A Latin term meaning “with greater reason.” This term applies to a situation where, if one thing is true, then it can be inferred that another thing is even more certain to be true. Example: A child is determined to be too short for a ride at an amusement park; therefore, the child’s younger, smaller sibling is definitely too short for the ride.
A Priori Assumption
A Latin term for an assumption that is known to be true and does not need to be proved. Example: A ball is thrown into the air; we assume that gravity will act on the ball and cause it to fall to the ground.
A reduction, often referring to “rent abatement,” the incentive offered by a landlord to a tenant, which can include early occupany, free rent, or fee reductions.
In real estate, the rate at which a rentable space becomes filled, which can refer to either gross or net absorption. Gross absorption rate measures the total square feet leased over a predefined period and does not consider space vacated in the same geographic area during that time period, while net absorption rate equals the amount of space left at the end of a period of time minus the amount occupied at the beginning of this period.
Abstract of Title
A document summarizing all recorded proceedings on a piece of property, including changes of ownership, claims or loans against the property, deeds of trust, mortgages, liens, judgments, and real property taxes.
The written part of a financial agreement that gives the lender the option to demand payment at any time.
The occupation of land owned by another party without the prior consent of the owner. In cases where the property is abandoned or the claim goes unchallenged by the owner, and where the unauthorized occupant has made improvements to the property or paid real property taxes, the unauthorized owner may be able to gain the title after a certain number of years, as determined by law, have passed.
A process whereby a dispute or grievance between two parties is resolved by an impartial third party outside of the court system.
A signed document containing statements that the signer swears to be true before a notary public or someone else who has been authorized to take oaths.
A plan for paying off a debt in regular installments where a portion of each payment is applied to both the accruing interest and the principal, thereby amortizing, or “paying off,” the entire debt within a specified amount of time.
Annual Percentage Rate (APR)
A value set by the federal government that determines the yearly rate of interest on a loan that all legal lenders must follow.
A hearing where a criminal defendant first appears in court and in which the preliminaries of the defendant’s case are handled.
Any payment that is past due, such as unpaid rent, is said to be “in arrears.”