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 Real Estate Glossary

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A-frame DesignAn interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters.
 
Abatement NoticeA notice served on the owner(s) or occupier(s) of a property from which a private nuisance arises, warning them of the intention to enter on the land in order to abate the nuisance.
 
Absolute TitleA notice served on the owner(s) or occupier(s) of a property from which a private nuisance arises, warning them of the intention to enter on the land in order to abate the nuisance.
 
Abstract of Judgment,LawThe summary of a court judgment that creates a lien against a property when filed with the county recorder.
 
Accelerated Cost Recovery SystemA tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property.
 
Accelerated DepreciationA bookkeeping method that depreciates property faster in the early years of ownership.
 
Acceleration clauseA clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender.
 
AcceptanceConsent by the person receiving the offer to be bound by the terms and conditions of the person making the offer. Acceptance of an offer constitutes an agreement.
 
AccessAny means by which a person can enter property.
 
AccessibilityThe degree to which a building or site allows access to people with disabilities.
 
AccessoryA second building on a lot and one that is not considered to be the primary building, e.g. a storage shed or a parking space. Usually described as 'Accessory Building' or 'Accessory Unit'.
 
Accomodation Rating Recording of instruments with the county recorder by a title company merely as a convenience to a customer and without assumption of responsibility for correctness or validity.
 
AccretionThe gradual addition to the shore or bank of a waterway by deposits of sand or silt.
 
Accruals basis Under accruals basis accounting, income is recognised in the accounting period in which it is earned and expenses are recognised as they are incurred. This contrasts with the cash basis, under which income is recognised when it is received and expenses are recognised when they are paid.
 
AcknowledgmentA written declaration affirming that a person acted voluntarily.
 
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