Philippine Real Estate Terms & On-Line Glossary

<body> <p><i><u><b><font face="Tahoma" size="4">Philippine Real Estate Terms & On-Line Glossary</font></b></u></i></p> <p><font face="Tahoma">1000's Of <font color="#000080"><i>Philippine Real Estate Terms</i></font> & Complete On-Line Glossary</font></p> <p><b><font face="Tahoma" size="2" color="#FF0000">Real Estate Terms, Philippine Real Estate, Philippine Real Estate Glossary</font></b></p> <p><font face="Tahoma">Abutters<br> Neighbours with a common boundary.</font></p> <p><font face="Tahoma">Abstract of Title<br> A summary of or digest of the conveyances, transfer and any other facts relied on as evidence of title together with any other elements of record which may impair the title.</font></p> <p><font face="Tahoma">Acceleration Clause<br> A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed.</font></p> <p><font face="Tahoma">Acceptance<br> An offeree's consent to enter into a contract and be bound by the terms of the offer.</font></p> <p><font face="Tahoma">Accretion<br> An addition to land from natural causes as for example from gradual action of the ocean or river waters.</font></p> <p><font face="Tahoma">Acknowledgment<br> A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is his act and deed.</font></p> <p><font face="Tahoma">Actual Use<br> The use to which the property is principally or predominantly devoted.</font></p> <p><font face="Tahoma">Acquisition<br> A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is his act and deed.</font></p> <p><font face="Tahoma">Additional Principal Payment<br> A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan.</font></p> <p><font face="Tahoma">Adjustable-Rate Mortgage (ARM)<br> A mortgage that permits the lender to adjust its interest rate periodically on the basis of changes in a specified index.</font></p> <p><font face="Tahoma">Adjusted Basis<br> The original cost of a property plus the value of any capital expenditures for improvements to the property minus any depreciation taken.</font></p> <p><font face="Tahoma">Adjustment Date<br> The date on which the interest rate changes for an adjustable-rate mortgage (ARM).</font></p> <p><font face="Tahoma">Adjustment Period<br> The period that elapses between the adjustment dates for an adjustable-rate mortgage (ARM).</font></p> <p><font face="Tahoma">Administrator<br> A person appointed by a probate court to administer the estate of a person who died intestate.</font></p> <p><font face="Tahoma">Ad Valorem<br> According to valuation.</font></p> <p><font face="Tahoma">Adverse Possession<br> The open and notorious possession and occupancy under an evident claim or right, in denial or opposition to the title of another claimant.</font></p> <p><font face="Tahoma">Affidavits<br> As part of the closing process, you're likely to sign numerous affidavits. You may be required, for example, to sign an affidavit of occupancy. It states that you will use the property as a principal residence. Or, you and the seller may have to sign an affidavit stating all of the improvements to the property required in the sales contract were completed before closing.</font></p> <p><font face="Tahoma">Affirm<br> To confirm, to aver, to ratify, to verify.</font></p> <p><font face="Tahoma">Affordability Analysis<br> A detailed analysis of your ability to afford the purchase of a home. An affordability analysis takes into consideration your income, liabilities, and available funds, along with the type of mortgage you plan to use, the area where you want to purchase a home, and the closing costs that you might expect to pay.</font></p> <p><font face="Tahoma">Agent<br> One who represents another from whom he has derived authority. A fiduicary agent of the principal.</font></p> <p><font face="Tahoma">Agreement of Sale<br> A written agreement or contract between seller and purchaser on which they reach a meeting of minds on the terms and conditions of the sale.</font></p> <p><font face="Tahoma">Air Right<br> The right of the property owner to use, control or occupy the air space over his property subject to the requirements of aerial navigations and government regulations.</font></p> </body>