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| Term | Definition |
|---|---|
| Abstract of Judgment |
A summary of a court judgement filed with the County Recorder.
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| Abstract of Title |
A summary of all recorded proceedings and investments that affect a property’s title.
|
| Accelerated Cost Recovery System |
A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property.
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| Acceleration Clause |
A loan provision which allows the lender to declare the loan due immediately in full and payable if another specific loan provision is violated. This is also referred to as the Due on Sale Clause.
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| Acceptance |
An agreement between a buyer and seller to enter into a contract and be legally bound by its terms.
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| Accrued Interest |
Earned but unpaid interest.
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| Accumulated Depreciation |
In accounting, the amount of depreciation expense that has accumulated to date.
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| Acknowledgment |
A declaration by a document’s signer that he or she voluntarily signed the document, made before a duly authorized person.
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| Acquisition Cost |
The price and all fees required to purchase a property.
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| Acquisition Loan |
Money which is borrowed for the specific purpose of buying a property.
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| Acre |
A two-dimensional measure of land that is equal to 43,560 square feet or 4,840 square yards.
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| Addendum |
An additional article or provision which has been attached to an existing contract.
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| Additional Principal Payment |
Additional money paid as part of the monthly payment in order to reduce the principal and shorten the length of the loan.
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| Adjoining |
Land which is attached, contiguous, or shares one or more borders.
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| Adjustable Rate Mortgage (ARM) |
A mortgage loan whose rate may be changed at specific intervals over the life of the loan.
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