Oconee County Real Estate
Real Estate Terms | 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.
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 which 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.
Acceptance
Refers to a legal term denoting acceptance of an offer.
A buyer offers to buy and the seller accepts the offer
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
Something added. A list or other items added to a document,
letter, contract, escrow instructions, etc.
Adverse Possession
A method of acquiring title by open and notorious possession
which usually varies by state.
Alienation Clause
A clause within a loan instrument calling for payment
of a debt in its entirety upon the transfer of ownership
of the secured property. Also called a "due on sale"
clause.
Agent
Acts on 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.
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.
Assessment
The valuation of property for the purpose of levying
a tax, or the amount of the tax levied.
Assessor
One appointed to assess property for taxation.
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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