JW
Abutting
Abutting means an area of land or a building that has a common boundary with another
Acceleration clause
The acceleration clause is a contract provision that allows a lender to require a borrower to repay all of an outstanding loan if payments are not being made or there is a breach of contract
Acceptance
The unconditional and unqualified agreement by the offeree to the terms of the offer. When an offer is accepted, it becomes a binding contract
Accession
In property law, accession is the acquisition of land by its addition to already owned real estate through human or natural processes.
Accretion
Accretion is the slow process of growth or acquisition of land, typically when soil is deposited by the natural action of water. Long-term accretion can actually increase the size of a property.
Active property
If you or your client sees a home listing with just “active” as their status, this indicates that the property is available for sale
Actual fraud
Actual fraud is an intentional misrepresentation of fact; or in plain terms lying.
Addendum
An addendum is used to clarify and add things that were not initially part of the original contract or agreement
Ad valorem
The Latin phrase ad valorem means “according to value.”
Adjustable-rate mortgage (ARM)
An adjustable rate mortgage has a flexible interest rate. Adjustable rate mortgages have a fixed period during which the initial interest rate remains the same, after that the interest rate adjusts at a pre-arranged frequency. The fixed-rate period can vary significantly anywhere from one month to 10 years.
Adverse possession
Adverse possession is the legal principle in which a person who does not have the legal right to a property acquires legal ownership based on the continuous occupation of the land without the permission of its real owner.