ABANDONMENT - The voluntary surrender or relinquishment of
possession of real property with the intention of terminating
one's possession or interest, but without vesting this interest
in any other person.
ABATEMENT - A reduction or decrease in
amount, degree, intensity or worth.
ABSORPTION RATE - An estimate of the rate at which a particular
classification of space - such as new office space, new housing,
new condominium units and the like - will be sold or occupied
each year.
ABSTRACT OF TITLE - A concise, summarized history of the title
to a specific parcel of real property, together with a statement
of all liens and encumbrances affecting the property. The
abstract of title does not guarantee or assure the validity of
the title of the property. It merely discloses those items about
the property which are of public record, and thus does not
reveal such things as encroachments, forgeries, and the like.
ACCELERATED DEPRECIATION - A method of calculating the
depreciation of certain property (that property which is used in
a trade or business, or which is held for the production of
income) at a faster rate than would be achieved from using the
straight line method of depreciation.
ACCELERATION CLAUSE - A clause in a promissory note, agreement
of sale, or mortgage which gives the lender the right to call
all sums due and payable in advance of the fixed payment date
upon the occurrence of a specified event, such as a sale,
default, assignment or further encumbrance of the property.
ACCEPTANCE - The expression of the intention of the person
receiving an offer (offeree, usually the seller) to be bound by
the terms of the offer.
ACCESS - A general or specific right of ingress and egress to a
particular property.
ACCRETION - The gradual and imperceptible addition to land by
alluvial deposits of soil through natural causes, such as
shoreline movement caused by streams or rivers.
ACCRUED - That which has accumulated over a period of time such
as accrued depreciation, accrued interest or accrued expenses.
ACKNOWLEDGEMENT - A formal declaration made before a duly
authorized officer, usually a Notary Public, by a person who has
signed a document.
ACRE - A measure of land equaling 43,560 square feet; 4,840
square yards; 160 square rods.
ADHESION CONTRACT - A contract which is very one-sided and
favors the party who drafted the document.
AD VALOREM - Latin for "according to valuation," usually
referring to a type of tax or assessment.
ADVERSE POSSESSION - The acquiring of title to real property
owned by someone else, by means of open, notorious and
continuous possession for the statutory period of time.
AFFIDAVIT - A sworn statement reduced to writing and made under
oath before a Notary Public or other official authorized by law
to administer an oath.
AGENCY - A relationship created when one person, the
"principal," delegates to another, the "agent," the right to act
on the principal's behalf in business transactions and to
exercise some degree of discretion while so acting. An agency
gives rise to a fiduciary relationship and imposes on the agent,
as the fiduciary of the principal, certain duties, obligations
and high standards of good faith and loyalty.
AGENT - One who is authorized to represent and to act on behalf
of another person (called the principal). A real estate broker
is the agent of his client, be it the seller or buyer, to whom
he owes a fiduciary obligation. A salesman is the agent of his
broker and does not have a direct personal contractual
relationship with either the seller or buyer.
AGREEMENT OF SALE - An agreement between the seller (vendor) and
buyer (vendee) for the purchase of real property.
AIR RIGHTS- The rights to the use of the open space or vertical
plane above a property. Ownership of the land includes the right
to all air above the property.
ALIENATION CLAUSE - A clause in a promissory note or mortgage
which provides that the balance of the secured debt becomes
immediately due and payable at the option of the mortgagee upon
the alienation of the property by the mortgagor.
ALLODIAL SYSTEM - The free ownership of land by individuals.
AMENITIES - Features, both tangible and intangible, which
enhance and add to the desirability of real estate.
AMORTIZATION - The gradual repayment of a debt by means of
systematic payments of principal and interest over a set period,
where at the end of the period there is a zero balance.
ANCHOR TENANT - Major department or chain stores which are
strategically located at shopping centers so as to give maximum
exposure to smaller satellite stores.
ANNUAL PERCENTAGE RATE - The relationship of the total Finance
Charge to the total amount to be finance as required under the
Federal Truth-in-Lending Law.
APPRAISAL - The process of estimating, fixing, or setting the
market value of real property. An appraisal may take the form of
a lengthy report, a completed form, a simple letter, or even an
oral report.
APPRECIATION - An increase in the worth or value of property due
to economic or related causes, which may prove to be either
temporary or permanent.
APPURTENANT - Belonging to; adjunct; appended or annexed.
ARBITRATION - The non-judicial submission of a controversy to
selected third parties for their determination in the manner
provided by agreement or by law.
ASSESSED VALUATION - The value of real property as established
by the state government for purposes of computing real property
taxes. ASSESSMENT - A specific levy for a definite purpose, such
as adding curbs or sewers in a neighborhood. Individual
condominium owners are subject to special assessments benefiting
the project as a whole and not funded through regular
maintenance charges.
ASSIGNMENT - The transfer of the right, title and interest in
the property of one person, the assignor, to another, the
assignee. In real estate, there are assignments of mortgages,
contracts, agreements of sale, leases, and options, among
others.
ASSUMPTION OF MORTGAGE - The act of acquiring title to property
which has an existing mortgage on it and agreeing to be
personally liable for the terms and conditions of the mortgage,
including payments.
ATTACHMENT - The legal process of seizing the real or personal
property of a defendant in a lawsuit, by levy or judicial order,
and holding it in the custody of the courts as security for
satisfaction of the judgment which the plaintiff may recover in
any action upon a contract, express or implied.
ATTORNEY-IN-FACT
- One who is authorized by another to act in his place under a
power of attorney.
ATTORNMENT - The act of a tenant formally agreeing to become the
tenant of a successor landlord; as in attorning to a mortgagee
who has foreclosed on the leased premises.
Santaquin Utah Real Estate
