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Abnormal Sale

An unusual sale in a marketplace. Parents selling a property to their children for below market value may be an abnormal sale.

Absentee Owner

A property owner who does not reside on the property, but who relies on a property manager to oversee the investment.

Abstract of Title

A brief history of a property's title, including all judicial proceedings, conveyances, records, grants and wills, and a statement of all recorded liens and encumbrances.

Abstraction

A method of determining the value or estimated selling price of land by deducting (abstracting) the value of any site improvements from the overall selling price of the property. Also called Allocation or Extraction Method.

Accelerated Depreciation

A faster method of determining the cost write-off of personal property, used in a business or for the production of income, by applying the straight-line method. The method of depreciation assumes that the property experiences most of its depreciation in its early years.

Acceleration Clause

A provision in a document like a mortgage, promissory note, trust deed or agreement of sale stating that the remaining amount owed is due immediately upon payment default, sale of the property or other specified occurrence. Also called Call Provision or Due-on-Sale Clause.

Acceptance

An agreement by the seller to the terms of the sale.

Acceptance Bonus

See Mobility Premium.

Access

The right to utilize land that may be privately owned for public purposes. See Ingress, Egress and Easement.
A means to a property.

Accession

The acquisition of title of a neighboring property or improvements to that property due to the placement of fixtures that lie beyond the property. For example, if a property owner builds a fence that extends into a neighbor's yard, the neighbor owns the section of the fence on his or her property and has the right to decide when the fence will be taken down or if it will remain up.

Accessorial Charges

Fees for accessorial services. Also called Additional Services Charges.

Accessorial Services

Those services (other than the transportation of household goods) like packing, custom-crating, elevator, stair and long carry, bulky articles and appliance servicing that are either necessary to complete the move or are requested by the customer.

Accessory Buildings

A structure secondary to the main building on a property, e.g., a garage, shed or pump house.

Accrued Depreciation

The depreciation of a property over the course of its existence. Also called Accumulated Depreciation.
The difference between the cost to reproduce a property at the time of the appraisal and a property's current value determined by its competitive condition. Also called Diminished Utility.

Accrued Interest

Interest on a mortgage that has accumulated over a specific amount of time. Interest payments cover the month prior to the due date or after it is earned.

Accumulated Depreciation

See Accrued Depreciation.

Acre

A land measurement equivalent to 43,560 square feet or 4,840 square yards. A square mile is 640 acres.

Actual Cash Value (ACV)

Money equal to the cost of replacing lost, stolen or damaged property after depreciation. A method of determining the worth of an improvement.

Actual Charges

The total cost of the move from start to finish.

Ad Valorem

A Latin term meaning "according to valuation." It is generally used to refer to real estate taxes based on the assessed valuation of the property.

Addendum

Revisions made and attached to a sales contract that are referenced in the contract and signed by both the buyer and seller.

Additional Services Charges

See Accessorial Charges.
Additional Services Performed at Origin/Destination Service and Delivery Report (ASPOD)
A form that serves as proof that additional services were performed at origin and/or destination. The customer's signature verifies that the service was completed as stated.

Additional Transportation Charge (ATC)

The charge services that is based on the cost of an area.

Adjustable Rate Mortgage (ARM)

A loan with an interest rate and terms that can change as market conditions change. Because the rate is periodically adjusted, the mortgage payment either increases or decreases.

Adjustment

An amendment made to the market value of a comparable property if the property has, or possibly does not have, a feature that distinguishes it from the subject property.

Adverse Use

The unfavorable use of a property that possibly depreciates its value.

Agent Invoice

National account invoice issued by an agent.

Agreed Delivery Date (ADD)

Two or more dates mutually agreed upon between the customer and Matco for the delivery of a shipment.

Agreement of Sale

A contract of sale. See Contract of Sale, Contract for Deed and Land Contract.

Air Ride

The suspension system used on trailers and tractors instead of conventional springs, where the vehicle is supported and rides on rubber cylinders filled with compressed air for a safer ride.

Air Waybill

A receipt for the cargo and contract for the transportation between a customer and an air carrier.

Air Weight

The difference between actual weight and constructive weight.

Allocation

See Abstraction.

Allowance

Money for the completion of certain repairs or improvements to a home or to a transferring employee for expenses incurred during a move. See Cost-of-Living Allowance or Goods and Services Differential.

Amendment to the Order for Service

A form used to record any changes to the shipment such as additional packing or other services, destination location, valuation or agreed pickup and delivery dates.

Amenities

Tangible and intangible features of a property like scenic, social or architectural qualities that do not have monetary value, but are beneficial to the owner of that land.

Amortization

Repayment of the principal and/or interest of a debt over a specified period of time.

Amortization Schedule

The payment schedule used to reduce a financial debt that shows the remaining balance of a mortgage after each payment is made.

Annual Percentage Rate (APR)

The yearly charge, expressed in a percentage, for use of a lender's money.

Appliance Service

Preparation of appliances to make them safe for transportation. This does not include the disconnecting of plumbing or electrical service. See Third-Party Service.

Application Fee

A charge to start the loan process.

Appraisal

An estimate made by an appraiser of the value of a property.

Appraisal Fee

A charge for a statement of property value.

Appraisal Review Fee

A charge for reviewing an appraisal.

Appraisal Value

The value of a property determined by averaging additional appraisals.

Appraiser

An experienced professional who is licensed to estimate the value of a property.

Appreciation

An increase in value of an item or property. See Depreciation.

Approaches to Value

Three approaches are commonly used by an appraiser when estimating the value of a property. They are: the direct sales comparison approach, the cost approach and the income approach.

Appurtenance

The rights and privileges to use an improvement of a property. The rights usually transfer with the sale of the property. Examples of appurtenance are easements, water rights, condominium parking stalls and improvements.

Arm's-Length Transaction

An arrangement whereby the buyer and seller voluntarily enter into a transaction with equal bargaining positions.

Arrival Notice

A notice that informs the party stated on the bill of lading of the estimated arrival date of the shipment. An arrival notice on an international move normally indicates where the cargo will be available for customs clearance, pick-up or comparable handling, when free-time will expire, any applicable charges, or any other requirements that must be met prior to release.

As is Agreement

An agreement stating the property is being sold in its present condition.

Assembly/Disassembly

The process of taking household goods apart for transportation and putting them back together at destination.

Assessment

A tax, or assessed value, placed on a property for purposes like public improvement or maintenance.

Assessor

The person who determines assessed values.

Asset

A useful item or something of value owned by a person. An asset can be tangible or intangible, and can include stocks, bonds and property.

Assigned Sales

See Closing Assistance.

Assignee

The person who receives a transfer of property.

Assignment

The transfer of a property's right, title and interest from one person to another.

Assignment Extension Bonus

A compensation paid to an expatriate for an extended assignment. Also called Reenlistment Bonus.

Assignor

The person who transfers property.

Assumable Rate Mortgage

See Assumption of Mortgage.

Assumption Fee

A processing charge for an assumption of mortgage.

Assumption of Mortgage

Buying a property that has an existing mortgage and continuing payment on the remaining amount of the mortgage at the same interest rate. Also called Assumable Rate Mortgage.

Attorney-in-Fact

A person who is authorized to act on the behalf of another person.

Authority

See Operating Authority.

Auto Inventory

See Motor Vehicle Inventory.

Automated Relocation Management System

A computer system used as a management tool for monitoring costs and increasing productivity and communication.

Automobile Handling Charge

A charge to the customer, in addition to the weight, for movement of an automobile.

Auxiliary Service

A service provided when a shipment cannot be serviced, picked up or delivered by a road van, and a smaller unit must be employed for movement to or from the road van. The fee is chargeable to the customer. Also called Shuttle Service.

Average Transit Time

The average time in shipping from one point to another.