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Definitions (306)
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abandonment of property
To vacate a property with a definite intention never to return.
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abstract of title
Registry System: A condensed history of the title to a parcel of land consisting of a synopsis of every recorded instrument affecting the title to that land arranged in chronological order of recordin [..]
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acceleration clause
A clause in a mortgage which provides that where default has occurred in making any payment of moneys due under a mortgage or in the observance of any covenant in a mortgage and under the terms of the [..]
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acceptance
The offeree's consent to enter into a contract and to be bound by the terms of the offer.
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accrued interest
The interest charged for the period of time that has elapsed since interest was last deducted.
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action for possession
A legal remedy available to a mortgagee when a mortgage is in default.
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adjustment on sale
A pro-rated division and distribution of prepaid or accrued taxes, prepaid insurance premiums, prepaid rents and other income and expenses. Apportionment usually occurs when a property is sold, and is [..]
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adverse possession
The right by which someone occupying a piece of land might acquire title against the real owner, if the occupant's possession has been actual, continuous, hostile, visible, and distinct for a sta [..]
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affidavit
A statement or declaration in writing and sworn to or affirmed before some officer who is authorized to administer an oath or affirmation, such as a notary public, or commissioner of oaths.
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