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A condensed history or summary of all transactions affecting a particular tract of land.
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The right to enter and leave a tract of land from a public way. Oftentimes the right to enter and leave over the lands of another.
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The slow build up of lands by natural forces such as wind, waves or water.
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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 voluntary act and deed.
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A tract of land 208.71 feet square and containing 43,560 square feet of land.
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See Variable Rate Mortgage
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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.
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A claim made against the lands of another by virtue of open and notorious possession of said lands by the claimant.
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A sworn statement in writing.
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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.
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The right to ownership of everything above the physical surface of the land.
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Anything so annexed to land or used with it that it will pass with the conveyance of the land.
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The imposition of a tax, charge or levy, usually according to established rates.
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A public official who evaluates property for the purpose of taxation.
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One to whom a transfer of interest is made. For example, the assignee of a mortgage or contract.
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One who makes an assignment. For example, the assignor of a mortgage or contract.
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A mortgage, which by its terms allows a new owner to take over its obligations.
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A loan in which the buyer assumes the obligations of an already existing mortgage on a property.
Attachment Legal seizure of property to force payment of a debt.
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B |
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A person, who, through a court proceeding, is relieved from the payment of all his debts after surrender of all his assets to a court appointed trustee.
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The branch of government in charge of surveying and managing public lands.
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C |
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A term of land measurement being 66 feet in length.
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A term applied to the past series of transactions and documents affecting the title to a particular parcel of land.
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One which is not encumbered or burdened with defects.
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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.
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An encumbered title.
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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.
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Loan by employer to facilitate relocation of employee. Usually short term.
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Taking private property for public use through court proceedings.
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A proviso in a deed or a will that upon the happening or failure to happen of a certain event, the title of the purchaser or devisee will be limited, enlarged, changed or terminated.
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A common term used to designate the uses to which land may not be put and providing penalties for failure to comply. Commonly used by land subdividers on newly platted areas.
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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.
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Occurs in refinancing. Remaining balance from original mortgage is incorporated into new mortgage.
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An agreement to sell and purchase under which title is withheld from the purchaser until such time as the required payments to the seller have been completed.
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The act of deeding or transferring title to another.
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An instrument by which title to property is transferred; a deed.
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A residential multi-unit building owned by and operated for the benefit of persons living within.
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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.
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The terminus of a street or alley. Usually laid out by modern engineers to provide a circular turn around for vehicles.
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D |
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A written document by which the ownership of land is transferred from one person to another. Deed of Trust See Mortgage below.
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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.
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The disposition of land by will. A term used for land alone and never for personal property.
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Clause Provision in a Mortgage or Deed of Trust which requires loan to be paid in full if property is sold or transferred.
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E |
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Advance payment of part of the purchase price to bind a contract for property.
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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.
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The right to leave a tract of land. Often used interchangeably with access. (See Access)
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The power of the state to take private property for public use upon payment of just compensation.
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A fixture, such as a house, wall or fence, which intrudes upon another's property.
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To burden a parcel of land with a lien or charge such as a mortgage.
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A lien, liability or charge upon a parcel of land.
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A reversion of property to the state in those cases where an individual dies without heirs or devisees and without a will.
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A procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer.
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A person's possessions
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The interpretation of the record title to real property based on the title search or abstract.
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In legal descriptions that portion of lands to be deleted or excluded. The term is often used in a different sense to mean an objection to title or encumbrance on title.
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A person appointed by the probate court to carry out the terms of a will. The term is executrix if such a person be a woman.
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One in which due date of mortgage is extended for longer period. Often at higher interest rate than original mortgage.
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F |
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The greatest interest in a parcel of land that it is possible to own. Sometimes designated simply as Fee
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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 the loan goes bad.
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A document prepared for filing with the Register of Deeds or Secretary of State indicating that personal property or fixtures is encumbered with a debt.
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Any item of property so attached to real property that it becomes a part of the real property.
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Provision in a Deed creating a condition which will cause title to be passed to another in the event certain circumstances occur.
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G |
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A loan in which monthly payments are relatively small in the beginning years and gradually increase in dollar amount over the life of the mortgage.
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A person who acquires an interest in land by deed, grant, or other written instrument.
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A person, who, by a written instrument, transfers to another an interest in land.
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One appointed by the court to administer the affairs of an individual not capable of administering his own affairs.
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