Neighborhood Realty - Poland, Ohio

Real Estate Glossary

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Term	Definition
Abstract of judgment,law	The summary of a court judgment that creates a lien against a property when filed with the county recorder.

Accelerated cost recovery system	A tax calculation that provides greater depreciation in the early years of ownership of real estate or personal property.

Acceleration clause	A provision that gives a lender the right to collect the balance of a loan if a borrower misses a payment.

Accelerated depreciation	A bookkeeping method that depreciates property faster in the early years of ownership.

Acceptance	The seller's written approval of a buyer's offer.

Access	Any means by which a person can enter property.

Accessibility	The degree to which a building or site allows access to people with disabilities.

Accretion	The gradual addition to the shore or bank of a waterway by deposits of sand or silt.

Acknowledgment	A written declaration affirming that a person acted voluntarily.

Acre	A measurement of land equal to 43,560 square feet.

Acre foot	The volume of material needed to cover an acre of land one foot deep.

Active solar system	A system that utilizes electric pumps or fans to transfer solar energy for storage or direct use.

Actual age	The number of years a structure has been standing.

Addendum	An addition or change to a contract.

Additional principal payment	Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan.

Add-on interest	The interest a borrower pays on the principal for the duration of the loan.

Adjustable-rate mortgage (ARM)	A loan with an interest rate that is periodically adjusted to reflect changes in a specified financial index.

Adjusted cost basis	The cost of any improvements the seller makes to the property. Deducting the cost from the original sales price provides the profit or loss of a home when it is sold.

Adjustment period	The amount of time between interest rate adjustments in an adjustable-rate mortgage.

Administrator	A person given authority to manage and distribute the estate of someone who died without leaving a will.

* Glossary Services are provided by Inman News, Real Estate News Service

Access to listings throughout Northeastern Ohio!

Interested in buying or selling an exsisting property? Neighborhood Realty is associated with the Northeast Ohio Association of REALTORS®, the Youngstown Columbiana Association of REALTORS®, Centralized Real Estate Information Services, and the Northeast Ohio Region Multiple Listing Service. Through our memberships, we have access to listings throughout the Northeast Ohio region and can help sellers in listing their property and assist buyers in locating properties region-wide either directly or through our referral system. Our company's properties are also advertised here, thus providing excellent exposure to other real estate agents and the public.

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Neighborhood Realty
20 E. McKinley Way, Suite 3
Poland, Ohio - 44514

• Direct: 330-503-4544
• Office: 330-757-1638
• Fax: 330-757-2474
• paul@neighborhoodrealty.net

This Brokerage is licensed in the State of Ohio

Neighborhood Realty is a proud member of the National Association of REALTORS®, Equal Housing Opportunity. All information deemed reliable but not guaranteed. Real Estate Data on this Web site come in part from the IDX program of CRIS. Listings presented may not be listed for sale by Neighborhood Realty, but by another brokerage firm. Such listings will be marked with the MLS logo and the listing brokerage firm will be indicated in detailed information about the property.