property & real estate law

Abut means to directly border. Property law frequently concerns the rights of abutting landowners. 

Access is the right to use, communicate, or approach something or someone. Some common usages of the term “access” in a legal sense include:  

Accretion from natural causes (also referred to as alluvion) adds soil, sand, and other types of earth to the part of a person’s property that borders water. While this occurs very slowly, a piece of property may grow a lot over time and increase its value. Any addition to one’s property by accretion becomes that person’s legal property. This is in contrast with avulsion, where the original owner of the moved earth continues to own it.

An act of God refers to a severe, unanticipated natural event for which no human is responsible. Despite its facial religious connections, the phrase “act of God” is frequently used in otherwise secular statutory and case law.

Ad valorem translated directly from Latin, means "according to [the] value [of something].” In practical use, the term is used in taxation to designate taxes levied against property, real or personal, at a certain rate based upon the property's value. 

• Latin terms

Ad valorem is a Latin phrase that translates to “according to the value.”  

Adjustable rate mortgage (ARM) is a type of mortgage where the interest rate changes over time. In contrast, fixed rate mortgages made for 15, 20, or 30 years, have a set amount of interest on the loan that does not change. ARMs come in many different forms. The typical ARM has a fixed interest rate for a specific amount of time.

Adjusted basis is the cost basis of an asset adjusted for various events during its ownership.

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 is usually fixed at a discount rate for an initial period before it is reset (or adjusted), according to the parties’ agreement, on a scheduled adjustment date to reflect current market interest rates.

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.