Oklahoma Real Estate Latest Version Rated A+

Oklahoma Real Estate Latest Version Rated A+ Abrogate To abolish in a public manner or end something when formal steps are needed Abstract of Title A summary or copy of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title. Abutting The joining, reaching or touching of adjoining land, Abutting parcels of land have a common boundary. accelerated Depreciation (tax term) Depreciation taken at any rate higher then provided by the straight-line method Acceleration Clause An acceleration clause in a loan gives the lender the right to declare the full amount of debt due and payable based on the happening of a certain event. acceptance A voluntary act by the offeree that shows assent, or agreement, to the terms of an offer; may consist of words or conduct. "meeting of the minds" access rights The right of a property owner to have ingress or egress to and from his property over adjoining properties Accession An addition to property through the efforts of man or by natural forces. accord and satisfaction A method of discharging a contract whereby the parties agree to give and accept something in a settlement of a dispute over the performance of the agreement accretion Growth in size by addition or accumulation of soil to land by gradual, natural deposits accrued depreciation The difference between the cost of replacement and market value. accrued items of expense Those incurred expenses which are not yet payable. The seller's accrued expenses are credited to the purchaser in a closing statement. Acknowledgement A formal declaration before a public official, usually a notary public, by a person who has signed a deed, contract, or other document that the execution was a voluntary act. acquisition The act or process by which a person procures property. acres a land measurement that equals to 160 square rods, 4,840 square yards or 43,560 square feet or tracts about 208.71 feet sq actual authority Authority given an agent either expressly or impliedly by a principal actual delivery transferring a deed from the grantor to the grantee by handing the deed to the grantee or sending it by certified mail. actual notice the express or direct knowledge acquired in the course of a transaction. Ad Valorem Latin term meaning "according to value" and referring to a way of assessing duties or taxes on goods or property. For example, ad valorem tax assessment is based on value of real property. adjustable rate mortgage Home loan secured by a deed of trust or mortgage in which the interest rate will change periodically (i.e. annually); typically adjusted based on a published index such as the Treasury Bill or LIBOR; brought on as a result of high interest rates in the early 1980s as a way for banks to transfer the risk of higher interest rates to the consumer. adjusted market value Adjustments to comparable property sales to estimate sale price of a subject property. adjustments In appraising, a means by which characteristics of a residential property are regulated by dollar amount or percentage to conform to similar characteristics of another residential property.