property & real estate law


Appreciation is an increase in an asset’s value, usually due to inflation or other external economic factors (the opposite of depreciation).

In more common parlance, appreciation may also be recognition or understanding of...


An appurtenance refers to something that, while technically detachable, is so fundamental to something else that it should be regarded as a part of the whole. In the event that property transfers hands, all appurtenances usually transfer as...


Appurtenant refers to rights or restrictions that run with the land. The term is generally used in the context of easements or covenants, and is distinguished from rights or restrictions in gross, which only benefit or burden a particular...


ARM stands for ‘adjustable-rate mortgage’, which is a type of home loan that has a fixed interest rate for an initial period of time, then after a certain point the rate changes, which means it is no longer a fixed interest rate, but rather...

as is

“As is” refers to a term used in sales contracts where the buyer agrees to buy a product in its current condition, without legal recourse should the buyer discover a defect in the product after purchase. The buyer should be able to view and...


In common parlance, to assess means to evaluate.

In legal contexts, the word assess is usually used in the context of tax law and means to ascertain a valuation of a piece of property for purposes of tax calculation (see...

assessed value

Assessed value is the value of a property, as determined (assessed) by a tax assessor or appraiser, for tax calculation purposes.

[Last updated in June of 2021 by the Wex Definitions Team]


An assessor (sometimes also termed tax assessor) is an official who is responsible for evaluating and assessing a property for tax calculation purposes.

[Last updated in June of 2021 by the Wex Definitions Team]

assessor's parcel number

An assessor’s parcel number is a unique number assigned to parcels of property such as land by the tax assessor of the property jurisdiction, which is used for record-keeping and tax purposes of such property.

[Last updated in...


Assign is the act of transferring rights, property, or other benefits to another party (the assignee) from the party who holds such benefits under contract (the assignor). This concept is used in both contract and property law.