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96 asbestos
A material that is resistant to fire and heat and was previously used in insulation. It is now linked to
cancer.
97 asking price
The price at which vendor offers a property for sale. The eventual selling price may be different after
negotiation with the purchaser.
98 assess
To calculate the value or worth of a property usually for the purpose of taxes or sale.
99 assessed value
The value assigned to a property by a tax authority.
100 assessment
The act of assessing.
101 assessment (MYS)
A form of building tax, which is payable to the local authority. This tax is calculated as a percentage of
annual value and varies with the property type.
102 asset
Something owned by and having continuing value to its owner or a business.
103 asset allocation
Allocation of a portfolio between real estate, equities, bonds and cash based on a fund manager’s riskreturn preferences.
104 asset management
Active approach to asset acquisition / disposal and property management with the objective of
optimizing asset performance.
105 asset valuation
In the property market, this expression is applied to the valuation of land and buildings or plant and
machinery. The term is often used to describe an expert opinion of the worth of a property which may
be incorporated into company accounts, where the ownership of the asset is not necessarily to be
transferred but the valuation is of interest to, for example, shareholders or is required for company
takeovers, share flotations or mortgages.
106 assign
Transfer any interest or the right of ownership over a property or any other asset.
107 assignee
One who receives the right of ownership over a property or any other asset.
108 assignment
The act of transferring ownership of something from one person to another.
109 assignment of lease
The transfer by a lessee of all his rights over a leased property. In such a case, the assignee becomes a
lessee under the original lessee. Some leases contain clauses specifying the conditions under which
leases can be assigned. Assignment of lease is different from sub-lease and the two should not be used
as synonyms.
110 assignor
The person who assigns an agreement to another.
111 association dues
Refers to charges for the Building and Common Area maintenance. This is also sometimes referred to as
Condominium Dues.
112 assumption fee
The fee charged by a lender for processing the paperwork required for transferring an existing loan to
another person.
113 assumption of deed of trust
Agreement by which a buyer agrees to take over the liabilities for the payment of an existing mortgage
or deed of trust. The lender usually has to approve the buyer before such a transaction can go through.
114 atrium
A large, centrally located hall in a building which is open all the way through to the roof, which is usually
made of glass or other transparent material. This allows light to stream in.
115 attest
To certify.
116 attic
The space between the ceiling and roof of a structure.
117 auction
A process of selling land or property by public bidding.
118 authority approvals
The necessary sign-off by council, fire department, government, etc., confirming design compliance with
laws to enable a facility to be constructed or a transaction to be completed.
119 average check