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Foreclosure Glossary A - B

Basic foreclosure definitions, from Abandonment to Buy-sell Agreement

Abandonment - Buy-sell Agreement


ABANDONMENT:
This occurs when the person with a right or interest in a property gives up that right or interest voluntarily, either by physically leaving the property or by showing the intention of giving up that right or interest

ABATEMENT:
The decrease in the price of the property

ABSENTEE OWNER:
The owner of a particular property lives somewhere else, leaving the control and occupation of the property to the tenants

ABSTRACT OF TITLE:
This is a summary listing of all documents registered in the local registry office

ABSTRACTION METHOD:
The method by which the value of the property (or the land) may be determined

ABUT:
Share a common or a small portion of a particular boundary

ACCELERATION CLAUSE:
If the borrower fails to live up to his obligations as stated in the mortgage, the lender has the right to ask for the full payment of the mortgage

ACCEPTANCE:
A positive response to an offer or counter-offer

ACCESS:
The right to enter a particular property

ACCESSIBILITY:
The convenience of a person in reaching a certain place, person or thing.

ACCESSORY BUILDING:
A structure on a particular property that has a specific purpose

ACCRUED:
Term used to describe something that has come into existence but has not yet been claimed

ACCRUED DEPRECIATION:
(Tax) the value that the property has accumulated but has not been claimed because of the decrease in the property’s value

ACCRUED INTEREST:
Interest that has been earned but has not yet been paid

ACQUISITION:
The manner of taking ownership of something

ACQUISITION COST:
The cost of taking title to something

ACRE:
A measurement of land

ADDENDUM:
Similar to a Schedule to an Agreement of Purchase and Sale; an addition to a document that forms part of it

ADDITIONAL PRINCIPAL PAYMENT:
A lump sum payment made the borrower on top of the regular payments

ADJACENT LAND:
A term used to describe a property located near a certain property

ADJUSTABLE RATE MORTGAGE (ARM):
Known as Variable Rate Mortgage; a type of loan secured against a land that has an interest rate that varies according to some external factor

ADJUSTED COST BASE:
Determined by finding out the acquisition cost plus the cost of any improvements to the property

ADJUSTED SALES PRICE:
The estimated value of a property by comparing to other comparable properties

ADJUSTMENTS:
The changes made to the selling price in order to meet the disadvantages and advantages of a property

ADMINISTRATOR:
A person appointed by Court to deal with the property in lieu of a deceased person in the absence of a will

ADVERSE POSSESSION:
A means of acquiring a property by occupying it in defiance of the other person’s title

AESTHETIC VALUE:
The overall market value of a property based on its physical presentation

AFTER-TAX CASH FLOW:
The need proceeds from an income-generating property

AGENCY:
A relationship between a person and another person (principal and agent) that represents the interests of the principal

AGENT: 
A person authorized by the Principal to handle the transactions with third parties

AGREEMENT OF SALE:
A legal contract that states a person’s agreement to sell a property

ALIENATION CLAUSE:
A term of mortgage that lets the creditor to demand payment in full due to the sale of the property

ALLOCATION METHOD:
Estimating the value of the property by deducting the value of the structures on the land

AMENITIES:
Positive features found in and around a property 

AMORTIZATION:
The preparation of a payment plan for a loan that allows equal payments to be made at consistent intervals over the life of the loan

ANNUAL DEBT SERVICE:
The total amount needed to service the loan in a year

ANNUAL LOAN CONSTANT:
Ratio of annual debt service to original principal of the loan

APPORTIONMENT:
The division of responsibility for certain costs between two parties

APPRAISAL:
An estimation of the property’s value

APPRAISER:
The person who assess the property’s value

APPRECIATION:
The increase in the value of the property overtime

APPURTENANCE:
A right or entitlement that forms part of the ownership of the property

ARREARS:
Money which is not paid when due

AS IS:
Suggests that the purchaser is buying the property in its current condition

ASKING PRICE:
The advertised price of the property

ASSESSED VALUE:
Value given to a property by the municipality

ASSESSMENT:
The appointment of liability of a general cost

ASSESSOR:
A person who estimates the value of the property

ASSUMABLE MORTGAGE:
A mortgage that can be taken over

ATTACHED HOUSING:
Two or more abodes that are attached physically but are owned or occupied by different people

ATTACHMENT:
The binding by a court of a piece of property as security for a debt

AUCTION:
The manner of selling property to the highest bidder

AUTHORITY:
The right of an agent to bind the principal in dealings with third parties

AUTHORIZATION TO SELL:
A contract between a property owner and a real estate broker that lets the broker to list the property for sale

BACKUP CONTRACT:
An agreement for a particular property which is conditional upon the failure of another agreement for the same property.

BALANCE:
The amount of principal on a loan remaining to be paid

BALLOON MORTGAGE:
A loan which is repaid by a series of small, periodic payments until a given date

BALLOON PAYMENT:
A single, large payment which pays out the balance due on a balloon mortgage.

BANKRUPTCY:
The state of being unable to pay your debts

BASIS POINT:
One 100th of 1%.

BELOW-MARKET INTEREST RATE (BMIR):
The subsidized interest rate on a mortgage or loan

BID:
An offer of a certain amount of consideration

BILL OF SALE:
A document that states the ownership of a bought property

BLUEPRINT:
Construction plans about a particular building

BORROWER:
The person or company that receives money from a

BREACH OF CONTRACT:
A failure to meet one's obligations under a contract

BRIDGE FINANCING:
A loan used to fill a gap in financing, often between the purchase of a new home and the sale of the old one

BROKER:
An intermediary who brings parties together for specific purposes

BUFFER ZONE:
An area of land specifically designed to separate one zoning use from another

BUILDING CODE:
A set of regulations provided by a municipality over the standards of construction in the area

BUILDING LINE:
The minimum distance a building or other improvement may be constructed from a property line

BUILDING PERMIT:
A document that allows for the construction of a structure in accordance with the terms of the permit

BUILDING RESTRICTIONS:
Limiting rules which may appear in building codes or in title documents which control the size, placement, materials, design or location of new construction

BUY-BACK AGREEMENT:
A contract between a purchaser and vendor where the vendor agrees to buy the property back if a certain event occurs within a specified period of time

BUY DOWN:
The extra payment on a loan in order to reduce the interest rate over a given period

BUYER’S AGENT:
A real estate agent who represents the interests of a person wishing to purchase a property

BUYER’S MARKET:
A condition of the real estate market where there are more properties for sale than people interested in buying them

BUY-SELL AGREEMENT:
An agreement between partners in a business or shareholders in a company to buy other party’s interest during a certain agreed situation stated in the agreement


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