Glossary of Real Estate Abbreviations, Terms and Phrases

Welcome to the Property - Glossary of Terms page of Turkish Reality Estates. To find the term you are looking for, please select from the A-Z list by clicking on the letter.

A B C D E F G H I J K L M N O P R S T U V W Y Z

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

Abatement Of Judgment: A document containing a condensation of the essential provisions of a court judgment.

Abatement Of Nuisance: The act of ending or terminating a nuisance; a type of legal action brought to end a nuisance.

Above Building Standard: Upgraded finishes and specialized designs necessary to accommodate a tenant’s requirements.

Absorption Rate: The rate (speed) at which vacant space is either leased or sold to users in the marketplace. This rate is usually expressed in square feet per year or in the case of multi-family housing, in the number of units per year.

Abstract Of Judgment: A summary of money judgment. The summary is usually prepared so that it may be recorded, thereby creating a (judgment) lien on real estate owned by the judgment debtor.

Abstract Of Title: A summary of the instruments affecting title to a parcel of real property as shown by the public records.

Accelerate: To make a note all due and payable at one time.

Acceleration Clause: A cause in a deed of trust or mortgage, which "accelerates," or hastens, the time when the indebtedness becomes due. For example, some deeds of trust contain a provision (an acceleration clause) stating that the note shall become due immediately upon the sale of the land or upon failure to pay interest or an instalment of principal and interest.

Access Right: The right of an owner to go into and out of his or her property.

Accommodation Recording: Recording of instruments with the county recorder by a title company merely as a convenience to a customer and without assumption of responsibility for correctness or validity.

Acquisition and Development Loan: A loan for the purchase and preparation of raw land for development. Usually a construction loan or land sale is the source of repayment.

Acre: A measure of land equal to 43,560 square feet.

Additional Principal Payment: A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan.

Adjusted basis: The original cost of a property plus the value of any capital expenditures for improvements to the property minus any depreciation taken.

Adjustment date: The date on which the interest rate changes for an adjustable-rate mortgage (ARM)

Adjustments: Money that the buyer and sellers credit each other at the time of closing. Often includes taxes and down payment.

Add-On Factor: Often referred to as the Loss Factor or Rentable/Usable (R/U) Factor, it represents the tenant’s pro-rata share of the Building Common Areas, such as lobbies, public corridors and restrooms. It is usually expressed as a percentage which can then be applied to the usable square footage to determine the rentable square footage upon which the tenant will pay rent.

Adverse possession: The right of an occupant of land to acquire title against the real owner, where possession has been actual, continuous, hostile, visible, and distinct for the statutory period. The requirements for adversely possessing property vary between states, but usually include continuous and open use for a period of five or more years and paying taxes on the property in question.

Agency: The legal relationship between a principal and an agent. In real estate transactions, usually the seller is the principal, and the broker is the agent: however, a buyer represented by a broker (i.e., buyer as principal is a growing trend. In an agency relationship, the principal delegates to the agent the right to act on his or her behalf in business transactions and to exercise some discretion while so acting. The agent has a fiduciary relationship with the principal and owes to that principal the duties of accounting, care, loyalty, and obedience.

Agent: A person authorized to act for and under the direction of another person when dealing with third parties. The person who appoints an agent is called the principal. An agent can enter into binding agreements on the principal's behalf and may even create liability for the principal if the agent causes harm while carrying out his or her duties.

Alienation: The transferring of property to another. Conveyance or transfer of title to real estate from one person to another person.

Amenities: Non monetary benefits and satisfactions derived from property ownership, such as a pleasant view, pride in home ownership, etc.

Amendment: 1. A modification to an existing contract, mutually agreed to by all parties. Examples might include a change in the purchase price due to a low appraisal, or a change in the closing date.2. A change either to alter, add to, or correct part of an agreement without changing its principal idea or essence.

Amortized mortgage: A mortgage requiring periodic payments that include both interest and principal.

Annual membership: The amount that is charged annually for having a line of credit available. Often charged regardless of whether or not you use the line.

Antitrust laws: Federal and state laws prohibiting, among other things, monopolies, monopolistic practices, restraint of trade, and price fixing.

Application: An initial statement of personal and financial information, which is required to approve your loan.

Application Fee: Fees that are paid upon application. Charges for property appraisal and a credit report are usually included in the application fee.

Appraisal: A determination of the value of something, such as a house, jewellery or stock. A professional appraiser--a qualified, disinterested expert--makes an estimate by examining the property, and looking at the initial purchase price and comparing it with recent sales of similar property. Courts commonly order appraisals in probate, condemnation, bankruptcy or foreclosure proceedings in order to determine the fair market value of property. Banks and real estate companies use appraisals to ascertain the worth of real estate for lending purposes. And insurance companies require appraisals to determine the amount of damage done to covered property before settling insurance claims.

Appraised Value: An estimate of the present worth.

Appreciation: An increase in value or worth of property.

Assessor: A local government official who determines the value of the property for taxation purposes.

Assignee: A person to whom a property right is transferred. For example, an assignee may take over a lease from a tenant who wants to permanently move out before the lease expires. The assignee takes control of the property and assumes all the legal rights and responsibilities of the tenant, including payment of rent. However, the original tenant remains legally responsible if the assignee fails to pay the rent.

Assignment: A transfer of property rights from one person to another, called the assignee.

Assumable mortgage: An existing mortgage that can be taken over by the buyer on the same terms given to the original borrower.

Assumption of mortgage: The transfer of title to property to a grantee wherein he assumes liability for payment of an existing note secured by a mortgage against the property; should the mortgage be foreclosed and the property sold for a lesser amount than that due, the grantee-purchaser who has assumed and agreed to pay the debt secured by the mortgage is personally liable for the deficiency. Before a seller may be relieved of liability under the existing mortgage, the lender must accept the transfer of liability for payment of the note.

Attorney's opinion of title: An instrument written and signed by the attorney who examines the abstracts of title, stating his opinion as to whether a seller may convey good title.

Attractive Nuisance: Something on a piece of property that attracts children but also endangers their safety. For example, unfenced swimming pools, open pits, farm equipment and abandoned refrigerators have all qualified as attractive nuisances.

Auction: A public sale of property to the highest bidder.

Note: This glossary of real estate information is provided without warranty of any kind. It is just for infomational purposes only.