Flashcards
Abstract of title
A history of the ownership
of a parcel of land which lists
transfers of title, rights, and
liabilities.
Accession
The idea that the owner of land is
entitled to all that the soil produc-
es or all that is added to the land
either intentionally or by mistake.
Trade fixtures not removed are
“assessed” by the owner of the
property.
Ad volerum
A prefix meaning “based on
value.” Most local govern-
ments levy an ad valorem tax
on property.
Adverse possession
A method of acquiring original
title to property by open, no-
torious and hostile possession
for a statutory period of time;
also referred to as prescription.
Poach.
Alienation clause
A provision in a mortgage
requiring full payment of the
debt upon the transfer of title
to the property, due on sale.
Prevents loan assumptions.
Allodial
The free and full ownership of
rights in land by individuals,
which is the basis of real prop-
erty in the United States.
Appurtenance
Any right or privilege which
belongs to and passes with
land.
Arm’s length transaction
Occurs between willing buyer
and willing seller with each party
completely knowledgeable about
the market. A purchaser of prop-
erty between relatives (i.e. father
and son) would not be an “arm’s
length transaction.”
Arrears
Not on time; late in making
payments or completing work.
Interest is paid in arrears.
Attestation
The act of witnessing a per-
son’s signing of an instrument
by a notary public.
Attorney’s opinion of title
A statement issued by an attor-
ney after analyzing an abstract
as to quality of title.
Avulsion
Occurs in cases where there is
a sudden loss of land through
nature.
Balloon payment
The remaining balance, at
maturity, on a loan that has
not been completely repaid
through periodic payments.
Once paid, the outstanding
balance is zero. Partially amor-
tized loan
Bargain and sale deed
An instrument conveying title
which recites a valuable con-
sideration and commonly uses
the words “bargain and sale”
or words of similar import.
Bilateral contract
A contract in which a promise
is given for the promise of
another. It becomes binding
when mutual promises are
communicated. (A real estate
contract).
