TOOLS & RESOURCES >> GLOSSARY
Glossary of Real Estate Terms
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A
ABSTRACT OF JUDGMENT:
A summary of money judgment obtained in court. (When this summary
or abstract is recorded in the county recorder's office, in some
states the judgment becomes a lien on the debtor's property, both
presently owned or after-acquired.)
ABSTRACT OF TITLE:
A summary prepared by a licensed abstractor of all documents recorded
in the public records of the political subdivision where the land
is located.
An abstract in some states or areas is reviewed by an attorney
or other experienced title examiner to determine the status of
title. Virtually every abstractor today provides actual copies
of the records rather than an abstract of each document.
ABATEMENT:
A reduction or decrease. Usually applies to a decrease of assessed
valuation of ad valorem taxes after the assessment, and levy.
ACCELERATION CLAUSE:
Clause in a deed of trust or mortgage, which accelerates, or hastens,
the time when the indebtedness becomes due. For example, some
deeds of trust contain a provision (an acceleration clause) stating
that the note shall become due immediately upon the sale of the
land or upon failure to pay interest or an installment of principal
and interest.
ACCOMMODATION RECORDING:
Recording of instruments with the county recorder by a title company
merely as a convenience to a customer and without assumption of
responsibility for correctness or validity.
ACKNOWLEDGEMENT:
A formal declaration before a duly authorized officer (such as
a notary public) by a person who has executed an instrument that
such execution is his own act and deed. An acknowledgment is necessary
to entitle an instrument (with certain specific exceptions) to
be recorded, to impart constructive notice of its contents and
to entitle the instrument to be used as evidence without further
proof. The certificate of acknowledgment is attached to the instrument
or incorporated therein.
ADJUSTABLE MORTGAGE LOANS (AML'S):
Mortgage loans under which the interest rate is periodically adjusted
to more closely coincide with current rates. The amounts and times
of adjustment are agreed to at the inception of the loan. Also
called: Adjustable Rate Loans, Adjustable Rate Mortgages (ARM'S),
Flexible Rate Loans, Variable Rate Loans. (See also: Indexing,
Rate Index).
ADMINISTRATOR:
A person appointed by the probate court to carry out the administration
of a decedent's estate when the decedent has left no will. If
a woman is appointed, she is called an administratrix.
ADVERSE POSSESSION:
A process of acquiring title to real property by possession for
a certain (statutory) period of time, in addition to fulfilling
other conditions.
AFFIDAVIT:
A written statement or declaration, sworn to before an officer
who has authority to administer an oath.
AGENT:
One who has authorization, either expressed or implied, to act
for or represent another party, usually in business matters, such
as issuing title insurance policies on behalf of a title insurer
for a portion of the premium.
AGREEMENT OF SALE:
A written contract entered into between the seller (vendor) and
buyer (vendee) for sale of real property (land) on an installment
or deferred payment plan. It is also known as an agreement to
convey, a long form Security Agreement or a real estate installment
contract.
ALL-INCLUSIVE RATE:
Rate which includes charges for title insurance, searching or
abstract fees and examination fees.
ALTA: (American Land Title
Association)
Organization composed of title insurance firms which sets standards
for the industry, including title insurance policy forms used
on a national basis.
AMENDMENT:
Changes to alter, adds to, or correct part of an agreement without
changing the principal idea or essence.
AMORTIZED LOAN:
A loan that is paid off, both interest and principal, by regular
payments that are equal or nearly equal.
ANNUAL PERCENTAGE RATE (A.P.R.):
The yearly interest percentage of a loan, as expressed by the
actual rate of interest paid. For example: 6% add-on interest
would be much more than 6% simple interest, even though both would
say 6%. The A.P.R. is disclosed as a requirement of federal truth
in lending statutes.
APPRAISAL:
An estimate of value of property resulting from analysis of facts
about the property; an opinion of value.
APPROVED ATTORNEY:
An attorney whose opinion is acceptable to a title company as
the basis for issuance of a title insurance policy by the insurer.
The insurer, rather than the attorney, executes the policy.
ASSUMPTION:
The act of conveying real property; taking title to a property
with the Buyer assuming liability for paying an existing note
secured by a deed of trust against the property.
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B
BACK TITLE LETTER OR CERTIFICATE:
See Starter.
BANKRUPTCY:
A special proceeding under federal, or in some instances state,
laws by which the property of a debtor is protected by the court
and may be divided among the debtor's creditors and the debtor.
BENEFICIARY:
See Deed of Trust.
BLANKET MORTGAGE OR TRUST DEED:
A mortgage or trust deed that covers more than one lot or parcel
of real property, and often an entire subdivision. As individual
lots are sold, a partial reconveyance from the blanket mortgage
is ordinarily obtained.
BONA FIDE PURCHASER:
One who buys property in good faith, for fair value, and without
notice of any adverse claim or right of third parties.
BRANCH:
A subordinate or division office of ABC Company, as opposed to
an affiliate, agent, subsidiary or underwritten firm associated
with the Company.
BREACH OF CONTRACT:
Failure to perform a contract, in whole or part, without legal
excuse.
BUILDING CONTRACT:
An agreement between an owner or lessee and a building contractor,
setting forth terms relative to the construction of a proposed
structure.
BUYDOWN:
A payment to the lender from the seller, buyer, third party, or
some combination of these, causing the lender to reduce the interest
rate during the early years of a loan. The buydown is usually
for the first one to five years of the loan. (See also: Certificate
Backed Mortgage)
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C
CAPITALIZATION RATE:
The percentage (acceptable to an average buyer) used to determine
the value of income property through capitalization.
CERTIFICATE OF TITLE:
In areas where attorneys examine abstracts or chains of title,
a written opinion, executed by the examining attorney, stating
that title is vested as stated in the abstract.
CLOSE OF ESCROW:
The date the documents are recorded and title passes from Seller
to Buyer. On this date, the Buyer becomes the legal owner, and
title insurance becomes effective.
CLOSING:
The final procedure in the real estate sales process, where the
sale and pertinent loan are completed by the execution of documents
for recording. In some areas, this procedure is known as the closing
of escrow.
CLOSING SERVICE LETTER:
Also known as Closing Protection Letter. A letter of authorization
from a Title Company, for an indivdual or agency conducting a
settlement on behalf of the Title Company and Lender which includes
the execution of all documents and disbursements of funds.
CLOUD ON TITLE:
An irregularity, possible claim, or encumbrance which, if valid,
would adversely affect or impair the title.
COINSURANCE:
Ordinary coinsurance is defined as a transaction under which each
of two or more insurers assumes a designated portion of the liability
for the total risk and is liable for only such portion of any
loss beginning at the first dollar of loss. (See Reinsurance.)
COLLATERAL:
By or at the side, additional or auxiliary. Mistakenly used to
mean collateral security.
COLLATERAL SECURITY:
Most commonly used to mean some security in addition to the personal
obligation of the borrower.
COMMITMENT:
A binding contract with a title company to issue a specific title
policy, showing only those exceptions contained in the commitment
and any intervening matters after the date of the commitment and
prior to the effective date of the policy. The commitment contains
all information included in the preliminary title report, plus
a list of the title company's requirements to insure the transaction.
It also includes the standard exceptions from coverage that will
appear in the policy.
COMMUNITY DRIVEWAY:
A driveway which is jointly owned, used and maintained by two
or more persons. Usually, a portion of each owner's property is
burdened by the driveway.
COMMUNITY PROPERTY:
Property acquired by husband, wife or both during marriage which
gives each spouse an interest in the property whether each appears
in title or not.
COMPARABLE SALES:
Sales that have similar characteristics as the subject property,
used for analysis in the appraisal. Commonly called "comps".
CONDEMNATION:
The taking of private property by the government for public use
- as for a street or a storm drain - upon making just compensation
to the owner. This right or power of government to take property
for a necessary public use is called eminent domain.
CONSERVATOR:
A person appointed by the court to care for the person and/or
property of an incompetent adult or an adult unable to care for
their person or property because of health.
CONSTRUCTIVE NOTICE:
Notice imparted by the public records of the county when documents
entitled to recording are recorded.
CONVEYANCE:
An instrument in writing, such as a deed or trust deed, used to
transfer (convey) title to property from one person to another.
CORPORATION:
An entity authorized by law and established by a group of people,
the stockholders, which is endowed with certain rights, privileges
and duties similar to an individual.
COVENANT:
(1) A formal agreement or contract between two parties in which
one party gives the other certain promises and assurances, such
as the covenant of warranty in a warranty deed. (2) Agreements
or promises contained in deeds and other instruments for performance
or nonperformance of certain acts, or use or nonuse of property
in a certain manner.
COVENANTS, CONDITIONS AND RESTRICTIONS:
Commonly called CC & R's the term usually refers to a written
recorded declaration which sets forth certain covenants, conditions,
restrictions, rules or regulations established by a subdivider
or other landowner to create uniformity of buildings and use within
tracts of land or groups of lots. The restrictions also can be
established by deed. CC & R's are sometimes referred to as
private zoning.
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D
DEBT:
Money owing from one person to another.
DEBTOR:
One who owes a debt.
DECREE OF DISTRIBUTION:
A probate court decree which determines how the estate of a decedent
shall be distributed.
DEED:
Written document by which an estate or interest in real property
is transferred from one person to another. The person who transfers
the interest is called the "grantor." The one who acquires
the interest is called the "grantee." Examples of deeds
are grant deeds, administrator's deeds, executor's deeds, quitclaim
deeds, etc. The deed to use depends on the language of the deed,
the legal capacity of the grantor and other circumstances.
DEED OF TRUST OR TRUST DEED:
A written document by which the title to land is conveyed as security
for the repayment of a loan or other obligation. It is a form
of mortgage.
The landowner or debtor is called the "trustor." The
party to whom the legal title is conveyed (and who may be called
on to conduct a sale thereof if the loan is not paid) is the "trustee."
The lender is the "beneficiary." When the loan is paid
off, the trustee is asked by the beneficiary to issue a "recon"
or reconveyance. This reconveyance corresponds to the release
that the holder of a mortgage executes when the mortgage is paid
off.
DEED RESTRICTIONS:
Limitations in the deed to a property that dictate certain uses
that may or not be made of the property.
DEFECT:
A blemish, imperfection or deficiency. A defective title is one
that is irregular and faulty.
DEFECTIVE TITLE:
(1) Title to a negotiable instrument obtained by fraud.(2)
Title to real property which lacks some of the elements necessary
to transfer good title.
DEMAND NOTE:
A note having no date for repayment, but due on demand of the
lender.
DEPOSIT:
(1) Money given by the buyer with an offer to purchase. Shows
good faith. Also called earnest money. (2) A natural accumulation
of resources (oil, gold, etc.) which may be commercially recovered
and marketed.
DESCRIPTION:
The exact location of a piece of real property stated in terms
of lot, block, tract, part lot, metes and bounds, recorded instruments,
or U.S. Government survey (sectionalized). This is also referred
to as legal description of property.
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E
EARNEST MONEY DEPOSIT:
Down payment made by a purchaser of real estate as evidence of
good faith; a deposit or partial payment.
EASEMENT:
A right or interest in the use of the land of another which entitles
the holder to some use, privilege or benefit, such as to place
pole lines, pipe lines or roads thereon.
EFFECTIVE DEMAND:
A qualifying term meaning the ability to pay as well as desire
to buy.
EMINENT DOMAIN:
The right of a government to take privately owned property for
public purposes under condemnation proceedings upon payment of
its reasonable value. See: Condemnation.
ENCROACHMENT:
The presence of an improvement such as a building, a wall, a fence
or other fixture which overlaps onto the property of an adjoining
owner.
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F
FEE SIMPLE:
An estate under which the owner is entitled to unrestricted powers
to dispose of the property, and which can be left by will or inherited.
Commonly, a synonym for ownership.
FILE AND USE:
In most states, title insurers file rate schedules, title insurance
policies and endorsement forms with the State Insurance Department
or other state agency and then may use such items or rates starting
within a specified period of time after filing. Rates so filed
usually are mandatory.
FIXED RATE MORTGAGE:
A mortgage having a rate of interest which remains the same for
the life of the mortgage.
FORECLOSURE:
The sale of property used as security for a debt after default
in payment.
FORFEITURE OF TITLE:
A common penalty for the violation of conditions or restrictions
imposed by the seller upon the buyer in a deed or other proper
document. For example, a deed may be granted upon the condition
that if liquor is sold on the land, the title to the land will
be forfeited (that is, lost) by the buyer (or some later owner)
and will revert to the seller.
FULL DISCLOSURE:
In real estate, revealing all the known facts which may affect
the decision of a buyer or tenant. A broker must disclose known
defects in the property for sale or lease.
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G
"GOOD FAITH OR MORTGAGE
SAVINGS" CLAUSE:
A clause in CC & R's which provides that " a violation
thereof shall not defeat or render invalid the lien of any mortgage
or deed of trust made in good faith and for value."
GOOD FAITH PURCHASER OR MORTGAGEE:
A person who buys or lends in good faith, that is, without notice
of any existing problem, where value is paid or lent.
GRANT:
A transfer of real estate, between individuals, by deed. A transfer
of real estate from a sovereign is accomplished by patent or royal
decree.
GRANTEE:
See Deed.
GRANTOR:
See Deed.
GRANT DEED:
One of the many types of deeds used to transfer real property.
Contains warranties against prior conveyances or encumbrances.
When title insurance is purchased, warranties in a deed are of
little practical significance.
GUARDIAN:
A person appointed by a court to manage the person and/or property
of one who is legally incompetent to handle his/her own affairs.
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H
HAZARD INSURANCE:
Real estate insurance protecting against fire, some natural causes,
vandalism, etc., depending upon the policy. Buyer often adds liability
insurance and extended coverage for personal property.
HOMESTEAD:
A statutory protection from execution or the establishment of
title by occupation of real property in accordance with the laws
of various states or the Federal Government.
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I
IMPOUNDS:
A trust type of account established by lenders for the accumulation
of borrower's funds to meet periodic payments of taxes, mortgage
insurance premiums, and/or future insurance policy premiums, required
to protect their security.
INDEMNITY:
Insurance against possible loss or damage. A title insurance policy
is a contract of indemnity.
INTESTATE:
Without leaving a will, or leaving an invalid will so that the
property of the estate passes by the laws of succession rather
than by the direction of the deceased.
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J
JUDGMENT LIEN:
A lien against the property of a judgment debtor. An involuntary
lien.
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L
LAND CONTRACT:
An installment contract for the sale of land whereby the seller
(vendor) holds legal title and the buyer (vendee) has equitable
title until the sales price is paid in full.
LEASE:
An agreement by which an owner of real property (lessor) gives
the right of possession to another (lessee), for a specified period
of time (term) and for a specified consideration (rent).
LEGAL DESCRIPTION:
A description of land recognized by law, based on government surveys,
spelling out the exact boundaries of the entire piece of land.
It should so thoroughly identify a parcel of land that it cannot
be confused with any other.
LENDER:
Any person or entity advancing funds which are to be repaid. A
general term encompassing all mortgagees, and beneficiaries under
deeds of trust.
LIEN:
An encumbrance against property for money, either voluntary or
involuntary. All liens are encumbrances but all encumbrances are
not liens.
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M
MECHANICS LIEN:
A lien created by statute for the purpose of securing priority
of payment for the price or value of work performed and materials
furnished in construction or repair of improvements to land, and
which attaches to the land as well as the improvements.
MORTGAGE:
(1) To hypothecate as security, real property for the payment
of a debt. The borrower (mortgagor) retains possession and use
of the property. (2) The instrument by which real estate is hypothecated
as security for the repayment of a loan.
MORTGAGEE:
The party lending the money and receiving the mortgage (Lender).
MORTGAGOR:
The party who borrows the money and gives the mortgage (Borrower).
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N
NOTE:
A unilateral agreement containing an express and absolute promise
of the signer to pay to a named person, or order, or bearer, a
definite sum of money at a specified date or on demand. Usually
provides for interest and, concerning real property, is secured
by a mortgage or trust deed.
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O
OBLIGEE:
One to whom an obligation (promise) is owned.
OBLIGOR:
One who legally binds (obligates) oneself, such as the maker of
a promissory note.
ORIGINAL COST:
The purchase price of property, paid by the present owner. The
present owner may or may not be the first owner.
OWNER'S POLICY:
A policy of title insurance usually insuring an owner of real
estate against loss occasioned by defects in, liens against or
unmarketability of the owner's title.
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P
PARCEL:
Any area of land contained within a single description.
PARTNERSHIP:
An association of two or more persons who have contracted to join
in business and share the profits.
PARTY WALL:
A wall generally erected on a property boundary or between two
lots for the common benefit and use of the property owners on
either side.
PATENT:
A conveyance of title to land by the Federal or State Government.
PERSONAL PROPERTY
(movable):
Any property that is not designated by law as real property (i.e.,
money, goods, evidences of debt, rights of action, furniture,
automobiles).
"P.I.Q.":
A title term referring to Property In Question.
PITI:
A payment that combines Principal, Interest, Taxes, and Insurance.
PLAT:
A plan, map or chart of a tract or town site dividing a parcel
of land into lots.
POWER OF ATTORNEY:
A document by which one person (called the "principal")
authorizes another person (called the "attorney-in-fact")
to act for him/her in a specific manner in designated transactions.
"PRE," "PRELIM"
OR PRELIMINARY REPORT:
A written report issued by a title company, preliminary to issuing
title insurance, which shows the recorded condition of title of
the property in question. See Commitment.
PRIORITY:
The order of preference, rank or position of the various liens
and encumbrances affecting the title to a particular parcel of
land. Usually, the date and time of recording determine the relative
priority between documents
PRIORITY INSPECTION:
A title term referring to the type of inspection made in connection
with insuring a new construction loan. In making the inspection
of the property, the Title Company must be assured that the work
of improvement had not yet begun when the lender's deed of trust
was recorded.
PUBLIC DOMAIN:
Land owned by the government and belonging to the community at
large.
PUBLIC RECORDS:
The transcriptions in a recorder's office of instruments which
have been recorded, including the indexes pertaining to them.
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Q
QUITCLAIM DEED:
A deed operating as a release; intended to pass any title, interest,
or claim which the grantor may have in the property, but not containing
any warranty of a valid interest or title in the grantor.
QUIET TITLE:
To free the title to a piece of land from the claims of other
persons by means of a court action called a "quiet title"
action. The court decree obtained is a "quiet title"
decree.
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R
REAL PROPERTY (immovable):
Land, from the center of the earth and extending above the surface
indefinitely, including all inherent natural attributes and any
man-made improvements of a permanent nature place thereon. For
example: minerals, trees, buildings, appurtenant rights.
RECONVEYANCE:
An instrument used to transfer title from a trustee to the equitable
owner of real estate, when title is held as collateral security
for a debt. Most commonly used upon payment in full of a trust
deed. Also called a deed of reconveyance or release.
RECORDING:
Filing documents affecting real property as a matter of public
record, giving notice to future purchasers, creditors, or other
interested parties. Recording is controlled by statute and usually
requires the witnessing and notarizing of an instrument to be
recorded.
REINSURANCE:
A contract which one insurer makes with another to protect the
first insurer, wholly or partially, against loss or liability
by reason of a risk under a separate and distinct contract as
insurer of a third party.
Reinsurance differs from coinsurance in that, in the case of reinsurance,
only one insurer has a direct contractual relationship with the
insured, and that insurer (commonly referred to as the "lead
insurer") purchases reinsurance in order to lessen or spread
the risk. The "lead insurer" will assume a risk up to
a limit (the amount of which is referred to as the "retention")
and any loss which exceeds this limit would be borne by the reinsurers.
In the case of coinsurance, each coinsurer has a direct contractual
relationship with the insured, and the risk is shared in agreed-upon
proportions from the first dollar of loss.
RESTRICTIONS:
Often called restrictive covenants. Provisions in a deed or other
instrument whereby an owner of land prohibits or restricts certain
use, occupation or improvement of the land.
RIGHT OF WAY:
(1)The right to pass over property owned by another, usually based
upon an easement. (2) A path or thoroughfare over which passage
is made. (3) A strip of land over which facilities such as highways,
railroads or power lines are built.
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S
SALE AND LEASE BACK:
A situation in which the grantor in a deed to a parcel of property
sells it and retains possession by simultaneously leasing it from
the grantee.
SEARCH:
In title industry parlance, a careful exploration and examination
of the public records in an effort to find all recorded instruments
relating to a particular chain of title.
SEPARATE PROPERTY:
Real property owned by one spouse exclusive of any interest of
the other spouse.
SQUATTER:
One who settles upon unoccupied land without legal claim or authority.
(See Adverse Possession.)
STARTER:
A copy of the last policy or report issued by a title insurer
which described the title to land upon which a new search is to
be made. In some states, this is called a back title letter or
back title certificate.
STREET IMPROVEMENT BONDS:
Interest-bearing bonds issued, usually by a city or county, to
secure the payment of assessments levied against land to pay for
street improvements. The property owner may pay off the particular
assessment against the property, or may allow the assessment to
"go to bond" and pay installments of principal and interest
over a period of years, usually at the city or county treasurer's
office. The holder of a bond received payments from these offices.
SUBDIVISION:
An area of land laid out and divided into lots, blocks, and building
sites, and in which public facilities are laid out, such as streets,
alleys, parks, and easements for public utilities.
SUBORDINATION AGREEMENT:
An agreement by which one encumbrance (for example, a mortgage)
is made subject to another encumbrance (for example, a mortgage)
is made subject to another encumbrance (perhaps a lease). To "subordinate"
is to "make subject to," or to make of lower priority.
SURFACE RIGHTS:
Rights to enter upon and use the surface of a parcel of land,
usually in connection with an oil and gas lease or other mineral
lease. They may be "implied" by the language of the
lease (no explicit reservation or exception of the surface rights)
or "explicitly" set forth.
SURVEY:
The measurement by a surveyor of real property which delineates
the boundaries of a parcel of land. An ALTA survey additionally
delineates the exact location of all improvements, encroachments,
easements and other matters affecting the title to the property
in question. A title insurance company may require a survey whenever
the company is requested to issue an ALTA Extended Coverage Policy.
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T
TAX DEED:
A deed executed by the tax collector to the state, county or city
when no redemption is made from a tax sale.
TAX SALE:
Property on which current county taxes have not been paid is "sold
to the state." No actual sale takes place - the title is
transferred to the state and the owner may redeem it by paying
taxes, penalties and costs.
If it has not been redeemed within five years, the property (referred
to as "tax sold property") is actually deeded to the
state. (Similar "sales" to cities take place for unpaid
city taxes.)
TESTATE:
Leaving a legally valid will at death. See Intestate.
TITLE:
(1) A combination of all the elements that constitute
a legal right to own, possess, use, control, enjoy and dispose
of real estate or a right or interest therein. (2) The rights
of ownership recognized and protected by the law.
TITLE INSURANCE:
Insured statement of the condition of title or ownership of real
property. For a one-time-only premium, the named insured and their
heirs are protected against title defects, liens and encumbrances
existing as of the date of the policy and not specifically excluded
from it. In the event of a claim, the Title Company provides legal
defense from the policyholder and pays any covered losses incurred
as a result of such claim.
TITLE REPORT:
See Preliminary Report.
TITLE SEARCH:
A review of all recorded documents affecting a specific parcel
of land to determine the present condition of title. An experienced
title officer or attorney reviews and analyzes all material relating
to the search, then determines the sufficiency and status of title
for insurance of a title insurance policy.
TRUSTEE:
See Deed of Trust.
TRUSTOR:
See Deed of Trust.
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U
UNDERWRITER:
An insurance company that insures title. An underwriting company
may
have independent agencies who issue insurance policies in their
behalf or
may be the primary issuing agent themselves.
UNDERWRITTEN COMPANY / AGENCY:
A title firm (agency) which conducts title searches but is not
qualified to insure, and therefore issues policies of a qualified
title insurer (underwriter) in return for a portion of the premium.
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V
VARIABLE INTEREST RATE:
An interest rate that fluctuates with the current cost of money;
subject to adjustment if the prevailing rate moves up or down.
VENDEE:
See Agreement of Sale.
VENDOR:
See Agreement of Sale.
VENDOR'S LIEN:
An implied lien given by law to a vendor for the remaining unpaid
and unsecured part of a purchase price
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W
WARRANT:
To legally assure that the title conveyed is good and possession
will be undisturbed.
WARRANTY DEED:
A deed used in many states to convey fee title to real property.
WILL:
A written expression of the desire of a person as to the disposition
of that person's property after death. Must follow certain procedures
to be valid.
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Z
ZONING:
The division of a city or a county by legislative regulations
into areas (zones), specifying the uses allowable for the real
property in these areas.
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Gateway Title, Inc. 