RICK LYON, Real Estate Specialist
- Ft. Myers
- 6611 Orion Drive
- Fort Myers, FL 33912
- Tel: 239.482.5700
- Fax: 239.482.7711
- Dir: 239.281.4066
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| Abstract of judgment | The summary of a court judgment that creates a lien against a property when filed with the county recorder. |
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| Accelerated cost recovery system | A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property. |
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| Accelerated depreciation | A bookkeeping method that depreciates property faster in the early years of ownership. |
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| Acceleration clause | A provision that gives the lender the right to collect the balance of a loan if a borrower misses a payment. |
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| Acceptance | The seller's written approval of a buyer's offer. |
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| Access | Any means by which a person can enter property. |
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| Accessibility | The degree in which a building or site allows access to handicapped people. |
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| Accretion | The gradual addition to the shore or bank of a waterway through deposits of sand or silt. |
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| Acknowledgment | A written declaration affirming that a person acted voluntarily. |
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| Acre | A measurement of land equal to 43,560 square feet. |
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Acre foot
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The volume of material needed to cover an acre of land one foot deep.
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Active solar system
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A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use.
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Actual age
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The number of years a structure has been standing.
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Addendum
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An addition or change to a contract.
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Additional principal payment
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Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan.
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Add-on interest
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The interest a borrower pays on the principal for the duration of the loan.
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Adjustable Rate Mortgage (ARM)
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A loan with an interest rate that is periodically adjusted to reflect changes in a specified financial index.
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Adjusted cost basis
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The cost of any improvements the seller makes to the property. Deducting the cost from the original sales price provides the profit or loss of a home when it is sold.
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Adjustment period
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The amount of time between interest rate adjustments in an ARM.
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Administrator
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A person given authority to manage and distribute the estate of someone who died without leaving a will.
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Administrator's deed
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A legal document an administrator of an estate uses to transfer property.
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Adverse possession
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The acquisition of title to property through possession without the owner's consent for a certain period of time.
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Adverse use
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The access and use of property without the consent of the owner.
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Aeolian soil
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Soil that is composed of materials deposited by the wind.
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Affiant.
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A person who makes a sworn statement.
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Affirmation
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A substitution for an oath granted to people based on religious reasons.
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A-frame design
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An interior style that features a steeply peaked roofline and a ceiling that is open to the top rafters.
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Agency
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The relationship of trust that exists between sellers and buyers and their agents. The agency is formed through a written contract.
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Agency closing
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The process in which a lender uses a title company or other firm as an agent to complete a loan.
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Agent
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A person licensed by the state to conduct real estate transactions.
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| Agreed boundary | A compromise boundary agreed to by property owners to resolve a dispute. |
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| Agreement of sale | A document the buyer initiates and the seller approves that details the price and terms of the transaction. |
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| Alcove | A recessed section of a room, such as a breakfast nook. |
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| Alienation clause | A provision that requires the borrower to pay the balance of the loan in a lump sum after the property is sold or transferred. |
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| Alkali | Mineral salt found in soil. |
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| Alkaline soil | Soil that contains a higher concentration of mineral salt than natural acid. |
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| Alley | A lane behind a row of buildings or between two rows of buildings. |
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| Allowances | Budgets offered by builders of new homes for the purchase of carpeting and fixtures. |
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| Alternative mortgage | Any home loan that does not conform to a standard fixed-rate mortgage. |
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| Aluminum siding | A metal covering that provided an alternative to painting for owners of wood homes. |
