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Ma Real Estate A-1

Terms & Definitions A-1

TermDefinition
Abstract of Title A summary of the history of ownership of a parcel of property including each consecutive conveyance, liens, other encumbrance and the current status of each.
Abutter One whose land adjoined another parcel of property (including a road or another private parcel).
Acceptance The agreement of one party to a set of terms offered by a second party.
Accountability One of the duties of an agent under the law of agency that deals with the handling of escrow funds.
Accretion The gradual increase to land on a shore or riverbank by natural forces.
Accrued Items that have been accumulated over time. Such as depreciation or taxes.
Accrued Depreciation Total depreciation to date. (Yearly depreciation times number of years).
Acknowledgment Process where an authorized officer (usually a Notary Public) witnesses a signature and attests, that the signer has stated that the signing is his or her "free act and deed"; intended to protect against duress.
Acre An area of measurement equal to 43,560 square feet.
Actual Eviction Legal process where the landlord forces the tenant to vacate the premises (as opposed to constructive eviction).
Adverse Possession The process of gaining title to real property by open, continuous and notorious occupancy (for 20 years in Massachusetts); known as "Squatter’s Rights". Similar to establishing an easement by prescription.
Ad Valorem Tax A tax based "according to valuation". Property taxes are based on the value of the property being taxed.
Agency The relationship between one person (Principal) and another (Agent) who is authorized to act in the first person's behalf.
Agency Disclosure The Mass regulation (254 C. M. R. 2.05) that regulates the real estate broker sales person in informing and obtaining consent as to the agency representation to be utilized.
Agent One who is authorized to act for another, who is called the principal.
Air Rights The rights to the space above a piece of property.
Created by: sunaecm4