Real Estate Glossary

The discharge of an existing contract by accepting the performance under a substitute contract. Generally consideration under the new contract is different from and of lesser value than under the original contract and satisfaction is the performance of that contract; the combination discharges the original contract.

A gradual addition to land from natural causes; for example from gradual action of ocean or river waters.

(1) The difference between the cost of replacement new as of the date of the appraisal and the present appraised value. (2) The accumulated loss in value that has affected the improvements on real property.

A formal declaration before an officer duly authorized as a notary public by a person who has executed an instrument stating that the execution is his or her act and deed. A formal statement (usually before a notary public) by the person signing a deed or document that the instrument was actually and freely signed.

Blocks of fiber mineral or metal with small holes or a rough-textured surface to absorb sound used as covering for interior walls and ceilings.

The act or process by which a person procures property.

A measure of land equaling 160 square rods 4840 square yards43560 square feet or a tract about 208.71 feet square.

According to value.

Located next to or near an object or parcel of property.

Located so as to touch an object or share a common property line.