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CH 17 897586

Vocabulary 17

TermDefinition
Abstract A condensed history of the title to the land.
Abstracter's Certificate A certificate that is made apart of the abstract and signed by the abstracter verifying what the abstract covers.
Action to Quiet Title Legal action taken by a property owner to have a court declare him or her the owner of a particular parcel of land.
Adverse Possession A method of acquiring title to real property under certain conditions by possession for a statutory period.
Balloon Payment A provision that requires payment in full of the unpaid balance of a loan a certain number of ear from the ate of initiation of the contract
Clear and Merchantable The term used to indicate that there are no outstanding or encumbrances of record against the property excepting only those who of the toe normally associated with the property to which its lawyers would not object .
Cloud on Title A condition affecting the title of property that may render it unmark able if not corrected, including encumbrances, easements, encroachments and tax sales.
Community Property Property acquired during a marriage that is owned by husband and wife, each hang an undivided one-half interest.
Conventional Financing Financing for home purchases funded by local bank and savings institutions.
Deed A formal written contract effectuation the dale and conveyance of property by the seller to the buyer for a price.
Deed of release and reconveyance When an institution holding a deed trust to secure a loan is paid in full, the trustee then executes a deed of release and reconeyance to return title of the property to the buyer
Earnest Money Deposit made by buyer indicating he or she is entering into a contract in good faith
Easement A right to use the land of another.
Encroachment An intrusion on the property of another
Encumbrance A claim or lien upon real property (real estate)
Escrow Agreement Contains provisions that protect both the seller and the buyer, and escrow agent collects the purchase price and records the sale when all payments are madr
Fee Simple Absolute ownership of real property (real estate)
Fixture An article of personal property permanently attached to the real estate
Government Survey System adopted b government in 1785 for mapping out tracts of ground in townships and sections.
Improvements items such as curbs, gutter, sidewalks, streetlights, and sewer systems constructed to enhance development of real estate
Installment real estate contract Agreement beween seller and buyer for the purchase of real estate by installment payments with interests. The buyer takes possession of the property and maintains it, but the seller retains title to the poperty until the buyer has paid the entire price
Joint Tenancy Property held by two or more persons, each with the same undivided interests in the property
Judgment The written decision of a court to an action or suit submitted to the court for determination
Judgment Creditor one who is owed money as a result of a judgment in his or her favor
Judgement Debtor One who owes money as a result of a judgment in favor of a creditor
Landlord Also lessor. The owner of a property who leases it to a person or business entity
Legal Description A detailed description of real property that must be complete enough so the parcel can be located and identified
Like-kind Exchanges or 1031 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 a promissory note.
Materialman's lien Also mechanic man. An instrument filed by a material man or a mechanic wo furnished material for or performed labor upon improvements to property but has not been paid for that work, creating an enforceable right against the property
Memorial In real estate, entries on a Torrens certificate that describe encumbrances (such s mortgages or liens) in existence on the property
Metes and Bounds A form of legal description by listing compass directions and distances of each boundary edge surrounding a property
Mortgage A written instrument that grants an interest in rap property to provide security for the repayment of a debt
Mortagees title policy A policy of insurance issued by a title insurance company to a lender insuring the lender from loss result in from a defect of title
Owners duplicate certificate of title Under the Torrens system, some stets require the delivery of the owners duplicate certificate is kept by the register of titles
Owners title policy A policy of insurance issued by a title insurance company to a property owner that insures the owner from loss resulting from a defect of title
Payee person to whom a promissory note, bank draft, or check is issued
Probate Deed An instrument by which property is acquired from an estate or guardianship, generally without warranty.
Promissory note A promise in writing to pay a certain sum of money at a future time
Purchase agreement or purchase offer Also sales agreement. Agreement between buyer and seller of property that sets forth in general the consideration and terms of a proposed sale
Quit claim deed A deed without warranty of title that passes whatever title the grantor has , if an, to another
Real estate Land and whatever is attached or affixed to it. Generally synonyms with the words real property
Registered Property Real property registered upon application of the oner under the Torrens title system
Restrictive Convenant Regulations of record setting forth those things that are allowed and not allowed affecting property such as minimum building lines, etc
Special Warranty or Limited Warranty Deed Type of ownership in which a husband and wife hold title to the entire property with the right of survivorship should one spouse die
Tenancy in Common The type of ownership by which each owner holds an undivided interest in the entire property with no right of survivorship to the parties.
Tenant Also lesse. One who uses lands of another during the term of a lease
Title Insurance Insurance against loss or damages resulting form defects in the title to a parcel of real estate
Title Option Written opinion of a lawyer that certifies to the validity and merchantability of a title to property based upon review of an abstract of title or otter land records
Torrens Certificate A Torrens certificate is considered to be concussive evidence of the present ownership and status of title
Transfer by devise This describes a transfer when the owner of real estate dies and leaves property to someone in is or her will
Warranty Deed A deed that guarantees that the title conveyed is good and nothing has been done to cold or encumber title beyond the permitted encumbrances specified therein .
Created by: Jonay