Abstract of title. A document used in certain parts of the country when determining whether there are any previous claims on the property in question. The abstract is a written record of the historical ownership of the property that helps to determine whether the property can in fact be transferred from one party to another without any previous claims.
Acceleration. Paying off a loan early, usually at the request or demand of the lender. This is usually specified by an acceleration clause within a loan document that states what must happen for a loan to have to be paid immediately, but it most usually applies when payments are late or missed or there has been a transfer of the property without the lender’s permission.