property & real estate law

Ad Valorem Tax

Ad valorem is a Latin phrase that translates to “according to the value.” The essential characteristic of ad valorem tax is that it is proportional to the value of the underlying asset, unlike specific tax, where the tax amount remains constant,...

Adjustable Rate Mortgage (ARM)

A mortgage loan where the interest rate may change in accordance with designated market indicator (such as the LIBOR), as opposed to a set interest rate (such at 6% annually).

Adjusted Basis

Adjusted basis is the cost basis of an asset adjusted for various events during its ownership. It is usually used to calculate an owner’s capital gain or loss for income tax purposes when the property is sold, or to calculate an inheritor’s...

Adjustment Date

Adjustment date is the date on which a financial term of a contract or transaction is set to change. In real estate, it usually refers to the date on which the interest rate of an adjustable rate mortgage (ARM) changes. An ARM’s interest rate...

Adjustment Period

Adjustment period is the time within which the interest rate on an adjustable-rate mortgage (ARM) can reset. It is the scheduled amount of time between each adjustment date.

Adjustment periods are set at month-to-month, semi-...

Adverse Interest

There are three main types of adverse interests.

1) An adverse interest can mean an interest, claim or right that is against another’s interest. For example, a plaintiff and defendant...

Adverse Possession

Overview

Adverse possession is a doctrine under which a person in possession of land owned by someone else may acquire valid title to it, so long as certain common law requirements are met, and the adverse possessor is in possession for a sufficient...

Affirmative Waste

See voluntary waste.

After-Acquired Property

Definition from Nolo’s Plain-English Law Dictionary1) Property that a person acquires after taking on a debt, which becomes additional collateral for the debt. Typically, this occurs when the debtor has signed an agreement pledging all property as...

After-Acquired Title

Definition from Nolo’s Plain-English Law DictionaryTitle to property acquired by someone after that person has purportedly transferred the property to someone else. As soon as the seller actually acquires title, it passes to the person to whom it was sold...

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