click below
click below
Normal Size Small Size show me how
Ma Real Estate A-1
Terms & Definitions A-1
Term | Definition |
---|---|
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. |