Abstract of Title
a historical summary of the publicly recorded documents that affect a title.
Bargain and Sale Deed
conveys a property without seller warranties. "As is" deed
Deed
title is conveyed from one person to another with a written instrument called a deed
Deed Restrictions
an owner can incorporate these to limit the use of a property by all subsequent owners of that property.
Easement
is the right to use land that is owned or leased by someone else for some special purpose.
Estate
all that a person owns
Estate for Years
type of leasehold estate that is created by a lease that specifies an exact duration for the tenancy.
Estate from Year to Year
Continues for successive periods until one party gives proper notice as to its intent to terminate at the end of one or more periods.
Fee Simple Estate
This is a type of freehold estate that represents the highest form of ownership. Owner is free to do whatever they want
Freehold Estate
estate that lasts for an indefinite amount of time. No limit on how long it lasts.
Future Estate
estate that is not yet in possession that conveys the right to enjoy the property on some future time period
General Warranty Deed
most desirable type of deed in a real estate transaction. offers the most comprehensive warranties about the quality of the title.
Leasehold Estate
an estate that expires on a specific date. Implies the right to possess or use a property
Lenders Policy
a type of title insurance that insures the interest of the lender. (mortgagee)
Lessee
a person who leases land and has the right to possession
Lessor
Someone who holds the title and leases it to a lessee
Life Estate
type of freehold estate that gives someone the right to own a home until the end of ones life.
Mechanics Lien
this gives unpaid contractors, workers, and suppliers the right to attach a lien to a piece of property to which they added their labor or materials. They may foreclose on the property and be paid with the proceeds of the sale
Nonpossessory Interest
It is the right to use the land that is owned or leased by someone else for a special purpose
Owner's Policy
type of title insurance that insures the interest of a new property owner.
Ownership Rights
are referred to as real property.
Personal Property
any property that is not real property
Property Rights
the right of a person to possess use, enjoy, and dispose of his or her property.
Quitclaim Deed
a deed that has no warranty what so ever.
Real Estate
is used to refer to things that are not movable such as land and their improvements that are permanently attached to them.
Real Property
The rights and interests associated with real estate
Recording acts
These provide a public ally accessible system for system for assessing and establishing claims or interests in real estate
Remainder
...
Reversion
exists when the holder of an estate of land, conveys to another person a present estate in the property that has fewer ownership rights than the grantors own estate and retains for the grantor or his heirs to be able to take back the full estate that the
Secured Interest
the lender has a secured interest. The lender may not use the property but will need to be paid back for it. This is their secured interest.
Sheriff's Deed - Trustee's Deed
type of dead received by a buyer from a foreclosure or a forced sale. no warranties added
Special Warranty Deed
one step below a general warranty deed. This type of deed ensures that no defects and encumbrances occurred while the grantor held title of the property.
Title
term used to link a person or entity to a property itself. if someone has this they have all the elements needed to prove full ownership
Title Assurance
refers to the means by which buyers of real estate 1) learn in advance whether their sellers have and can convey the quality of title they claim to possess, and 2) receive compensation if the title after transfer turns out not to be as represented.
Interest
Broad legal term denoting a property right
Promissory Note
evidence that their is debt on a certain piece of property between a borrower and lender and contains the terms under which the loan must be repaid and rights and responsibilities of both parties.
Recourse Loans
The borrow is personally liable for the payment of all amounts due under the terms of the note.
Mortgage Document
created in a transaction whereby one party pledges real property to another party as security for an obligation that is owed to taht party. two parts of this - obligation to pay, and pledge of property as security
Covenants
mortgages include this ...... they are promises, duties, and responsibilities of the borrower, in addition to payments required under the term of the note.
Due-On-Sale Clause
allows the mortgagee to accelerate the debt.(make outstanding loan payment and accrused interest payment immediatly due). This is to get people to not sell interest without the mortagee first knowing who is being sold the interest
Future Advances / Open Ended Mortgage
mortgage may be written that it will protect several successive loans under a general line of credit extended by the mortgagee to the mortgagor.
Subordination Clause
first mortgage holder agrees to make its mortgage junior in the priority to the mortgage of another lender.
Assumption of the Mortgage
Mortgage that will contain a clause that stating that the grantee (buyer) agrees to pay the amount of the obligations owed to the mortgagee as part consideration for the conveyance of title
Subject To a Mortgage
This allows someone to sell you a property and you assume the mortgage but if you do not make the payments you are not personally responsible for the loan the other person is.
Fixture
an item of tangible personal property that has become affixed to or is intended to be used with real estate. Fixtures are covered by the mortgage
Mortgage Default
breach of a mortgage contact. Failure of payments or failure to adhere to the clauses
Workout
various activities undertaken to deal with a mortgagor who is in financial trouble
Mortgage Extension Agreement
mortgagor may request a longer amortization period for remaining principal balance, or temporary grace period for payment of principal and interest
Transfer of Mortgage
form of workout that allows the mortgagor that is unable to make their payments able to transfer their mortgage to someone else.
Voluntary conveyance
Type of workout where the mortgagor gives or sells the title to the mortgagee. Usually done if the cost of foreclosure is greater than the expected benefit of the home
Deed in lieu of foreclosure
conveyance to the mortgagees in exchange for a release from the mortgage debt.
Friendly Foreclosure
borrower submits to the jurisdiction of the court, waives any right to assert defense or to attack any judgement and agrees to cooperate with the lender.
Prepackaged Bankruptcy
before filing the bankruptcy petition, borrowers agree with all their creditors to the terms in which they will turn their assets over in exchange for the discharge of liabilities.
Short Sale
Home is sold for less than the loan balance and the proceeds go to the lender.
Judicial Foreclosure
sue on the debt, obtain judgement, and execute judgement against the property of the mortgagor. need a judge to do this. if there is no sale clause
Redemption
process of canceling or annulling a title conveyed by a foreclosure sale by paying the debt or fulfilling the other conditions in the mortgage.
Deed of Trust
Sometimes this is used instead of a mortgage. Three parties to a loan secured by this, borrower(creator of the trust) conveys the title to the property to be used as security to a trustee, who holds it as security for the benefit of the holder of the note
Deficiency Judgement
any deficit remaining after a forclosure and sale of the property is known as this. they are unsecured claims and take their place alongside other debts of the mortgagor.
After acquired Property Clause
mortgage will contain this as a part of its description of the type of property to be covered by the mortgage. it will cover any improvements that take place while there is still debt on the property.
Bankruptcy
proceeding in which the court takes over the property of a debtor to satisfy the claims of a creditor. Goal is to relieve the debtor of all liabilities so that he or she may become financially solvent
Land Contract
The seller holds the title and conveys it to the buyer once the contract is complete.