Abandoned Property
Property left behind by the owner and not occupied further by anyone.
Abatement
A reduction or decrease. It usually applies to a decrease of assessed valuation of Ad Valorem taxes after the assessment and levy.
Abatement Notice
A notice served by enforcement agencies on the owner/occupier of a property warning them of their intention to enter the land.
Abeyance
It refers to the ownership of property that has not been determined.
Abstract of title
Record of all the transactions of a particular piece of land/property and any other document that affects the title of ownership.
Arbitrage
Borrowing at a certain interest rate and investing at a rate higher than that.
Abut
It refers to boundaries of two pieces of real property that touch each other.
Acceptance of sale
An offer of purchase of property that has been signed by both buyer and seller.
Amortization
The gradual repayment of a debt (such as mortgage) made by systematic payments /equal monthly installments of principal and/or interest over a set period, so that at the end of the period there is a zero balance.
Affidavit
A written statement or declaration in writing of fact.
Agreement for Lease/Sale
A contract to enter into a lease (or sale), signed by the parties, both transferor and transferee, non-conformance of which calls for action under breach of contract.
Asset Management
The management and disposition of a portfolio of investment properties.
Animus possidendi
An intention to posses.
Appeal
A legal action wherein the higher court is requested to review and reverse a lower court's decision.
Appraisal
An estimate of fair market value of a property done by a licensed real estate appraiser.
Appreciation
The increase in value of a home / asset due to varying economic or inflationary conditions.
Asset valuation
The term is often used to describe an expert opinion of the worth of a property.
Assumable loan
An existing mortgage that can be taken over by the buyer -- usually on the same terms given to the original buyer.
Assumption
Taking over responsibility for payments on a mortgage and meeting any of the other requirements. Typically, a buyer assumes a mortgage from the seller.
Assessed value
Valuation placed on property by a public tax assessor for purposes of taxation.
Assessment
The placing of a value on property for the purpose of taxation.
Assessor
A public official who establishes the value of a property for taxation purposes
Asset
Items of value owned by an individual. Assets that can be quickly converted into cash are considered "liquid assets." These include bank accounts, stocks, bonds, mutual funds, and so on. Other assets include real estate, personal property, and debts owed to an individual by others.
Assignment
When ownership of a mortgage is transferred from one company or individual to another, it is called an assignment.
Assumable mortgage
A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must "qualify" in order to assume the loan.