Terms with Category Real Estate

  • Abandonment Definition,
    • A disclaimer of ownership by the trustee or debtor in property deemed burdensome or inconsequential. Once property has been "abandoned" it is no longer the property of the estate and creditors can seek to recover their money.
  • Abstract of Title (ab) Abbreviation,
    • A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present.
    AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.
  • Acceptance Definition,
    • A property seller's formal, written approval of a buyer's offer.
  • Acre Definition,
    • 43,560 square feet. A plot of land 180 by 242 feet is one acre.
  • Acre Foot (AF) Acronym,
    • The water or other material needed to cover an acre of land one foot deep. Equivalent to exactly 43,560 cubic feet.
  • Actual Age Definition,
    • The years since a structure was built. Differs from effective age.
  • Additional Property Definition,
    • A property that is owned by the person that is not being financed.
  • Adjusted Basis Bank,
    • The amount you use to determine your profit or loss from a sale or exchange of property.
  • Adverse Possession Definition,
    • A means of getting title to land by using it without the objection of the title holder.
  • Adverse Use Definition,
    • Use of someone's property without permission.
  • Agency (agcy) Bank,
    • A relationship between two parties -- a client and an agent -- in which the agent represents the client in transactions with a third party.
  • Agency Closing Bank,
    • The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.
  • Agent (agt) Bank,
    • A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.
  • Agreed Boundary Definition,
    • Property lines that are drawn to settle a dispute between neighbouring property owners.
  • Agreement of Sale (AOS) Acronym,
    • A document in which a property's buyer and seller approve the price and other terms of the transfer of title.
  • Air Lock (AL) Acronym,
    • A small room with two doors, one door leads to the outside and one leads into the rest of the home.
  • Alienation Clause Definition,
    • A requirement that the borrower pay the mortgage in full upon transfer of the property.
  • Allowances Definition,
    • Money set aside by builders for amenities, such as driveways, landscaping, carpeting and fixtures, that are standard but have optional designs.
  • Amenities Definition,
    • Amenities are features such as green space, playgrounds, community centres, shopping malls, or swimming pools that make a neighbourhood or community more desirable for living.
  • Annex Bank,
    • To add one thing onto another.
  • Appraisal Definition,
    • An estimate of the market value of a piece of real estate made by a competent professional who knows local real estate prices and markets.
  • Appraisal Fee Definition,
    • What someone charges to deliver a professional opinion about how much a property is worth.
  • Appraisal Report Definition,
    • A detailed evaluation of the value of a property based on an inspection and a review of the values of nearby, comparable properties.
  • Appraised Value Definition,
    • An educated opinion of how much a property is worth.
  • Appraiser Definition,
    • A person qualified by education, training, and experience to estimate the value of real property and personal property.
  • Appreciation Bank,
    • An increase in the value of a property or item.
  • Approval Bank,
    • An assessment made by a lender of a borrower's ability to pay for a home and a confirmation of the amount the borrower may obtain.
  • Architect Definition,
    • One who designs buildings.
  • Architectural Fees Definition,
    • Compensation paid to a person who designs buildings.
  • Architectural Significance Definition,
    • How important a structure is.
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