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NALS Chapter17_75499

Vocabulary

TermDefinition
Abstract A condensed history of the tittle to the land
Abstracter certificate A certificate that is mad part of the abstract and signed by the abstracter verifying what the abstract covers
Action to quiet tittle Legal action taken by a property owner to have the court him or her the owner of a particular parcel of land
Adverse Possession A ethos of acquiring a title to the real property under certain conditions for a statutory period
Clear an merchantable title The term used to indicate that there are no outstanding liens or encumbrances of record against the property excepting only those of the type of normally associated with the property to which most lawyers would not obejct
Cloud on title A condition affecting the title of property that they may render it unmarketable f not corrected, including encumbrances, easements, encroachments, and take sales
Conventional financing Financing for home purchase funded by local bank and saving institutions
Deed A formal written contract effectuating the sale and conveyance of property by the seller to the burr for a price
Deed of release and reconveyance
Ernest Money Deposit made by buyer indicating he or she is entering into a contract in good faith
Encroachment A right to use land of another
easement An intrustion on the property of another
encumbrance A claim or lien upon real property
Escrow agreement
Fee simple Absolute ownership of real property
Fixture An article of personal property permanently attached to real estate
Government survey System adopted by the government in 1875 for mapping out tracts of in ground townships and sections
improvements
Joint tenancy Property held by two or more persons, each with the same undivided interest with the property
Judgment The written decisions of the court to an action or suit submitted to the court for determination
Judgment Creditor One who is owed money as a result of a judgement in his or her favor
Judgement Debtor One who owes money as a result of a judgement favor of a creditor
landlord Also lessor. The owner of a property who leases it to a person or business entity
Like-Kind exchanges exchange of one piece of real estate for another
Listing agreement Agreement by which owners of real estate agree to have a broker represent them in the sale of real estate
Maker The person obligated to pay the amount of promissory note.
Metes and bounds A for, of legal description by listing compass directions and distance of each boundary edge surrounding a prorty
Mortgage A written instrument that grants an interest in real property to provide securit for repayment of a debt
Mortgagee's title policy A policy of insurance issued by a title insurance company to a lender insuring from loss resulting from defect of title
Payee Person to whom a promissory note, bank draft, or check is issued
quitclaim deed A deed without warranty of title that passes whatever thitle the grantor has if any to another
Real estate Lan and whatever is attached or affixed to it. nerally synonymous with the real property
registered property Real property registered upon application of the owner under the Torrens tittle systems
Subdivision The division of a tract or parcel of land or not into two or more tracts, parcels, or lots for sale or development
Tenant Also lessee. One who uses lands of anther during term of lease
Title insurance Insurance against loss or damage resulting form defects in the title to a parcel or real estate
Torrens Certificate A torrens certificate is considered to be conclusive evidence of the present ownership and status of title
Transfer by devise This describes a transfer when the owner of the real estate dies and leaves the property to someone in his or her will
Created by: Labria