| Abstract: |
| An abbreviation of all of the recorded deeds, mortgages, leases
and the instruments affecting the title to a particular piece
of land. |
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| Abut: |
| To touch or border upon. A piece of land bordering on a street
or an adjoining property is said to abut such street or property. |
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| Appraise: |
| To estimate the value of real estate. |
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| Assessed Valuation: |
| The estimated value of property for tax purposes usually determined
by the tax assessor for the particular municipality. |
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| Closing: |
| often referred to as "settlement. The process of completing
a real estate transaction during which deeds, mortgages, leases
or other required instruments are signed or delivered. Additionally,
the accounting between parties is made, monies disbursed and
recording of all pertinent documents prepared. |
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| Conveyance: |
| The transfer of title to property from one person to another. |
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| Deed: |
| An instrument by which title to real estate is conveyed from
one party to another. |
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| Easement: |
| A right held by a person to enjoy or make limited use of another's
real property. |
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| Eminent Domain: |
| The right of a government to take privately owned property
for public purposes under condemnation proceeding upon payment
of its reasonable value. |
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| Encroachment: |
| The extension of a structure from the real estate to which
it belongs across a boundary line and onto adjoining property. |
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| Encumbrance: |
| A claim, right, or lien upon the title to real estate held
by someone other than the real estate owner. |
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| Escrow: |
| The depositing of money or documents from a real estate transaction
with an impartial third party (escrow agent), to be disbursed
to the rightful party when all conditions of the transaction
have been met. |
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| Fiduciary: |
| A person who bears a special relationship of trust, confidence
and responsibility to others, such as a trustee or agent. |
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| Filing: |
| The delivery of real estate documents to a county/city recorder
for recording. |
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| First Mortgage: |
| A mortgage having a priority first lien position over any other
mortgage or lien on the same property. |
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| Grant: |
| A transfer of real estate between individuals by deed. |
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| Homestead: |
| Property designated by the head of a family as his home and
primary residence. Also defined as land claimed by a settler
under the National Homestead Act. |
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| HUD: |
| A summary of the financial portion of the real estate transaction
required by the Department of Housing and Urban Development. |
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| Indemnity: |
| Insurance against possible loss or damage. A title insurance
policy is a contract of indemnity. |
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| Indenture: |
| A deed or other real estate contract executed between two or
more parties. |
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| Lender's Title Insurance: |
| An insurance policy, which protects the lender against claims,
and losses that may arise if the title is unmarketable or defective. |
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| Lien: |
| The liability of real estate as security for payment of a debt.
Such liability may be created by contract, such as a mortgage
or by operation of law, such as a mechanic's lien. |
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| Marketable Title: |
| A title, which a court of equity considers to be so free of
material defects and liens that it will force acceptance by a
purchaser. Also known as a merchantable title. |
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| Market Value: |
| The average between the highest price which a buyer is willing
to pay and the lowest price a seller is willing to accept. |
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| Mechanic's Lien: |
| A lien on real estate, created by operation of law which secures
the payment of debts due to persons who perform labor or services
or furnish materials incident to the construction of buildings
and improvements on the real estate. |
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| Owner's Title Insurance: |
| A policy of title insurance usually insuring an owner of real
estate against loss occasioned by defects in, liens against or
other conditions rendering the owner's title to the property
unmarketable. |
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| Quit Claim Deed: |
| A deed which does not imply that the grantor hold title, but
which surrenders and gives to the grantee any possible interest
or rights which the grantor may have in the property. |
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| Real Estate: |
| Land, including all inherent natural attributes and man-made
improvements of a permanent nature placed thereon. |
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| Record Title: |
| The aspects of title, which appear in the public records, as
distinguished from unrecorded title aspects and interests. |
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| Restrictions: |
| Often called restrictive covenants. Provisions in a deed or
other instrument whereby an owner of land prohibits or restricts
certain use, occupation and improvement of the land. |
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| Search: |
| Exploration of public records in an effort to find all recorded
instruments related to a particular chain of title. |
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| Second Mortgage: |
| A mortgage ranking in priority immediately below a first mortgage. |
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| Survey: |
| The map or plot drawing of a property. |
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| Title: |
| A legal right to own, posses, use, control, enjoy and dispose
of real estate or an inheritable right or interest therein. |
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