Two or more persons who hold title to real estate jointly, with equal rights to share in its enjoyment during their respective lives with the provision that upon the death of a joint tenant, his share in the property passes to the surviving tenants, and so on, until the full title is vested in the last survivor. A joint tenant cannot legally sell or encumber his interest without the consent of all the other joint tenants.
A conclusion or determination by a court of law usually awarding the payment of money or relief of some kind to one of the parties to a lawsuit.
A mortgage lower in lien priority than another.
A contract between buyer and seller for the purchase and sale of land, the purchase price usually being payable in installments over a considerable period.
The right to possession and use of land for a fixed period of time. The lease is the agreement that creates the right.
A description of real property by government survey, metes and bounds, unit numbers of a recorded condominium, or lot numbers of a recorded plat including a description of any portion thereof subject to an easement or reservation, if any. Such must be complete enough that a particular parcel of land can be located and identified.
A tenant holding a leasehold.
A landlord; one who gives a leasehold to a lessee.
A monetary charge imposed on a property, usually arising from some debt or obligation.
Also called "waiver of liens." A waiver of mechanics' lien rights, signed by contractors or subcontractors.
An estate of ownership in real estate which exists only during the term of a certain person's life.
A legal notice intending to bind third parties of litigation claiming an interest in real estate.
Also called "mortgagee policy." A title insurance policy insuring a mortgage, or beneficiary under a deed of trust, against loss caused by invalidity or unenforceability of a lien, or loss of priority of the mortgage or deed of trust.
The average of the highest price that a buyer, willing but not compelled to buy, would pay and the lowest price a seller, willing but not compelled to sell, would accept.
A lien on real estate, created by operation of law, that 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.
Metes and Bounds
A land description in which boundaries are described by courses, directions, distances and monuments.
A conditional pledge of property to a creditor as security for the payment of a debt.
Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage of the sale price.
The holder of a mortgage. The party to whom a mortgage is made, generally the lender.
See Loan Policy.
A person who mortgages property. A person who executes a mortgage, generally the property owner.
The pooling in a central bureau of listings of properties for sale. These listings are held individually by members of a group of real estate brokers, with the agreement that any member of the group may sell the properties and, in the case of a sale, the commission will be divided between the broker making the sale and the broker who filed the listing.
Also called "promissory note." A written promise to pay a sum of money, usually at a specified interest rate, at a stated time to a named payee.
A policy of title insurance insuring an owner of real estate against loss occasioned by defects in, liens against, or unmarketability of the owner's title.
Temporary or moveable property as distinguished from real estate.
Also called "plat map." A map dividing a parcel of land into lots, as in a subdivision. A map dividing a parcel of land into lots, as in a subdivision. A plat book contains the plat maps for a given area.
Also called "commission points" or "discount points." One percent of the amount of the loan.
Power of Attorney
A legal instrument authorizing one to act as another's agent or attorney.
The amount payable for an insurance policy.
(1) A sum of money owed as a debt on which interest is payable. (2) A person who empowers another to act as his representative or agent. (3) The person having prime responsibility for an obligation as distinguished from one who acts as a surety or endorser.
A legal procedure in which the validity and probity of a document, such as a will, is proven.
A written promise to pay or repay a specified sum of money at a stated time, or on demand, to a named person. In addition to the payment of principal, a promissory note usually provides for the payment of interest.
Purchase Money Mortgage
A mortgage given by a purchaser to a seller on the subject property to secure payment of a part of the purchase price.
Quit Claim Deed
A deed that does not imply that the grantor holds title, but that surrenders and gives to the grantee any possible interest or rights that the grantor may have in the property.
Also called "real property." (1) Land and anything permanently affixed to the land, such as buildings, fences, and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items that would be personal property if not attached. (2) May refer to rights in real property as well as the property itself.
The noting in a public office of the details of a legal document- such as a deed or mortgage- affecting the title to real estate. When such an instrument is properly recorded, it is considered to be a matter of public record. Legally, that means that all subsequent purchasers are deemed to have constructive knowledge of that information.
(1) To relieve from debt or security or abandon a right, such as the release of a mortgage lien from a part or all of the land mortgaged. (2) The instrument effecting a release.
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.
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.
The rights of owners of lands bordering watercourses which relate to the water and its use.
A contract entered into between a buyer and seller, setting forth the terms, provisions and conditions of a sale of real estate.
Sale and Leaseback
The sale of an asset to a buyer who immediately leases it back to the seller.
(1) The payment of a debt or fulfillment of an obligation. (2) An instrument executed by the holder of a lien, debt or obligation which acknowledges payment or fulfillment.
The careful exploration and perusal of the public records in an effort to find all recorded instruments relating to a particular chain of title.
A mortgage ranking in priority immediately below a first mortgage.
Statute of Limitations
A statute setting a time limit on the enforcement of a right or on the collection of a debt in certain cases.
The act or process by which a person's rights are ranked below the rights of others. For example, a second mortgagee's rights are subordinate to those of the first mortgagee.
(1) To determine the location, boundaries, area, or the elevations of land and structures upon the earth's surface by means of courses in relation to the North Star, and the measuring of angles and distances by using the techniques of geometry and trigonometry. (2) The map or plat drawn by a surveyor which represents the property surveyed and shows the results of a survey.
Tenants In Common
Two or more persons in whom title to a single piece of real estate is vested in such a manner that they have a common or equal right to possession and enjoyment of the property, but each holds a separate individual interest or estate in the property. Each owner may sell or encumber his respective interest or dispose of it by will, and if he dies without leaving a will, his heirs inherit his undivided interest.
A term usually applied to persons who are not principal parties to a contract or other instrument, but who have some right, interest or duty which such contract or instrument affects. For example, where a sale contract between buyer and seller of real estate provides that the money and documents involved in the transaction will be deposited with a title company pending the closing of the deal, the title company becomes a third party to the transaction.
(1) A combination of all the elements that constitute the highest legal right to own, possess, use, control, enjoy and dispose of real estate or an inheritable right or interest therein. (2) The rights of ownership recognized and protected by the law.
(1) Any possible or patent claim or right outstanding in a chain of title that is adverse to the claim of ownership. (2) Any material irregularity in the execution or effect of an instrument in the chain of title.
Title Insurance Policy
A contract of title insurance under which the insurer, in keeping with the terms of the policy, agrees to indemnify the insured against loss arising from claims against the insured interest.
Also called "abstract plant" in some areas. A geographically filed assemblage of title information that helps in expediting title examinations, such as copies of previous attorney's opinions, abstracts, tax searches and copies or take-offs of the public records.
An insurance company that issues insurance policies to the public or to another insurer.
Variable Interest Rate
Also called "flexible interest rate." An interest rate that fluctuates as the prevailing rate moves up or down. In mortgages, there are usually maximums as to the frequency and amount of fluctuation.
The purchaser under a sale contract of real estate.
The seller under a sale contract of real estate.
Veterans Administration (VA) Loans
Housing loans to veterans by banks, savings and loans, or other lenders that are guaranteed by the Veterans Administration, enabling veterans to buy a residence with little or no down payment.
The voluntary and intentional relinquishment of a known right, claim or privilege.
In a broad sense, and agreement or undertaking by a seller to be responsible for present or future losses of the purchaser occasioned by deficiency or defect in the quality, condition or quantity of the thing sold. In a stricter sense, the provision or provisions in a deed, lease or other instrument conveying or transferring an estate or interest in real estate under which the seller becomes liable to the purchaser for defects in or encumbrances on the title.
A testamentary disposition of property, usually in a form prescribed by law, that takes effect upon death.
Laws passed by local governments regulating the size, type, structure, nature and use of land or buildings.