Glossary

Select Alphabet
Abandonment

The voluntary relinquishment of rights of ownership or another interest (such as rights to an easement) by failure to use the property, coupled with an intent to abandon (give up the interest)

Abatement

A reduction or decrease. Usually applies to a decrease of assessed valuation of property for ad valorem taxes.

Abstract of Judgment

A summary of the essential provisions of a court judgment. (When this summary or abstract is recorded in the county recorder's office, in some states the judgment becomes a lien on the debtor's property, both presently owned or after-acquired.)

Abstract of Title

A summary of the public records relating to the title to a particular piece of land. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects, which must be cleared before a buyer can purchase clear, marketable and insurable title.