RED.pdf


Preview of PDF document red.pdf

Page 12373

Text preview


REAL ESTATE DICTIONARY
A
1 "as is" condition
The sale, purchase, lease or conveyance of a property or item in its existing state, i.e., without any
change, improvement, addition, alteration or repair. Also called “as is where is” in some countries.
2 abandonment
The act of voluntarily giving up a right (of ownership or lease or any other right) over a property.
3 absentee landlord / owner
Owner of a property who resides elsewhere (usually in another city or country).
4 absolute title
The right of ownership of a legal estate in registered land; a title that is guaranteed by the state that no
one has a better title that is subject to any minor interests or overriding interests.
5 abstract
Summary of a lengthy document or piece of writing which contains all or most of the salient points of
the original.
6 abut
Adjacent or contiguous to. For example, if a property is adjacent or next to another, they can be said to
abut each other.
7 accelerated depreciation
An accounting term indicating any method of depreciation which allows owners to claim depreciation
benefits at rates greater than those calculated under the straight-line method.
8 acceleration clause
This is a clause in a loan deed or mortgage agreement that allows the lender to demand full and
immediate repayment of a loan. It is usually triggered by an event such as default in the payment of
installments or a change in the ownership.
9 acceptance
The act of voluntarily agreeing to accept an offer.
10 access right
The right to enter and exit one’s property from a public road or land or thoroughfare. This right is usually
implied in all property transactions in almost all parts of the world, i.e., any transaction involving
property is deemed to include the right to enter and exit that property. However, it is prudent to obtain
legal advice on this matter as some less developed countries or jurisdictions may not guarantee this
right or may require that a separate application be made to obtain right of access upon payment of
certain fees to the local authority.
11 accessory buildings
Annexes to a building such as servants’ quarters, sheds, garages, etc.
12 accessory parcel (MYS)
Any parcel shown in a strata plan, which is used in conjunction with a parcel.
13 Accommodation Value (AV) (HKG)
A unit rate of site value or land price, obtained by dividing the site value or land price by the floor area
of the proposed development on the site.
14 accord
Agreement by which a creditor accepts less than the full consideration of the contract as full and final
settlement of dues/liabilities under that contract. An agreement to this effect between a creditor and
debtor is known as “Accord and Satisfaction.”
15 accounts payable
Amounts owed to creditors for goods and services bought on credit.
16 accounts receivable
Amounts due to a business from customers for goods and services sold on credit.
17 accrual method of accounting
Method of accounting that recognizes revenue when earned and expenses when incurred in order to
appropriately match income with expenses in an accounting period.
18 accrue
To become due and to increase as a result thereof.
19 accrued expenses
The obligation to pay business expenses that were incurred, but not paid, during an accounting period.
20 accrued interest
The unpaid interest accumulated from an investment or a loan.
21 accumulated amortization
A deduction from intangible assets to show the total amount of periodic charges to income over the
estimated useful lives of those assets. Also called Reserve for Depreciation.
22 accumulated depreciation