TIPS provides our readers with Real Estate 101 as a portal to and hub for real estate terms and information. Basic terminology and definitions are presented as a means of empowering and equipping consumers (both Buyers and Sellers) with accurate, concise resources to assist you in your understanding of the real estate process in general, and with all the various aspects of your real estate transactions, in particular.
- ABSTRACT OF TITLE
A condensed history of all consecutive grants, conveyances, wills, records, and judicial proceedings affecting title to a specific parcel of real estate, together with a statement of all recorded liens and encumbrances affecting the property and its present status. An abstractor certifies that the property hsitory is complet and accurate.
- ACCELERATION CLAUSE
The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or other covenant.
- ACCESSION
Acquiring title to additions or improvements to real property as a result of the annexation of fixtures or the accretion of alluvial deposits along the banks of streams.
- ACCRUED ITEMS
On a closing statement, items of expense that are incurred but not yet payable, such as interest on a mortgage loan or taxes on real property.
- ACRE
A measure of land equal to 43,560 square feet, 4,840 square yards, 4,047 square meters, 160 square rods or 0.4047 hectares.
- ACTUAL EVICTION
The legal process that results in the tenant’s being physically removed from the leased premises.
- ADJUSTABLE RATE MORTGAGE (ARM)
A loan characterized by a fluctuating interest rate, usually one tied to a bank or savings and loan association cost-of-funds index.
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