Abandonment - The voluntary relinquishment of rights of ownership or another interest( such as easement) by failure to use the property, coupled with an intent to abandon (give up interest).

Abatement - A reduction or decrease. Usually applies to a decrease of assessed valuation of ad valorem taxes after the assessment and levy.

ABC Soil - Soil having distinct A (upper) B (middle) and C (lower) horizons (layers of soil).

Absentee Landlord - A lesser of real property (usually the owner) who does not live in a portion of the property.

Absentee Owner - An owner who does not occupy the property.

Absorption - The filling of space, such as the rental of units or sale of a tract. The time or rate must be estimated and considered as part of the owner's (usually the builder) costs.

Abstract - A summary; an abridgement. Before the use of photostatic copying, public records were kept by abstracts of recorded documents.

Abstracter's Certificate - A certificate contained in an abstract which shows the time period and scope of the search of public records done by a abstracter usually associated with a Title Insurance Company.

Abstract of Judgment - A summary of the essential provisions of a court judgment, which when recorded in the county recorders office, creates a lien upon the property of the defendant in that county, both presently owned or acquired.

Abstract of Title - A compilation of the recorded documents relating to a parcel of land, from which an attorney may give an opinion as to the condition of title. Still in use in some states, but giving way to the use of title insurance.

Abut - To touch, border on, or be contiguous to.

Abutments - The vertical members (walls or heavy columns) which bear the load or pressure of the cross member, such as an arch, pier, or similar structure.

Abutting Owner - One whose land is contiguous to (abuts) a public right of way.

Accelerated Cost Recovery System (ACRS) - A portion of the Economic Recovery Act of 1981 which allows shorter depreciation of both real and personal property, does not distinguish between new and used property, and disregards salvage value.

Acceleration Clause -Clause used in an installment sale note and mortgage ( or deed of trust ), which gives the lender the right to demand payment in full upon the happening of a certain event, such as failure to pay an installment by a certain date, change of ownership without the lender's consent, destruction of the property or other event which endangers the security of the loan.

Acceptance - Voluntarily agreeing to the price and terms of a offer. Note: offer and acceptance create a contract.

Accessibility - The location of a site in terms of how easily it may be reached by customers, employees, carriers, and other necessary to the intended use of the property.

Accession - The right of an owner to an increase in his/her property by natural means (such as a riparian owner's right to an abandoned river bed, rights of alluvion and reliction, etc.) or artificially, by improvements.

Accessory Buildings - Structures used for the benefit of a central or main building, such as a tool shed, garage, or similar structure.

Access Right - A right to ingress and egress to and from one's property. May be expressed or implied.

Accommodation Party - Person who lends his name to help secure credit for another, by signing a note or other obligation without receiving consideration.

Accommodation Recording - The recording of documents with the county recorder by a title insurance company, without liability (no insurance) on the part of the company, but merely as a convenience to a customer.

Accord - An agreement by which one accepts something different (usually less)from what is owned as full satisfaction. The amount owed may be in dispute or simply accepted as full satisfaction by the creditor or claimant. The agreement and acceptance is called "Accord and Satisfaction".

Accounts Payable - Money owing. The term is generally used in business rather than personal finances. Usually represents services or materials, such as wood, bricks, payment of subcontractors, etc., to a builder.

Accounts Receivable - Money owed to a business for goods or services.

Accretion - The gradual addition to the shore or bank of a waterway. The land generally becomes the property of the owner of the shore or bank, except where statues specify otherwise.

Accrual Accounting - An accounting method under which income and expenses are charged to the periods for which they are applicable, rather than when payment is received or made. The method calling for income and expenses to be based on payment being received or mage in cash accounting.

Accrue - To grow or mature.

Accrued Depreciation - (1)The amount reserved each year in the accounting system for the replacement of a building or other asset. (2) The useful life of a property at any given time.

Accrued Interest - Interest on a note, bond, etc. which has been earned but not yet paid. Since interest is usually paid in arrears, accrued interest does not necessarily indicate a delinquency in payment.

Accumulated Depreciation - (See: Accrued Depreciation).

Accumulated Interest - Unpaid interest which is past due. (See also: Accrued interest.)

Acid Soil - A soil with a acid rather than a alkaline base. This can determine its suitability for farming.

Acid Test Ratio - A formula used by lending institutions determine if a business can meet its current obligations. The formula adds cash plus receivables plus marketable securities and then divides the liabilities. A ratio of one to one is considered acceptable.

Acknowledgement - A written declaration by a person executing an instrument, given before an officer authorized to give an oath (usually a notary public), stating that the execution is of his/her own volition.

Acoustical Materials - Materials which absorb sound. Usually plaster, or similar materials.

Acoustical Tile - Tile which absorbs sound.

Acquisition Appraisal - An appraisal to determine market value of a property to be taken by eminent domain, in order to justify compensate the owner.

Acquisition Appraisal - An appraisal to determine market value of a property to be taken by eminent domain, in order to justify compensate the owner.

Acquisition Costs - Costs of acquiring property other than purchase price; escrow fees, title insurance, lenders fees, etc.

Acre - a measure. usually land, equal to 160 sq. rods (43,560 sq.ft.) in any shape.

Acreage - Any parcel land which may be measured in terms of acres. Usually qualified by its zoning or usage, such as residential acreage, industrial acreage, etc.

Acreage Control - Federal control setting the number of acres which may be planted with crops which have federal price supports.

Acre Foot - A volume of water, sand, coal, etc., equal to an area one acre with a depth of one foot (43,560 cubic foot). If a liquid, 325,850 gallons.

Acre-inch - A cubic measure of one acre in area with a depth of one inch.

Action To Quiet Title - A court action to establish ownership to real property. Although technically not an action to remove a cloud on title, the two actions are usually referred to as "Quiet Title" actions.

Active Capital - Capital used on a regular basis for profit-making activities.

Act Of God - Damage caused by nature (floods, winds, etc.) rather than destruction by man.

Actual Age - The chronological age of a structure as opposed to its effective or economic age.

Actual Notice - Notice actually and expressly, or by implication, given and received.

Ad - By, for, relating to, concerning.

Addendum - Something added. A list or other material added to a document, letter, contractual agreement, escrow instructions, etc.

Addition - (1) A portion of a building added to the original structure. (2) a synonym for subdivision in certain legal descriptions.

Additional Deposit - A buyer of real property will generally give a small deposit with an offer, and a more substantial deposit after the offer has been accepted. The second deposit is the additional deposit.

Add -On Interest - A method of charging interest usually used in the financing of autos, but not generally used in real estate financing. Interest is computed on the total amount barrowed and added on to the principal. Each payment is then deducted from this total amount. Interest on real estate loans is usually figured based on the balance owing after each payment is made (declining balance).

AD HOC - Latin meaning "for this". For a single purpose only.

Adjacent - Close to. May or may not be contiguous (touching).

Adjoining - Touching or contiguous.

Adjudication - A judgment or decision by a court.