Real Estate

The failure to occupy and use property that may result in a loss of rights.

Extinction or termination of a nuisance.

See FEE SIMPLE ESTATE.

A condensation of the essential provisions of a court judgment.

A summary or digest of all transfers, conveyances, legal proceedings, and any
other facts relied on as evidence of title, showing continuity of ownership, together with any other elements
of record which may impair title.

A method of valuing land. The indicated value of the improvement is deducted from the
sale price.

The system for figuring depreciation (cost recovery) for
depreciable real property acquired and placed into service after January 1, 1981. (ACRS)

A method of cost write-off in which depreciation allowances are
greater in the first few years of ownership than in subsequent years. This permits an earlier recovery of
capital and a faster tax write-off of an asset.

A condition in a real estate financing instrument giving the lender the power
to declare all sums owing lender immediately due and payable upon the happening of an event, such as sale
of the property, or a delinquency in the repayment of the note.

The act of agreeing or consenting to the terms of an offer thereby establishing the
“meeting of the minds” that is an essential element of a contract.

The right of an owner to have ingress and egress to and from owner’s property over
adjoining property.

An addition to property through the efforts of man or by natural forces.

Accession by natural forces, e.g., alluvium.

The difference between the cost of replacement new as of the date of the
appraisal and the present appraised value.

Those incurred expenses which are not yet payable. The seller’s
accrued expenses are credited to the purchaser in a closing statement.