Real Estate Glossary A [Part 9]

CONTINUED-FROM

Continued from…

:point_right: Real Estate Glossary A [Part 8]

Abode

A house, home, or place of residence; the location where a person normally lives and sleeps at night.

Abrogate

To annul, repeal, or lay aside.

Absolute Interest

Absolute ownership of a piece of property

Abstract of Auction

This is a summary of the newspaper auction advertisements that appear on the real estate page. In general, it provides a brief description of the auctions that will be held that day.

Abstract Title

A chronological listing of all conveyances, such as deeds, wills, and legal proceedings, with the parties’ names, the land’s description, and the agreement, arranged to demonstrate the continuity of ownership for land not subject to the Torrens system.

Abut

To touch or approach. A property may, for instance, “abut” a highway or share a boundary with another property.

Account Sales

A statement provided by an agent to their principal detailing all money received, minus expenses, from a sale.

Acquiring authority

A government agency, local authority, or other entity authorised by statute to acquire land by eminent domain.

Added value of improvements

The amount of money that buildings add to the market value of land, based on the replacement costs of the buildings minus depreciation.

Adjacent

To be in close proximity; to be in the neighborhood or vicinity without “abutting.”

Adjoining

Two land parcels that share a common boundary.

Aggregation

The consolidation of various parcels of an estate into a single total for the purpose of calculating estate duty.

Agistment

When a landowner allows cattle, horses, or other similar animals to graze on his property in exchange for a fee.

Alienation of land

The ability of the owner or tenant to sell their interest in real or personal property. The transfer of land ownership.

Alignment

The repair of a line. The boundary has been established.

Amenity Building

A building or part of a building used by employees or persons employed in an industry or business for their personal comfort, convenience, or leisure enjoyment separate from the industry or business’s work.

Amplification

Amplification is the expansion of utilities for the purpose of servicing urban land, such as the expansion of water or sewerage mains due to increased demand or the need for more capacity.

Annual value

Means the rent at which a property could reasonably be expected to let from year to year.

Apartment house

A structure containing separate residential units, typically three or more, and providing amenities such as a common main entrance and stairs or elevators.

Arbiter

An impartial third party appointed to conduct an arbitration. Is typically a person with experience and/or qualifications in a specific field who is nominated by the parties.

Assumption of mortgage

When a buyer acquires ownership of mortgaged real estate, he may assume responsibility as the guarantor for the unpaid balance of the mortgage. A buyer in this situation is responsible for the mortgage repayment.

Auction agency agreement

When a property is listed for auction, the vendor is required to sign an agreement. The reserve price of the house and the auction costs, including advertising and the agent’s commission, are detailed. Usually includes a provision stating that one agent will have the sole right to sell the property during and after the auction.