Rick's Glossary

Look UpThis is a glossary of common real estate terms and real estate definitions.  If you have any comments or suggestions, please send an email to: rick@cretc.com
Copyright ©2006 by Rick Knowles. No portion of this glossary may be reproduced in any way without express written permission of the owner.

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abstract of title:

A summary report of the chain of title prepared by an abstractor that summarizes all recorded events that affect the title of a piece of land throughout history such as liens and encumbrances.

Pieces of land that are adjoining having a common boundary.
acceleration clause:

In a mortgage, trust deed or note this clause also known as the due-on-sale clause can make the balance of the principal and interest due immediately upon default of installment payments.


A promise to the offeror by the offeree bounding by the exact terms of the proposed offer.


increases in land caused by natural action of the water, which can affect how much land, an individual owns.

A declaration made before an authorized public officer such as a Notary Public or a Judge, that the person signing a written document does so voluntary and that the signature is genuine.

A piece of land that measures to 43,560 Square Feet.

ad valorem:  
Real Estate tax levied against property leased on the value of that property; levied to fund the government agency that imposes the tax.
adjustable rate mortgage (ARM):
Affected by the movement of an objective economic indicator called an index, this interest rate will fluctuate up or down during the term of the mortgage loan.
adjusted basis:

When the amount of any depreciation on the property claimed as a tax deduction is subtracted from the investors initial cost including costs of improvements made to the property during ownership. 

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