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abandonment
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| Voluntarily giving up one’s right and interest in a particular property either by refusing to honor the obligations of that property (e.g., mortgage, taxes, upkeep) or by declaring an intention to do so in the future. One reason for just walking away from an investment might be that the owner has lost his or her job, can no longer afford the fixed expenses of the house or condominium, and has discovered that the value of the house, if it were sold, is less than the outstanding balance on the mortgage |
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abatement
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| A reduction or decrease in the value of a property that affects its market value or the amount of rent that may be charged to a tenant. Abatement usually occurs as the result of a discovery of something negative about the property (e.g., the roof must be replaced, the furnace will not make it through the winter, there is serious termite damage to the house) that decreases its worth and the price or rent it can command, or, in the case of a sale in progress, it affects the price already agreed on by the buyer and seller. The term can also refer to a decrease in the local government’s valuation of a property, which in turn leads to lower taxes. |
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able
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| A buyer can complete a sale when she or he has funds and has signed the documents that will transfer title to a property; the buyer is then said to be “able.” If the seller is not equally “able” (i.e., is not ready to complete the transaction on the date set for closing because, for example, there are outstanding legal or tax issues that have not yet been settled), the buyer may sue the seller for failure to complete the transaction. |
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absentee owner/landlord
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| An owner of a property who lives somewhere else and is not directly in control of that property. Tenants not only occupy the property but, if the owner has not appointed an agent, may also manage the property on the absentee owner’s behalf on a day-to-day basis. |
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absorption rate
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| The number of properties within a property development (e.g., a tract of land on which houses are being built, a building in which apartments are being converted to condominiums) that can be sold in a particular market within a particular time. Because the owner/buyer has probably borrowed money to fund the development, and is paying interest on that money, he or she must factor in interest costs as part of the basic expenses. |
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abstract of judgment
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| A shortened, summarized version of a court’s determination, in any dispute, of the disposition of a particular property. The court might decide that the property is to be sold at auction, within three months, to satisfy back taxes and pay off as much of the outstanding mortgage as possible. An abstract of judgment creates a lien against a property when it is filed with the county recorder. |
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abstract of title
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| A summary of the documents registered in any local land-registry office that affect ownership (title) of a house or condominium. |
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abstract plant
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| Documents, available to the public, relating to the title to (i.e., ownership of) a particular property. If a buyer is interested in the property, the buyer’s real estate agent may ask to see these documents before allowing the buyer to make a bid. Also called title plant. |
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abstraction method
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| A method by which a developer or other potential buyer determines the value of undeveloped land by comparing it with the value of comparable,developed land. For example, a buyer may be interested in a vacant lot in a residential neighborhood that is priced at $100,000. Other lots in the neighborhood on which houses already have been built are estimated to be worth $500,000. The buyer may conclude that the vacant lot will increase five times in value once a house is built on it. |
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abut
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| To share a common (property) boundary or even share a portion of that boundary. |
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