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Find a Business or PersonReal Estate Terms - A
ABSTRACT UPDATEmaking current an existing, but old, abstract of title by adding to it copies of all relevant documents recorded since the preparation or most recent update of the existing abstract. |
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ACCELERATE AMORTIZATIONpaying principal, amounts in excess of the minimum required by the mortgage contract so as lo shorten the effective term of the loan. |
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ACCELERATED COST RECOVERY SYSTEM (ACRS)a method of depreciation introduced the Economic Recovery Tax Act of 1981 and modified in 1984 and 1986. Apartments may be depreciated over 27.5 years, commercial property over 39 years, both straight-line. |
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ACCELERATED DEPRECIATIONdepreciation methods, chosen for income tax or accounting purposes, that offer greater deductions in early years. The straight-line method, rather than accelerated depreciation. generally applies to buildings bought after 1986. |
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ACCELERATION CLAUSEA clause in a mortgage or trust deed giving the lender the right to call all monies owed to be immediately due and payable upon the happening of a certain stated event, such as sale of the property. |
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ACCEPTANCEthe act of agreeing to accept an offer. |
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ACCESS RIGHTA right to enter and exit one's property. Accretion Gradual deposit of soil from a waterway onto the adjoining land. The additional land generally becomes the property of the owner of the shore or bank, except where local statutes specify otherwise. |
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ACCESSIBILITYthe ease and convenience with which a property can be entered by customers, tenants, and other users, particularly related to access via automobile. Also, building design and alterations that enable people with physical disabilities to enter and maneuver in the building. |
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