Definition: An owner of real property that does not live on the premises. Additional Information: An absentee owner usually requires a property manager to maintain the premises. Pronunciation: absənˈtē ˈōnər Used in a Sentence: Due to an increase in demand for rental property, there has also been an increase in absent..

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Definition:  A concise history of title to real property comprising a summary of the links in the “chain of title” extracted from documents impacting on the title status. Pronunciation: abˈstrakt,ˈabˌstrakt Used in a Sentence:   The seller ordered an abstract of title to aid in the purchase of his..

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Definition:  A condition in a mortgage that the entire unpaid balance becomes due and payable if the borrower defaults on the promissory note. Pronunciation:    ik-ˌse-lə-ˈrā-shən Used in a Sentence:    The lender activated the acceleration clause in the mortgage when the borrower stopped making..

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Definition:  A formal declaration before a notary that the signing of a document is a free act Pronunciation:  ik-ˈnä-lij-mənt, ak Used in a Sentence:   The notary witnessed the acknowledgement of the  signing of the contra..

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