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Glossary of Terms

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 A

ABANDONMENT
The voluntary relinquishment of rights of ownership or other interest (such as an easement) by failure to use the property, coupled with an intent to abandon (give up the interest).

ABATEMENT
A reduction of decrease Usually applies to a decrease of assessed valuation of ad valorem taxes after the assessment and levy.

ABSTRACT
A summary: an abridgement before the use of photo static copying, public records were kept by abstracts of recorded documents.

ABSTRACTER'S CERTIFICATE
A certificate contained in an abstract which shows the time period and scope of the search of public records done by the abstracter.

ABSTRACT OF JUDGMENT
A summary of the essential provisions of a court judgment. Which when recorded in the county recorder's office, creates a lien upon the property of the defendant in that county. both presently owned or after acquired.

ABSTRACT OF TITLE
A compilation of the recorded documents relating to a parcel of land, from which an attorney may give an opinion as to the condition of title Still in use in some states but giving way to the use of title insurance.

ACCELERATION CLAUSE
Clause used in an installment note and mortgage (or deed of trust). Which gives the lender the right to demand payment in full upon the happening of a certain event, such as failure to pay an installment by a certain date change of ownership without the lender's consent destruction of the property, or other event which endangers the security of the loan.

ACCESSIBILITY
The location of a site in terms of how easily it may be reached by customers, employees, carriers, and others necessary to the intended use of the property.

ACCORD
An agreement by which one accepts something different (usually less) from what is owed as full satisfaction The amount owed may be in dispute or simply accepted as full satisfaction by the creditor or claimant. The agreement and acceptance is called "Accord and Satisfaction."

ACCRETION
The gradual addition to the shore or bank of a waterway. The land generally becomes the property of the owner of the shore or bank, except where statutes specify otherwise.

ACCRUED DEPRECIATION
(1) The amount reserved each year in the accounting system for replacement of a building or other asset
(2) The useful life of a property at any given time.

ACKNOWLEDGEMENT
A written declaration by a person executing an instrument, given before an officer authorized to give an oath (usually a notary public) stating that the execution is of his own volition.

ACQUISITION COSTS
Costs of acquiring property other than purchase price escrow fees, title insurance lenders fees. etc.

ACT OF GOD
Damage caused by nature (floods, winds, etc) rather than destruction by man.

ADD-ON INTEREST
A method of charging interest usually used in the financing of automobiles but not generally used in real estate financing Interest is computed on the total amount borrowed and added on to the principal Each payment is then deducted from this total amount Interest on real estate loans is usually figured based on the balance owing after each payment is made (declining balance).

ADJUSTED GROSS INCOME
Gross income of a building if fully rented. less an allowance for estimated vacancies.

ADJUSTABLE MORTGAGE LOANS (AML'S)
Mortgage loans under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustment are agreed to at the inception of the loan. Also called: Adjustable Rate Loans, Adjustable Rate Mortgages (ARM'S), Flexible Rate Loans, and Variable Rate Loans.

AD VALOREM
"According to value:" A method of taxation using the value of the thing taxed to determine the amount of tax.  Taxes can be either "Ad Valorem" or "Specific." Example: A tax of $5.00 per $1000.00 of value per house is "Ad Valorem." A tax of $5.00 per house (irrespective of value) is "Specific."

ADVANCE FEE
A fee charged by a broker to a seller to cover all or a portion of the broker's costs of promoting the property. The fee is generally credited against commissions but is not refunded if no commissions are received. Most frequently used in connection with large offerings which require a substantial outlay of funds for promotion.

ALLEGAN COUNTY
A County located on the Lake Michigan shoreline in West Michigan including such towns as Douglas, Saugatuck, Holland, and Fennville.

AMORTIZATION
Payment of a debt in equal installments of principal and interest, rather than interest only payments.

ANNUAL PERCENTAGE RATE [A.P.R.)
The yearly interest percentage of a loan, as expressed by the actual rate of interest paid. For example: 6% add-on interest would be much more than 6% simple interest, even though both would say 6%. The A.P.R. is disclosed as a requirement of federal truth in lending statutes.

APPEL LOAN (ACCELERATING PAYOFF PROGRESSIVE EQUITY LOAN)
A residential property loan which calls for a payment increase over the first 6 years. Level payments are made for the remaining years and the loan paid off during the 15th year. There is no prepayment penalty and P.M.I. is required.

APPRAISAL
An opinion of value based upon a factual analysis. Legally, an estimation of value by two disinterested persons of suitable qualifications.

APPRAISAL METHODS
Generally, three major methods of appraisal: Cost Approach, Income Approach, Market Value (comparables) Approach.

ARREARS
(1)     Payment made after it is due is in arrears.
(2)     Interest is said to be paid in arrears since it is paid to the date of payment rather than in advance, as is rent. Example: A rental payment made July 1 pays the rent to August 1. An interest payment made July 1 Pays the interest to July 1.

ASSUMPTION OF MORTGAGE
Agreement by a buyer to assume the liability under an existing note secured by a mortgage or deed of trust. The lender usually must approve the new debtor in order to release the existing debtor (usually the seller) from liability.

AVIGATION EASEMENT
An easement over private property abutting an airport runway, which limits the height of crops, trees, structures, etc., in the aircraft's take off and landing path.

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