An auction where the property is sold to the highest bidder with no limits, conditions, amount or reserves. The seller however, may not bid personally or through an agent, or anyone acting on behalf of the seller. An absolute auction presents the greatest opportunity for the buyer.

A concise, summarized history of the title to a specific parcel of real property, together with a statement of all liens and encumbrances affecting the property. The abstract of title does not guarantee or assure the validity of the title of the property. It merely discloses those items about the property which are of public record, and thus does not reveal such things as encroachments, forgeries, and the like.

A clause in a promissory note, agreement of sale, or mortgage which gives the lender the right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property

That which has accumulated over a period of time such as accrued depreciation, accrued interest or accrued expenses.

Area measurement (square measure) used primarily in the United States. One (1) acre is equal to 43,560 square feet, 4,046.86 square meters, or 0.4047 hectares.

One (1) acre equals 43,560 square feet. One (1) acre equals ten (10) square chains. One (1) acre equals 160 square rods, poles, or perches. One (1) acre equals 4,840 square yards. One (1) acre equals 4,046.856 square meters. One (1) acre equals 0.4047 hectares. One (1) acre equals 0.0016 square miles or sections. One (1) acre equals 0.004 square kilometers. One (1) acre equals 0.0000434 townships. One (1) acre equals 1.183676 arpents. One (1) acre equals 4.0 roods.

A type of mortgage where the interest rate varies based on a particular index, normally the prime lending rate.

The date the interest rate changes on an adjustable rate mortgage.

A calculation used to determine an individual's likelihood of being able to meet the obligations of a mortgage for a particular property. Takes into account the down payment, closing costs and on-going mortgage payments.

Title to real property that is free of encumbrances and obligations, including taxation. It denotes absolute or supreme ownership. Strictly defined, allodial title is not subject to county, state, or federal codes, ordinances, or zoning regulations ("police power"), nor can it be taken through legal or regulatory means ("inalienable"). In practical use, title in the United States is often said to be allodial (as opposed to feudal), even though it does not meet all of the qualifications listed above.

Title to real property that is free of encumberances and obligations, including taxation. It denotes absolute or supreme ownership. Strictly defined, allodial title is not subject to county, state, or federal codes, ordinances, or zoning regulations ("police power"), nor can it be taken through legal or regulatory means ("inalienable"). In practical use, title in the United States is often said to be allodial (as opposed to feudal), even though it does not meet all of the qualifications listed above.

1. Real property owned under allodial title - completely, independently, without rent, mortgage, encumberances, taxation or any other obligation to another.
2. Freehold estate; land which is the absolute, inalienable property of the owner.
3. Real estate held in absolute independence, without being subject to any rent, service, or acknowledgment to a superior.

Features, both tangible and intangible, which enhance and add to the desirability of real estate

1. Any transaction in which the two parties are unconnected and have no overt common interests. Such a transaction most often reflects the true or fair market value of a property. 2. Completion of a sales contract between a seller who is willing but not compelled to sell and a buyer who is willing but not compelled to buy, both parties being fully informed of all the purposes to which the property is best adapted and is capable of being used, under normal conditions on the open market.

Any item of value which a person owns.

The transfer of the right, title and interest in the property of one person, the assignor, to another, the assignee. In real estate, there are assignments of mortgages, contracts, agreements of sale, leases, and options, among others.

The act of acquiring title to property which has an existing mortgage on it and agreeing to be personally liable for the terms and conditions of the mortgage, including payments

The legal process of seizing the real or personal property of a defendant in a lawsuit, by levy or judicial order, and holding it in the custody of the courts as security for satisfaction of the judgment which the plaintiff may recover in any action upon a contract, express or implied

A commercial or residential building with an unfinished interior and lacking heating, ventilating, and air conditioning (HVAC), and usually without lighting, plumbing, ceilings, or walls. A base shell is ready for warm shell or vanilla shell improvements (VSI), which are usually completed once the lease agreement has been signed.
Synonymous with grey shell or cold shell.

A Broker's Price Opinion, or BPO, is a real estate valuation performed by a local, licensed real estate professional. It is used in situations where a formal appraisal is not required. It usually is based on such information as an exterior examination, estimates of necessary repairs, tax records, recent comparable home or business sales, property sale history, and current comparable listings.

The percentage return on an investment before mortgage payments and income taxes. Cap Rate Formula: Net Operating Income (NOI) / Market Value x 100.

All property other than real property. Chattels are distinct from real property in that they are moveable (not attached or affixed). Exceptions are made for trade fixtures or furniture, fixtures, and equipment (FFE), which can be attached, but are still considered chattels. Also known as personalty or personal property, chattels can be tangible (things or objects owned) or intangible (rights and relationships that are included in ownership). Tangible chattels include all objects that one owns, such as vehicles, clothing, houseplants, small appliances, etc. Examples of intangible chattels include patents, copyrights, royalties, and community property relationships. Transfer of chattels is done through a bill of sale, a will, intestate succession, or by court order (judgment).

1. Title to real property that is free from liens, encumbrances, or defects aside from those which the buyer has agreed to accept (mortgage to be assumed, ground lease of record, etc.)
2. Title to real property that is established, marketable, and without clouds.

1. Any document, actual or apparent claim, unreleased lien, or encumbrance which may impair, injure, or otherwise adversely affect the title to real property.
2. A state or condition of real estate title characterized by the existence of a defect or encumbrance which adversely affects the title and causes it to be unmarketable.

A state or condition of real estate title characterized by the existence of a defect or encumbrance which adversely affects the title and causes it to be unmarketable.