Term
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Definition
| Extinction or termination of a nuisance. |
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Term
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Definition
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Definition
| A condensation of the essential provisions of a court judgment. |
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Term
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Definition
A summary or digest of all transfers, conveyances, legal proceedings,
and any other facts relied on as evidence of title, showing continuity of ownership, together with
any other elements of record which may impair title. |
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Term
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Definition
A method of valuing land. The indicated value of the improvement is deducted
from the sale price. |
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Term
| ACCELERATED COST RECOVERY SYSTEM (ACRS): |
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Definition
The system for figuring depreciation
(cost recovery) for depreciable real property acquired and placed into service after January
1, 1981. |
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Term
| ACCELERATED DEPRECIATION: |
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Definition
A method of cost write-off in which depreciation allowances
are greater in the first few years of ownership than in subsequent years. This permits an
earlier recovery of capital and a faster tax write-off of an asset. |
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Term
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Definition
A condition in a real estate financing instrument giving the
lender the power to declare all sums owing lender immediately due and payable upon the happening
of an event, such as sale of the property, or a delinquency in the repayment of the note. |
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Term
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Definition
The act of agreeing or consenting to the terms of an offer thereby establishing
the “meeting of the minds” that is an essential element of a contract. |
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Term
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Definition
The right of an owner to have ingress and egress to and from owner’s property
over adjoining property. |
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Term
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Definition
| An addition to property through the efforts of man or by natural forces. |
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Term
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Definition
| Accession by natural forces, e.g., alluvium. |
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Term
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Definition
The difference between the cost of replacement new as of the
date of the appraisal and the present appraised value. |
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Term
| ACCRUED ITEMS OF EXPENSE: |
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Definition
Those incurred expenses which are not yet payable. The
seller’s accrued expenses are credited to the purchaser in a closing statement. |
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Term
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Definition
A formal declaration made before an authorized person, e.g., a notary
public, by a person who has executed an instrument stating that the execution was his or her
free act. In this state an acknowledgment is the statement by an officer such as a notary that the
signatory to the instrument is the person represented to be. |
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Term
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Definition
Blocks of fiber, mineral or metal, with small holes or rough-textured
surface to absorb sound, used as covering for interior walls and ceilings. |
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Term
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Definition
| The act or process by which a person procures property. |
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Term
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Definition
A measure of land equaling 160 square rods, or 4,840 square yards, or 43,560 square
feet, or a tract about 208.71 feet square. |
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