ABSTRACT OF TITLE
A compilation of the recorded documents relating to a parcel of land, from which an attorney may give an opinion as to the condition of title. Still in use in some states but giving way to the use of title insurance.
ACCOMMODATOR
ACCOMMODATOR:
One who acts to facilitate an exchange under the rules of Section 1031 of the Internal Revenue Service Code. The proper terminology is a Qualified Intermediary, but accommodator, facilitator or intermediary are the common terms used.
ACRE
ACRE
A measure, usually of land, equal to 43,560 square feet.
ACTION TO QUIET TITLE
ACTION TO QUIET TITLE
Modernly used to describe any court action to establish ownership or remove a cloud on title.
ADVERSE POSSESSION
ADVERSE POSSESSION
A method of obtaining ownership rights by the open, notorious, exclusive, and hostile possession of private real property for a statutory period which varies from state to state. Some states have additional requirements, such as payment of property taxes by the adverse possessor. The true owner is then barred (statute of limitations) from asserting his/her rights. The adverse possessor has no evidence of title without court action.
AGENT
AGENT
One who is authorized to act for or represent another (principal), usually in business matters. Authority may be express or implied.
ARTICLES OF INCORPORATION
ARTICLES OF INCORPORATION
Documentation filed with the state which sets forth general information about a corporation. More specific rules of the corporation would be contained in the by-laws.
ASSESSOR
ASSESSOR
One who estimates value of property for tax purposes.
ASSIGN
ASSIGN
To transfer property, or an interest in property.
ASSIGNEE
ASSIGNEE
One who receives an assignment.