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G
Ginnie Mae - Government National Mortgage Association (also
GNMA) is a wholly-owned United States corporation that guarantees
privately issued securities backed by pools of mortgages insured
by FHA (Federal Housing Administration), FMHA (Farm e r s
Home Administration) or VA (Veterans Administration).
Graduated
Payment Mortgage - A loan in which monthly payments are relatively
small in the beginning and gradually increase in dollar amount
over the life of the mortgage.
Grantee
- A person who acquires an interest in land by deed, grant,
or other written instrument.
Grantor
- A person, who, by a written instrument , transfers to another
an interest in land.
Guardian
- One appointed by the court to administer the affairs of
an individual not capable of administering his or her own
affairs.
H
Harbor Line - An arbitrary line set by authorities on navigable
rivers, beyond which wharves and other structures may not
be built. Also designated as line of navigation.
Heir -
One who might inherit or succeed to an interest in land of
an individual who dies without leaving a will (intestate).
Hiatus
- A gap or space unintentionally left, when attempting to
describe adjoining parcels of land.
Home Equity
Conversion Mortgage - A reverse or reverse annuity mortgage
in which HUD through FHA guarantees that the borrower will
receive monthly payments from the insurer (FHA) in the event
the lender is unable to make payments to the borrower.
Home Repair
Loan - Used for repairs and additions to existing structures
without affecting existing mortgage. Typically 10 years or
less in length.
HUD 1
- A form settlement (closing) statement required by the U.S.
Department of Housing and Urban Development (HUD) where federally
related mortgages are being made on residential properties.
It is a balance sheet showing the source of funds and the
distribution of funds in connection with the purchase and/or
mortgaging of residential property.
I
Improvements - Those additions to raw lands tending to increase
its value.
Inchoate
Dower - The imperfect interest which the law gives a wife
in the lands of her husband. This is an interest which upon
the death of the husband may ripen into possession and use.
Most states have abolished dower rights.
Inchoate
Curtesy - The imperfect interest which the law gives a husband
in the lands of his wife.
Indemnify
- To make payment for a loss.
Ingress
- The right to enter a tract of land.
Insurance
- A contract of indemnity against specified perils.
Insurance
Loan - When cash value of a life insurance policy is borrowed
by the insured.
Interim
Financing - Temporary or short term loans. Often used with
new construction. Usually replaced with a permanent long-term
mortgage.
Intestate
- Designates the estate or condition of failing to leave a
will at death. "To die intestate."
J
Joint Tenancy - An estate where two or more persons hold real
estate jointly for life, the survivors to take the interest
of the property upon the death of the co-joint tenant.
Judgment
- A decree of a court. In practice this is the lien or charge
upon the lands of a debtor resulting from the Court 's award
of money to a creditor. See "Judgment Lien."
Judgment
Docket - The record book of a County Recorder where a judgment
is entered in order that it may become a lien upon the property
of the debtor.
Judgment
Lien - The charge upon the lands of a debtor resulting from
the decree of a court properly entered into the judgment docket.
L
Land Contract - See "Contract for Deed ."
Landmark
- Any conspicuous object that helps establish land boundaries.
Lease
- A grant of the use of lands for a term of years in consideration
of the payment of a monthly or annual rental.
Lender's
Policy - A form of title insurance policy which insures the
validity, enforceability and priority of a lender's lien.
This form does not provide protection for the owner.
Lessee
- One who takes lands upon a lease. (The tenant.)
Lessor
- One who grants lands under a lease. (The landlord.)
Lien -
A hold, claim, or charge allowed a creditor upon the lands
of a debtor. Some examples are mortgage liens, judgment liens,
mechanics' liens.
Life Estate
- A grant or reservation of the right of use, occupancy and
ownership for the life of an individual.
Link -
A term of land measurement being 1/100th of a chain or 66/100ths
of a foot.
Lis Pendens
- A notice recorded in the official records of a county to
indicate that a suit is pending affecting the lands where
the notice is recorded.
Loan Policy
- See "Lender's Policy ."
Loss Payable
Clause - Provision added to a Fire and Casualty Policy which
says any loss will be paid to two or more parties as their
interest may appear. Usually the owner and the mortgage lender.
Lot -
A part of a subdivision or block having fixed boundaries ascertainable
by reference to a plat or survey.
M
Majority - The age at which a person is entitled to handle
his or her own affairs.
Marketable
Title - A good title about which there is no fair or reasonable
doubt.
Mechanic's
Lien - A lien allowed by statute to contractors, laborers
and material suppliers on buildings or other structures upon
which work has been performed or materials supplied.
Metes
and Bounds - A description of land by courses and distances.
Minor
- One who because of insufficient age or status is legally
incapable of making contracts.
Monument
of Survey - Visible marks or indications left on natural or
other objects indicating the lines and boundaries of a survey.
May be posts, pillars, stones, cairns, and other such objects.
May also be fixed natural objects, blazed trees, roads and
even a water course.
Mortgage
-An instrument used to encumber land as security for a debt.
Mortgage-Backed
Security - A security evidencing either the ownership of an
interest in a mortgage loan or pools of mortgage loans, or
a separate obligation secured by a mortgage loan or pool of
mortgage loans.
Mortgage
Banker - A specialized lending institution that lends money
solely with respect to real estate and secures its loans with
mortgages on the real estate.
Mortgage
Broker - A person or company that buys and sells mortgages
for another on commission or who arranges for and negotiates
mortgage contracts.
Mortgage
Revenue Bonds - Issued by communities as a means of providing
lower cost mortgage funds to certain qualified borrowers.
Mortgagee
- The mortgage lender.
Mortgagee's
Policy - See "Lender's Policy."
Mortgagor
- The mortgage borrower.
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An
Agent of Chicago Title Insurance Company