Real Estate Dictionary

Real Estate Dictionary 1031 Exchange The Internal Revenue Code Section that allows a taxpayer to sell an investment property and purchase another investment property in its place without paying capital gains on the proceeds from the sale. Also called Like-Kind Exchange or Tax-Deferred Exchange. Abandonment Non-payment of taxes. Absolute Auction An auction where the property is sold to the highest qualified bidder; there is no minimum bid or reserve or right of confirmation. Also called Without Reserve. Abstract of Title A brief, chronological summary of the recorded documents affecting title to a particular parcel of real property. Acceleration Clause A contract clause that gives the lender the right to declare all outstanding payments immediately due upon a default by the borrower. Acceptance When a party agrees to the terms of an offer to enter into a contract, thereby creating a binding contract. Accession The acquisition of title to land by its addition to real Estate already owned, through human actions or natural processes.

Actual Fraud An intentional misrepresentation or concealment of a material fact; ... direct or beneficial ownership interest of more than 1% in a provider of settlement services and ... Allodial System The system of land ownership that allows anyone to own land.

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  Ownership, Beneficial, Beneficial ownership, Concealment

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