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Abandonment
The voluntary surrender or relinquishment of possession of real property with the intention of terminating one's possession or interest, but without vesting this interest in any other person.
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Abatement
A reduction or decrease in amount, degree, intensity or worth.
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Absorption Rate
An estimate of the rate at which a particular classification of space such as new office space, new housing, new condominium units and the like will be sold or occupied each year.
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Abstract Of Title
A concise, summarized history of the title to a specific parcel of real property, together with a statement of all liens and encumbrances affecting the property. The abstract of title does not guarantee or assure the validity of the title of the property. It merely discloses those items about the property which are of public record, and thus does not reveal such things as encroachments, forgeries, and the like.
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Accelerated Depreciation
A method of calculating the depreciation of certain property (that property which is used in a trade or business, or which is held for the production of income) at a faster rate than would be achieved from using the straight line method of depreciation.
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Acceleration Clause
A clause in a promissory note, agreement of sale, or mortgage which gives the lender the right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property.
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Acceptance
The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer.
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Access
A general or specific right of ingress and egress to a particular property.
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Accretion
The gradual and imperceptible addition to land by alluvial deposits of soil through natural causes, such as shoreline movement caused by streams or rivers.
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Accrued
That which has accumulated over a period of time such as accrued depreciation, accrued interest or accrued expenses.
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Acknowledgement
A formal declaration made before a duly authorized officer, usually a Notary Public, by a person who has signed a document.
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Acre
A measure of land equaling 43,560 square feet; 4,840 square yards; 160 square rods.
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Ad Valorem
Latin for "according to valuation," usually referring to a type of tax or assessment.
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Adhesion Contract
A contract which is very one sided and favors the party who drafted the document.
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Adverse Possession
The acquiring of title to real property owned by someone else, by means of open, notorious and continuous possession for the statutory period of time (20 years in Hawaii).
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