Utah Real Estate Terms | Salt Lake City Real Estate Glossary | Property Terms | Real Estate Definitions | Real Estate Glossary of Terms | Realty Words

Utah Real Estate Terms | Glossary of Real Estate Terms | Realty Definitions for Utah| Property Terms
Definitions for terms used in Utah real estate transactions - Acquisition, Addendum, Administrator, Adverse Possession.....

realestatehomesutah.com masthead

Real Estate Glossary

 

A-B-C-D-E-F-G-H-I-J-K-L-M-N-O-P-Q-R-S-T-U-V-W-XYZ

 

A

 

Abandonment

Leased property—Abandonment occurs when the tenant vacates the property prior to the expiration of the lease.

Real property—Abandonment of real property in Utah for a period of twenty years may forfeit the rights of the legal owner by adverse possession.

Water rights—Abandonment occurs in Utah when the legal right to water is not exercised for a period of five years.

Easements—Abandonment occurs when the use or purpose of the easement no longer exists.

Abatement—A reduction in the amount of rent. For example, a tenant receives an abatement of rent during the time the leased space cannot be inhabited due to damage resulting from an earthquake.

Able—This term is usually linked with “ready” and “willing.” “The buyer is ready, willing and able.” It refers to the buyer’s financial capability to close the transaction.

Abode—A place of residence.

Abrogation—Signed closing documents replace the Real Estate Purchase Contract that the seller and buyer previously signed. The Real Estate Purchase Contract is nullified or replaced by the closing documents. However, any warranties contained in the Real Estate Purchase Contract are still in effect.

Absentee Owner—An owner of property who does not physically reside on the premises. Absentee ownership usually involves a third party such as a property manger to care for the rental property.

Abstract of Title—A condensed chronological history of all recorded documents in the chain of title which affect the title.

Abut—Two properties that share a common boundary. For example, a home owner could have land that "abuts" a city park, which means the two properties border each other.

Acceleration Clause—a clause within a loan document intended to benefit the lender. Should the borrower fail to make mortgage, hazard insurance, or property tax payments on schedule or should the borrow allow the property to deteriorate, the lender may require the full amount remaining on the loan due and payable immediately.

Acceptance—Term usually associated with contracts. Acceptance of a contract must be voluntary by the person receiving the offer. The offeree, (seller of the property) is to be bound by the exact terms of the offer. An acceptance must be unconditional or a counteroffer should be provided to the offeror (buyer).

Access—The right of a land owner or tenant to enter upon and leave property without obstruction and may involve crossing another property owner’s land.

Accession—A process used to add to real property. For example, hauling in soil, building a home, adding a barn or landscaping. Nature can add to real property through a mud slide, flood or earth quake.

Acknowledge—A legal process of verifying the signatures on a contract or other legal document through a a notary public. 

Acre—A common unit of measure for land which equals 43,560 square feet.

Accretion—The accumulation of soil as a result of wash from a stream, river, flood or rain.

Acquisition—The process of obtaining property ownership. The five methods in which title to real property transfers is as follows: (1) voluntary conveyance (deed), (2) transfer by devise (dying with a will or testate) or descent (dying without a will or intestate), (3) involuntary transfer by adverse possession, (4) transfer by accession and (5) involuntary transfer by public action or by statute of law.

Actual Delivery—The transferring of a deed from the grantor (seller) to the grantee (buyer) by personally handing the deed to the grantee or sending it by certified mail.   

Actual Eviction—The legal process used by an landlord to evict a tenant and regain possession of the rental property. 

Ad Valorem Tax—A tax levied according to the assessed value of the property.

Addendum—Additions or changes to a document such as the Real Estate Purchase Contract.

Adjustable Rate Mortgage—A loan where the interest rate is periodically adjusted usually but not always in favor of the lender based on a specific economic indicator. This type of real estate loan is usually sought by a borrower that would not otherwise qualify for the loan amount.

Adjusted Cost Basis—The value of real property for accounting or appraisal purposes. Cost basis plus improvements, minus depreciation claimed during the years of ownership. 

Administrator—A person designated by the court to execute the terms of a will.

Administrator’s Deed—A conveyance of real property from an estate sale. The grantee (purchaser) of the real property receives the administrator’s deed. It usually involves limited warrantees of covenant of seizin and covenant of encumbrances.

Adverse Possession—Since land is to valuable to waste, governments enacted a process whereby a possessor of real property that is not the actual owner of record may gain ownership of property by demonstrating that they occupy it in a hostile, continuous, open, and notorious possession. In the state of Utah, the adverse possessor must also pay the property taxes for the statutory period of 7 years.

Aesthetic Value—The value of property considered intangible but existing when the property possesses unique characteristics or features that make it attractive to prospective buyers.

Agency—The relationship between two parties wherein the principal hires another person to represent them. For example: a property owner (principle and seller) lists their home for sell with REALTOR (agent) who represents the principle’s interest to third parties (buyers).

Agency by Estoppel—A declaration by the court confirming that agency exists when the principal seeks to deny an agency relationship. This usually occurs after the agent assisted in a transaction such as the sale of real estate.

Agency by Ratification—Agency is created by implication or by the actions of the agent and principle. The principal affirms the agency after performance is rendered and compensates the agent even though there is no written document validating the agency.

Agent—A person hired by a principal to represent the principal and to act in the principal's best interest.

Agricultural Property—Government zoning of land for farming activities.

Air Rights—The right to use, control or occupy the space above a parcel of real estate.

ALC (Accredited Land Consultant)A professional designation or certification awarded by the REALTORs Land Institute to people involved in the marketing of land.

Alienation—The voluntary transfer of property from one party to another, including possession of the land or tenements.

Alienation Clause—A clause favoring the lender usually found in the mortgage agreement which allows the lender to call the loan due and payable immediately if the property is sold or on the assumption of the loan by a third party.  Also known as Due on Sale Clause or Non-assumption Clause.

All-Inclusive Trust Deed (AITD)—A State-approved document used for security, usually in seller financing. Typically the financing is structured as a wraparound loan.

Allodial—The free and complete, private ownership of real property by individuals.

Alluvion—The addition of soil and gravel upon the bank of a river due to the flow or current of water. Accretion is the actual act of adding the soil.

Alteration—Unauthorized changes to a contract by one of the parties or agents to the contract. If the alteration is intentional and material, it is treated as fraud and the contract may be voided by the injured party at their option.

American Land Title Association (ALTA)—An association, founded in 1907, representing more than 2,100 title abstractors, title insurance companies, title insurance agents, and associate members. The purpose of the organization is to guarantee the safe, efficient transfer of real property. They provide protection for consumers and lenders alike. Members of the association use standardized title insurance forms developed by ALTA to provide uniformity within the industry. ALTA’s national headquarters is located at 1828 L Street, N.W., Suite 303, Utah, D.C. 20036; (202) 296-3671.

 ALTA Policy—A lender's title insurance policy, offering coverage in the amount of the loan which includes a site visit to discover unrecorded encumbrances.

Amenity—A real property feature that is not necessary but which provides increases satisfaction to the owner.  It can be tangible or intangible.

Amortization—The repayment of a financial loan over a period of time with periodic installments. The payments constitute the payback of the principal owed to the lender. A portion of each payment consists of a blend of interest and amortization of the principal. The interest portion is currently tax deductible, whereas the amortization is not.

 Amortized Loan—A loan instrument requiring regular monthly payments of both principle and interest.

 

 

 

This glossary of real estate terms is not a replacement for anyone needing legal counsel regarding property laws. We recommend that you seek legal counsel from a licensed Utah Bar attorney who specializes in property law.

 

 

 

Equity Real Estate Logo

 

 Barry J. Preusz
REALTOR, Residential Specialist

1218 East 7800 South
Salt Lake City, Utah 84094

Office: 801-993-0083



Click Here to Contact Us

agents
utah real estate






 



Home nav buttonReal Estate | Home Search nav buttonUtah Local Areas nav buttonReal Estate Financing nav buttonReal Estate Glossary of Terms nav buttonReal Estate Resources nav buttonEquity REALTOR Contact

realestatehomesUtah.com     © 2016     All Rights Reserved

Utah Real Estate Terms | Salt Lake City Real Estate Glossary | Property Terms | Real Estate Terms | Real Estate Glossary of Terms | Realty Definitions | Words that Begin with "A" | Definitions



Definitions for common terms used in Utah real estate transactions - Acquisition, Addendum, Administrator, Adverse Possession, Aesthetic Value, Agency, Agency by Ratification, Agent, Agricultural Property, Air Rights, Allodial, Alluvion, American Land Title Association.....

Salt Lake City, Utah real estate terms: realty terms, real estate glossary, glossary of real estate terms, property terms, Abandonment, Abatement, Abode, Abrogation, Absentee Owner, Abstract of Title, Abut, Acceleration Clause, Acceptance, Access, Accession, Acknowledge, Acre, Accretion, Acquisition, Actual Delivery, Actual Eviction, Ad Valorem Tax, Addendum, Adjustable Rate Mortgage, Adjusted Cost Basis, Administrator, Administrator’s Deed, Adverse Possession, Aesthetic Value, Agency, Agency by Ratification, Agent, Agricultural Property, Air Rights, Accredited Land Consultant, Alienation, Alienation Clause, All-Inclusive Trust Deed, Allodial, Alluvion, American Land Title Association, ALTA Policy, Amenity, Amortization, Amortized Loan.

Serving Alpine, Alta, American Fork, Bluffdale, Bountiful, Cedar Hills, Centerville, Cottonwood Heights, Daybreak, Deer Valley, Draper, Eagle Mountain, Emigration Canyon, Farmington, Heber City, Herriman, Highland, Holladay, Kamas, Kearns, Layton, Lehi, Lindon, Magna, Mapleton, Midvale, Midway, Murray, North Ogden, North Salt Lake, Ogden, Orem, Park City, Payson, Pleasant Grove, Provo, Riverton, Salt Lake City, Salt Lake County, Sandy, Saratoga Springs, Snowbird, South Jordan, South Ogden, South Salt Lake, Spanish Fork, Springville, Sundance, Summit County, Taylorsville, Tooele, West Bountiful, West Jordan, West Valley, Woods Cross, Utah County.