Ameraco

B:

BACKUP CONTRACT

An Agreement of Purchase and Sale for a particular property which is conditional (becomes binding) upon the failure of another Agreement for the same property.

BETTERMENT

The improvement of real estate that results in a rise in market value. Also, a legal concept of civil law: when a court award, judgment or order in favor of an injured party places that party in a better position than he would have been had his original injury never taken place.

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A:

ABANDONMENT
Abandonment occurs when a person with a right or interest in a property voluntarily gives up that right or interest, either by physically ‘abandoning’ the property or by showing the intention to give up the right or interest.

ABATEMENT
A decrease or reduction in the price of a property (or in rent chargeable to a tenant). Usually occurs as a result of the discovery of a negative fact about the property which decreases its value from the price originally agreed upon by the parties.

ABSTRACT OF TITLE
A summary listing of the documents registered in the local land registry office and which affect title (ownership) of a particular property.

ACCEPTANCE
A positive response to an offer or a counter-offer that creates a binding agreement between the parties. Acceptance may be conditional upon the occurrence of certain events.

ACCESS
The right to enter a property. Access may be restricted to certain times, to certain persons and to certain purposes (i.e. access for the purpose of inspection).

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