A condensed summary or history of a particular piece of property that includes all recorded issues concerning the title including conveyances, wills, liens, and other encumbrances.
Clause found in a deed of trust or mortgage that would allow the lender to push forward or "accelerate" the date the entire balance would be due if the borrower doesn't adhere to the agreed upon conditions. Example: If a borrower lets their homeowners insurance coverage lapse, the lender could demand the immediate payment of the entire debt still due.
A natural and gradual addition of land through deposits left from rivers or streams. An owner that borders a body of water could be entitled to any new land that's created.
Items/expenses that accumulate over time but normally still need to be paid. The most common example is property taxes expenses. You "accrue" taxes each month, but typically pay the entire bill at the end of the tax year.
Unit of measurement to describe land. One acre equals 43,560 square feet or 4,840 square yards. One way to remember the number is a 7/11 store. 4+3=7 and 5+6=11 thus 7/11.
Referred to as the chronological age of a building. In appraisal, the "actual" age of a building is not as useful as the "effective age." (factors in the current condition of the property)
Information or facts that are known. A person would have "actual knowledge" of certain facts if they were made personally aware of these facts. This is different from "constructive notice" where documents are recorded at the courthouse providing "notice to the world."
