5 Terms for the Day
Abandonment: Situation in which homeowner leaves house with no intention to return.
Abstract Of Judgment: Summary of a judgment in a lawsuit; includes who won, who
lost, amount owed, the court making the decisions, date of judgment, and winning
attorney. Once recorded (filed with court clerk or recorder), it creates a general lien on
judgment debtor’s property that’s usually discovered by title company in conjunction
with property sale. Most title companies require lien be paid as a condition of insuring
resale.
Acceleration clause: an “acceleration” clause in the mortgage or deed of trust requiring
the borrower to pay the entire balance of the loan all at once if their loan is in default.
Acceptance: When seller’s or agent’s principal agrees to terms of the agreement of sale,
approves negotiations on the part of the agent, and acknowledges receipt of deposit.
Accrued Items of Expense: Incurred expenses not yet payable; seller’s accrued expenses
credited to purchaser in closing statement.
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