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A
Abstract of Title - A condensed history or summary of all
transactions affecting a particular tract of land.
Access
- The right to enter and leave a tract of land from a public
way. Can include the right to enter and leave over the lands
of another.
Accretion
- The slow build-up of lands by natural forces such as wind
or water.
Acknowledgment
- The act by which a party executing a legal document goes
before an authorized officer or notary public and declares
the same to be his or her voluntary act and deed.
Acre -
A tract of land 208.71 feet square and containing 43,560 square
feet of land.
Administrator
- A person appointed by a probate court to settle the affairs
of an individual dying without a will. The term is "administratrix"
if such a person is a woman.
Adverse
Possession - A claim made against the lands of another by
virtue of open and notorious possession of said lands by the
claimant.
Affidavit
- A sworn statement in writing.
Agent
- A person or company that has the power to act on behalf
of another or to transact business for another, e.g., a title
agent under contract with Old Republic Title to issue policies
of title insurance.
Air Rights
- The right to ownership of everything above the physical
surface of the land.
ALTA -
American Land Title Association, a national association of
title insurance companies, abstractors and attorneys specializing
in real property law. Its headquarters are in Washington,
D.C.
Appurtenance
- Anything so annexed to land or used with it that it will
pass with the conveyance of the land.
ARM -
Adjustable Rate Mortgage. See "Variable Rate Mortgage."
Assessment
- The imposition of a tax, charge or levy, usually according
to established rates.
Assessor
- A public official who evaluates property for the purpose
of taxation.
Assignee
- One to whom a transfer of interest is made. For example,
the assignee of a mortgage or contract.
Assignor
- One who makes an assignment. For example, the assignor of
a mortgage or contract.
Assumable
Mortgage - A mortgage which, by its terms, allows a new owner
to take over its obligations.
Attachment
-Legal seizure of property to force payment of a debt.
Attorney
in Fact - One who holds a power of attorney from another allowing
him or her to execute legal documents such as deeds, mortgages,
etc., on behalf of the grantor of the power.
B
Balloon Mortgage - A mortgage that is amortized over a specific
period of years, but requires a lump sum payment in full at
an earlier date.
Bankruptcy
- A federal court proceeding in which debtors are relieved
of liability for their debts after surrender of their assets
to a court appointed trustee.
Bureau
of Land Management - The branch of government in charge of
surveying and managing public lands.
C
CCR ' s - Covenants, Conditions and Restrictions. See "Conditions
and Restrictions."
Chain
- A term of land measurement that is 66 feet in length.
Chain
of Title - A term applied to the past series of transactions
and documents affecting the title to a particular parcel of
land.
Clear
Title - One which is not encumbered or burdened with defects.
Closing
- Also known as "escrow" or "settlement."
The process of executing legally binding documents, such as
deeds and mortgages most commonly associated with the purchase
of real estate and the borrowing of money to assist in the
purchase.
Clouded
Title - An encumbered title.
Commitment
to Insure - A report issued by a title insurance company,
or its agent, committing the title insurance company to issue
the form of policy designated in the commitment upon compliance
with and satisfaction of requirements set forth in the commitment.
Common
Interest Community (CIC) - Ownership characterized by mutual
ownership of common areas, either jointly or through membership
in an association, e.g., condominiums, planned unit developments,
and townhomes.
Company
Loan - Loan by employer to facilitate relocation of employee.
Usually short term.
Condemnation
- Taking private property for public use through court proceedings.
Condition
or Conditions - A proviso in a deed or will that, upon the
happening or failure to happen of a certain event, limits,
enlarges, changes or terminates the title of the purchaser
or devisee.
Conditions
and Restrictions - A common term used to designate conditions
and restrictions on the use of land. Includes penalties for
failure to comply. Commonly used by land subdividers on newly
platted areas.
Condominium
- A system of individual fee ownership of units in a multi-unit
structure, combined with joint ownership of common areas of
the structure and land.
Conservator
- See "Guardian."
Contract
for Deed - An agreement to sell and purchase under which title
is held as security by the seller until such time as the required
payments to the seller have been completed.
Convey
- The act of deeding or transferring title to another.
Conveyance
- An instrument by which title is transferred; a deed. Also,
the act of transferring title.
Cooperative
- A residential multi-unit building owned by a corporation
in which each unit is occupied by a member of the corporation
pursuant to a lease or occupancy agreement.
Covenant
- An agreement written into deeds and other instruments promising
performance or non-performance of certain acts, or stipulating
certain uses or non-uses of the property.
Cul-de-Sac
- The terminus of a street or alley. Usually laid out by modern
engineers to provide a circular turn around for vehicles.
D
Deed - A written document by which the ownership of land is
transferred from one person to another.
Deed of
Trust - See " Mortgage."
Delivery
- The final and absolute transfer of a deed from seller to
buyer in such a manner that it cannot be recalled by the seller.
A necessary requisite to the transfer of title.
Devise
- The disposition of real property by will.
Due on
Sale Clause - Provision in a mortgage or deed of trust which
requires loan to be paid in full if property is sold or transferred.
E
Earnest Money - Advance payment of part of the purchase price
to bind a contract for property.
Easement
- An interest in land owned by another that entitles its holder
to a specific limited use, such as laying a sewer, putting
up electric power lines, or crossing the property.
Egress
- The right to leave a tract of land. Often used interchangeably
with "access."
Eminent
Domain - The power of the state to take private property for
public use upon payment of just compensation.
Encroachment
- A trespass or intrusion onto another's property, usually
by a structure, wall or fence.
Encumber
- To burden a parcel of land with a lien or charge, e.g.,
a mortgage.
Encumbrance
- A lien, liability or charge upon a parcel of land.
Escheat
- A reversion of property to the state in those cases where
an individual dies without heirs or devisees, and, in some
states, without a will.
Escrow
- A procedure whereby a disinterested third party handles
legal documents and funds on behalf of a seller and buyer,
and delivers them upon performance by the parties.
Estate
- A person's possessions. The extent of a person's interest
in real property.
Examination
of Title - The investigation and interpretation of the record
title to real property based on the title search or abstract.
Exception
- In legal descriptions, that portion of land to be deleted
or excluded. The term often is used in a different sense to
mean an objection to title or encumbrance on title.
Executor
- A person appointed by the probate court to carry out the
terms of a will. The term is "executrix" if that
person is a woman.
Extended
Mortgage - One in which the due date of a mortgage is extended
for a longer period, often at a higher interest rate than
the original mortgage.
F
Fannie Mae - Federal National Mortgage Association (also FNMA)
is a private corporation, federally chartered to provide financial
products and services that increase the availability and affordability
of housing by purchasing mortgage loans.
Fee Simple
Estate - The greatest interest in a parcel of land that it
is possible to own. Sometimes designated simply as "Fee."
Federal
Housing Administration (FHA) Guarantee - An insurance contract
in which HUD through FHA insures that the named lender will
recover a specific percentage of the loan amount from the
insurer (FHA) in the event that the loan goes bad.
Financing
Statement - A document filed with the Register of Deeds or
Secretary of State securing the title to personal property.
Fixtures
- Any item of property so attached to real property that it
becomes a part of the real property.
Flood
Certification - A common term for a Federal Emergency Management
Agency (FEMA) Standard Flood Hazard Determination Form (SFHDF).
This determines whether land or a building is located within
a Special Flood Hazard Area for purposes of flood insurance
requirements under the National Flood Insurance Program.
Forfeiture
of Title - Provision in a deed creating a condition which
will cause title to be passed to another should certain circumstances
occur.
Freddie
Mac - Federal Home Loan Mortgage Corporation (also FHLMC)
is a stockholder owned corporation chartered by Congress that
purchases mortgage loans.
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An
Agent of Chicago Title Insurance Company