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Real Estate
| Term | Definition |
|---|---|
| Adverse Possession | The right to acquire ownership of a property after 10 years of hostile use |
| "And The" | Multiple parcels different sections |
| Assignment of Rents Clause | The rights of a lender to collect the rents in case of a borrowers default |
| Benchmark | An identifiable starting point used by surveyors |
| Beneficiary | The name of a lender in a deed of trust |
| Blue Stake | A process that locates easements on a specific property |
| Deed of Trust | A loan document that has three parties |
| Deed Restrictions | Also known as Covenants, Conditions, and Restrictions |
| Dominant Estate | The parcel that has the easement in an easement appurtenant |
| Easement | The right to use the land of another |
| Easement Appurtenant | A type of easement that requires two separate property owners |
| Easement by Prescription | An easement acquired after ten years of open, hostile, and constant use |
| Easement in Gross | An easement that is normally referred to as a utility easement |
| Encroachment | An unauthorized use of another’s property |
| Fractional Section | The north and west sections of a given township |
| Government Lot | An irregular parcel due to a lake, river, or mountain |
| Guide Meridian | A north-south line that is located 24 miles from the principal meridian |
| Judgement | A general lien as a result of a court action |
| Laches | Time has expired to file a claim |
| License | A personal privilege to do something |
| Lien | A money claim against a person or a property |
| Lot and Block | A way to identify property when using a plat map |
| Mechanics Lien | A lien that has priority the day the work began |
| Metes and Bounds Formal | A type of land survey that uses benchmarks and defined reference points |
| Metes and Bounds Informal | A legal description that uses natural monuments |
| Mortgage | A security document in a loan requiring only two parties |
| Mortgagor | The name of the borrower in a mortgage |
| Mortgagee | The name of a lender in a mortgage |
| Notice of Completion | 120 days to file a lien after this notice |
| Non Disturbance Clause | The lease will remain valid if the lender forecloses on the property |
| Note | This document is the primary obligation in a loan |
| Pre Lien Notice | The first required notice given in the mechanic’s lien process |
| Plat Map | A legal description that refers to a lot and block |
| Principal Baseline | The principal line that runs east and west |
| Principal Meridian | The principal line that runs north and south |
| Range Lines | The western boundary of a township |
| Section | A parcel of land 5280ft. x 5280ft |
| Servient Estate | The name of the parcel that provides the easement in an easement appurtenant |
| Specific Lien | A lien that only attaches a single item |
| Standard Parallels | Correction lines that run east and west every 24 miles north and south of the baseline. |
| Standard Sections | The name of the sections that are not fractional |
| Tier Lines | The northern boundary of a township |
| Township | A parcel that contains 36 sections |
| Trustor | The name of the borrower in a deed of trust |
| Trustee | The name of the third party in a deed of trust |
| ; used is a legal description | Multiple parcels same section |
| Right of Way | A right created on a property for transportation purposes |
| Sections 2, 32, 16, 36 | Sections granted to Arizona for the benefit of common schools |
Created by:
ToxRNPHX
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