etc. 

Adverse Possession 
       A method of acquiring title by open and notorious possession usually vary with each state. 

Agent 
       Acts of behalf of another, representing that person's interests and serving as an intermediary. 

Agreement of Sale 
       Known by various names, such as contract of purchase, purchase agreement, or sales 
       agreement according to location or jurisdiction. A contract in which a seller agrees to 
       sell and a buyer agrees to buy, under certain specific terms and conditions spelled out 
       in writing and signed by both parties. 

Alienation Clause 
       A clause within a loan instrument calling for a debt in its entirety upon the transfer 
       of ownership of the secured property. Also called a "due on sale" clause. 

Amortization 
       A payment plan which enables the borrower to reduce his debt gradually through 
       monthly payments of principal. 

Appraisal 
       An expert judgment or estimate of the quality or value of real estate as of a given date. 
       
Assessed Value 
       Value placed on property by the tax assessor. 

Assignment 
       A transfer or making over to another the whole of any property, 
       real or personal, or of any estate or right therein. To assign is to transfer. 

Assumption of Mortgage 
       An obligation undertaken by the purchaser of property to be personally liable for
       payment of an existing mortgage. In an assumption, the purchaser is substituted
       for the original mortgagor in the mortgage instrument and the original mortgagor 
       is to be released from further liability in the assumption, the mortgagee's consent
       is usually required 

Attachment 
       Seizure of property by court order, usually done in pending law suit to make property
       available in case of judgment. 

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