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A:
ABANDONMENT:
The surrender, relinquishment, disclaimer, or cession of property or of
rights to property.
ABSTRACT:
A brief summary.
ABSTRACT OF JUDGMENT:
A brief transcript of the essentials of a judgment.
ABSTRACT OF TITLE:
A summary of the conveyances, transfers and other facts appearing of record
and relied upon as evidence of title to real property.
ABUTTING: Touching
or bordering a street, highway, or other public place.
ACCELERATION CLAUSE: A
clause in a note, trust deed, or mortgage advancing or hastening the date of
maturity of the indebtedness or obligation upon the happening of a certain
event.
ACCESS RIGHT:
A landowner’s right to have ingress to and egress from the property to a
public street.
ACCOMMODATION RECORDING:
The recordation of an instrument without consideration and without assumption
of responsibility for correctness or validity.
ACKNOWLEDGMENT: A
formal declaration before a duly authorized officer by a person who has
executed an instrument that such execution is his or her act and deed.
ACTION: A
proceeding in a court of law by which one party sues another for the
enforcement or protection of a right; the redress or prevention of a wrong;
or, the punishment of a public offense.
ACTUAL NOTICE: Notice
in fact or in reality to or by a party directly and personally.
ADJOINING OWNERS: Owners
of two or more parcels of real property that are contiguous to each other.
ADJUDICATION: A
judicial determination.
ADJUSTABLE RATE MORTGAGE (ARM):
mortgage in which rates/payment vary according to the current rate
of interest. Many offer lower-than-market initial rates that rise only
gradually for the first few years.
ADMINISTRATOR: Personal
representative of the estate of an intestate decedent.
ADVANCES: Money
paid before proper time of payment.
AFFIDAVIT: A
written declaration under oath.
AFFIRMATION: A
declaration in writing under penalty of perjury.
AGENCY: A
relationship between two or more persons whereby one is authorized to act for
another.
AGREEMENT OF SALE:
An agreement entered into for the sale and purchase of property.
ALL-INCLUSIVE DEED OF TRUST:
A deed of trust securing payment of an obligation owing under a prior deed of
trust.
A.L.T.A.:
American Land Title Association.
AMORTIZATION:
Payment of principal and interest at stated periods for a stated time until
debt is extinguished.
APPRAISAL: State
of value.
APPRAISER: A
person qualified to determine property value.
APPURTENANCE: Anything
incidental to or belonging to land considered a part of the real property.
ASSESSED VALUE: Value
of property for taxation purposes.
ASSESSMENTS: Special
taxes imposed to pay for public improvements beneficial to a limited area.
ASSESSOR: County
official who determines value of property for taxation purposes.
ASSIGN: To
transfer all of an interest in personal property.
ASSUMPTION AGREEMENT:
An agreement to undertake a debt or obligation contracted by another.
ASSUMPTION FEE: The
charge made by a lender when a buyer assumes seller’s existing loan.
ASSUMPTION OF MORTGAGE:
An agreement in which buyer agrees to be liable for payment of an existing
note secured by a mortgage or deed of trust.
ATTACHMENT: A
judicial process by which a creditor obtains a lien upon property of a debtor
prior to adjudication of the debt.
ATTORNEY-IN-FACT: An
agent authorized to act for another.
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B:
BALLOON PAYMENT:
Final
installment payment of a promissory note larger than any single preceding
installment payment.
BANKRUPTCY:
A proceeding in U.S. Bankruptcy Court wherein assets of a debtor (unable or
unwilling to pay debts) are applied by an officer of the court in satisfaction
of creditor claims.
BASE LINES:
Imaginary east-west lines that intersect meridians to form a starting point
for measurement of land.
BENCH MARK:
Location indicated on a durable marker by a land surveyor.
BENEFICIARY: One
for whose benefit a trust is created. A lender secured by a deed of trust.
BENEFICIARY’S DEMAND: Payment
required by a beneficiary under a deed of trust before authorizing reconveyance.
BENEFICIARY’S STATEMENT: Statement
of a beneficiary under a deed of trust as to principal balance due on a
promissory note and other information concerning the loan.
BEQUEATH: To
give personal property by will.
BINDER: Written
agreement to issue, within a specified time, a policy of title insurance.
Contract to insure.
BLANKET MORTGAGE OR DEED OF
TRUST: A mortgage or deed of trust on
more than one lot or parcel.
BONA FIDE: In
good faith.
BONA FIDE PURCHASER: A
purchaser in good faith, for fair value and without notice of any adverse
claim or right of third parties.
BUILDING LINES: Lines
established by ordinance or by statute beyond which building is not permitted.
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CAUSE: An
action or a suit.
CERTIFICATE OF SALE: Evidence
of a purchaser’s acquisition of legal title at a judicial sale, subject to
redemption rights, if any.
CERTIFICATE OF TITLE: Certified
statement as to land ownership based upon examination of record title.
CHAIN OF TITLE: A
chronological list of documents comprising the record history of title to a
specific parcel of real property.
CIVIL LAW: Law
of the Roman Empire, it is distinguished from the Common Law of England.
CLASS ACTION: A
lawsuit in which plaintiff represents himself or herself and all other persons
similarly situated.
CLOUD ON TITLE: A
semblance or claim of title that is in fact invalid.
CO-EXECUTOR: One
of two or more executors.
CO-INSURANCE: Insurance
issued by two or more insurers.
COMMERCIAL ACRE: The
portion of an acre of subdivided land remaining after deducting areas devoted
to streets, sidewalks, etc.
COMMISSIONER’S DEED: Deed
executed by a court appointed person in consummation of a sale ordered by the
court.
COMMITMENT: A
pledge, promise, or firm agreement; also, a title insurer’s contractual
obligation to insure title to real property.
COMMUNITY PROPERTY: Property
acquired by a husband and wife, or either, during marriage, when not acquired
as the separate property of either.
COMPETENT: Legally
qualified, capable of contracting.
CONDITION: A
qualification or restriction annexed to a conveyance of lands, whereby it is
provided that upon the happening of a particular event an estate shall
commence, be enlarged, or be defeated.
CONDITIONAL SALE CONTRACT:
Contract of sale where title remains in seller until all conditions of the
contract have been fulfilled.
CONDOMINIUM: The
composite of individual ownership and exclusive possession of a cube of space
in a multi-unit building plus a collective ownership of land and a collective
right of possession to facilities common to all separately owned units.
CONSERVATOR: A
person appointed by a probate court to take care of the person, property, or
person and property of a conservatee.
CONSIDERATION: The
value inducing another person to enter into a contract.
CONSTRUCTIVE NOTICE: Notice
given by public records as defined by State law.
CONTIGUOUS: In
actual close contact; touching, adjacent, near.
CONTINGENT: Dependent
upon an uncertain future event.
CONTRACT OF SALE: An
agreement entered into for the sale and purchase of property.
CONVEY: To
transfer title to property from one person to another.
CONVEYANCE: A
written instrument transferring title to or an interest in land.
COVENANT:
Agreement or promise.
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D:
DECLARATION OF HOMESTEAD:
A formal, written, recorded assertion by an owner that the dwelling in which
he or she resides is exempt from forced sale.
DECLARATION OF TRUST: A
written instrument by a person (settlor-trustor), acknowledging that he or she
holds title to property (as trustee) for the benefit of another or others
(beneficiary/beneficiaries).
DECREE OF DISTRIBUTION: A
judgment of probate court as to persons entitled to the property of a
decedent. (Now referred to as ‘Order for Distribution’).
DEDICATION: Donation
of land by owner for public use.
DEED: Written
document transferring title to land from one person to another.
DEED IN LIEU OF FORECLOSURE: The
deed purchased by the beneficiary from the trustor in lieu of the foreclosure
of the deed of trust. The trustor grants the title to the property secured by
the deed of trust to the beneficiary (lender) in lieu of lender foreclosing
the deed of trust.
DEED OF SALE: Evidence
of a purchaser’s acquisition of legal title at a judicial sale, subject to
redemption rights, if any.
DEED OF TRUST: A
three party security instrument conveying title to land as security for the
performance of an obligation. Also called "trust deed".
DEFAULT JUDGMENT: A
judgment against a defendant who made no appearance in court.
DEMAND: An
escrow term describing the consideration exacted of a conveyance or for the
relinquishment of an interest in or a right to property.
DEMISE: A
transfer of an estate for years, for life, or at will.
DEPOSITION: Testimony
of a witness taken upon interrogatories, not in open court.
DOCUMENTARY TRANSFER TAX: A
tax on certain recorded transfers of title to real property.
DUE-ON-SALE CLAUSE: Provision
in a security instrument calling for automatic maturity in the event of sale
or transfer of title by borrower.
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EARNEST MONEY:
Something
given as a part of the purchase price to bind a bargain.
EASEMENT: A
limited right or interest in the land of another entitling the holder to some
use, privilege, or benefit.
EASEMENT APPURTENANT: An
easement created for the benefit of and attaching to a parcel of land.
EASEMENT IN GROSS: An
easement created for the benefit of a person rather than for a parcel of land.
EMINENT DOMAIN: The
right to take private property for public use.
ENCROACHMENT:
The extension of an improvement onto land of another.
ENCUMBRANCE: A
right or interest in land decreasing its value but not hindering its sale or
transfer.
ENDORSEMENT: The
act of signing a name on the back of a check or promissory note to evidence
its transfer; also, a written document attached to an insurance policy
expanding or limiting coverage.
EQUITY IN PROPERTY: The
value of a person’s interest in property over and above total liens and
charges.
ESCROW: A
transaction in which an impartial third party acts upon instructions for both
seller and buyer, or for both borrower and lender, in carrying out
instructions; delivering papers and documents; and disbursing funds.
ESTATE: The
degree, quantity, nature, and extent of a person’s interest in real
property.
ESTATE TAX:
A tax upon the privilege of transmitting title to property of a decedent.
EXAMINER: A
person who analyzes a chain of title to land and expresses an opinion thereon.
EXCEPTION: A
deduction, subtraction, or exclusion.
EXCULPATORY CLAUSE: Provision
designed to absolve a party from liability.
EXECUTOR:
A male representative of the estate of a testate decedent.
EXECUTRIX: A
female representative of the estate of a testate decedent.
EXEMPTION: Immunity
from a burden or obligation.
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FEE: An estate of inheritance in
real property.
FICTITIOUS DEED OF TRUST: A
recorded deed of trust containing general terms and provisions but naming no
parties and describing no property; it is used for reference only.
FORECLOSURE: Enforcement
of a lien by sale of property given as security.
FORECLOSURE SALE: The
sale of property given as security to secure performance of an obligation.
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G:
GIFT:
A
voluntary conveyance or transfer of property without a valuable consideration.
GRANT: A
transfer of real property by deed.
GRANT DEED: A
written instrument transferring title to real property.
GRANTEE: The
person acquiring title to real property by a deed.
GRANTOR: The
person transferring title to real property by a deed.
GUARANTEE OF TITLE:
A form of title insurance based solely upon public record disclosures.
GUARDIAN: A
person appointed by the probate court to care for the person, the property, or
the person and property of a minor or an incompetent person.
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HOMESTEAD:
The
dwelling in which an owner or head of a family resides protected to a limited
extent from forced sale by a recorded declaration of homestead.
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I:
IMPROVED REAL ESTATE:
Land upon which buildings have been erected.
INDEMNITY: Compensation
given for a loss sustained.
INDEMNITY AGREEMENT:
An agreement relieving a person of an obligation to compensate for a
potential loss. A hold harmless agreement.
INHERITANCE TAX:
A tax imposed upon the privilege of succeeding to the title of a decedent.
INSTALLMENT LAND SALES
CONTRACT: An agreement entered into for
the sale and purchase of property under which purchase price is paid in
installments.
INSTRUMENT: A
formal, legal, written document.
INSURABLE INTEREST: A
sufficient interest in property that loss of it or damage to it would entail
financial loss to the owner.
INTEREST: A
share of, or a right to, or a concern in something of value; also, a premium
paid for the use of money.
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J:
JOINT
PROTECTION POLICY:
A policy insuring
more than one interest; i.e., the interest of both owner and lender.
JOINT TENANCY: A
form of co-ownership by two or more persons in equal shares characterized by
the incident of survivorship.
JOINT VENTURE: A
form of business organization composed of two or more persons to conduct a
single enterprise for profit.
JUDGMENT: A
final determination in a court of competent jurisdiction of the rights of the
parties to an action or proceeding.
JUDGMENT LIEN: A
statutory lien created by recording a judgment, or an abstract, ordering the
payment of a sum of money.
JUNIOR LIEN:
A lien of inferior priority.
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L:
LAND CONTRACT:
An
agreement entered into for the sale and purchase of land.
LEASE: A
writing constituting a conveyance of real property for a term of years and a
contact for its possession during that term.
LEASEHOLD: The
estate for years created by a lease.
LEGAL DESCRIPTION: A
description of real property sufficient to locate it on the ground by
reference to government surveys or approved-recorded maps.
LESSEE: The
person acquiring an estate for years in a lease.
LESSOR: The
person transferring an estate for years in a lease.
LIEN: A
charge upon property for the purpose of securing the payment or discharge of a
debt or obligation.
LIVING TRUST: A
trust becoming operative in the lifetime of the person creating it.
LOAN POLICY: A
policy of title insurance insuring the interest of a lender.
LOT SPLIT: Ordinarily,
sale of a portion of a parcel of land.
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MAP ACT: The
Subdivision Map Act (Gov. Code, Section 66510 et seq.) regulating the
subdivision of land.
MECHANIC’S LIEN: A
statutory lien in favor of persons contributing labor, material, supplies,
etc. to a work of improvement upon real property.
MERGER OF TITLE: The
absorption of a lesser estate into a larger estate.
MONUMENT: An
object or mark employed by a surveyor to fix or to establish boundaries or
land location.
MORTGAGE: A
two party security instrument pledging land as security for the performance of
an obligation.
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N:
NON-JUDICIAL FORECLOSURE SALE: Sale
of property pursuant to the power of sale provisions contained in a security
instrument.
NOTARIZE: To
prove execution of a document by means of a notary public’s certificate of
acknowledgment.
NOTARY PUBLIC: A
person authorized by law to take acknowledgments and to administer oaths.
NOTE: A
common reference to a promissory note.
NOTE OF ACTION: A
lis pendens.
NOTICE OF CESSATION: A
recorded notice shortening the time for filing mechanics’ liens if work
ceases prior to completion.
NOTICE OF COMPLETION: A
notice recorded within ten days of completion of a work of improvement
signaling commencement of the time period within which claims of mechanics’
liens must be recorded.
NOTICE OF DEFAULT: A
recorded notice of a "trustor’s" failure to perform his/her
obligation under a deed of trust. The beginning step in non judicial
foreclosure of a deed of trust.
NOTICE OF NON-RESPONSIBILITY: A
recorded notice by an owner of real property that he/she will not be
responsible for payment of costs of improvements contracted for thereon by
some other person.
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O:
OPEN-END MORTGAGE: Provision
in a mortgage (or deed of trust) by which additional advances of money made by
lender to borrower after execution of the security instrument are also secured
by it.
OWNER’S POLICY: A
policy of title insurance insuring the title of an owner.
OWNERSHIP: The
right to use and enjoy property to the exclusion of others.
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P:
PARCEL: Any
area of land contained within a single description.
PARTIAL "RECONVEYANCE":
An instrument extinguishing the lien of
a deed of trust from a portion of the property.
PARTIAL RELEASE CLAUSE: Provision
in a land contract, deed of trust or mortgage for a conveyance of a portion of
the property to buyer upon satisfaction of specified conditions.
PARTNERSHIP:
An association of two or more persons to carry on as co-owners of a business
for profit.
PERSONAL PROPERTY: Movable
property; property which is not real property.
POLICY OF TITLE INSURANCE: A
contract indemnifying against loss resulting from a defect in title to the
interest or lien in real property insured.
POWERS OF ATTORNEY: A
written delegation from a principal authorizing another person, as agent of
principal, to act for him or her in his/her name in a designated transaction
or transactions.
PRE-PAYMENT CLAUSE: Provision
permitting payment of a debt prior to due date.
PRE-PAYMENT PENALTY: Charge
imposed by a lender for payment of a debt before due date.
PRIORITY: The
relative superiority of competing liens and encumbrances.
PROBATE: Administration
of a decedents estate in accordance with a valid will or State laws.
PROBATE COURT: A
division of superior court having jurisdiction over estates of decedents,
minors, incompetents, and "conservatees".
PROMISSORY NOTE: An
unconditional written promise, signed by maker, to pay, absolutely, a sum
certain in money, either to the bearer or to a person therein designated or
his/her order.
PRO-RATA: Proportionately;
according to a certain rate, percentage, or proportion.
PUBLIC LANDS: All
unoccupied land belonging to the federal government subject to disposition
under general land laws.
PURCHASE MONEY MORTGAGE: A
mortgage securing payment of all or a portion of the purchase price of real
property. A purchase price of real property. A purchase money mortgage can be
a mortgage with ‘first priority’, ‘ second priority’, ‘third
priority’, etc.
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Q:
QUIET TITLE ACTION: The
name of an action brought to establish a title to property or to remove a
cloud on the title.
QUITCLAIM DEED: A
form of deed containing no warranties and conveying the current right, title
and interest of the grantor, if any, to real property.
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R:
REAL PROPERTY: Immovable
property such as land, buildings, improvements, appurtenances, and air space.
RECISSION: The
act of canceling or annulling the effect of a document.
RECONVEYANCE: A
document extinguishing the lien of a deed of trust and reconveying the title
to the real property encumbered by the deed of trust to the trustor.
RECORD: To
incorporate into the public records of the County Recorder; also the system of
public records imparting constructive notice of title to claims, or interests,
in real property in accordance with State laws.
RECORDING: The
act of filing documents for record in the office of the County Recorder.
REDEMPTION: The
act of buying back property previously sold in judicial proceedings.
REDEMPTION RIGHT: The
right of a debtor to reacquire title to property formerly owned by him or her
but sold through judicial process to satisfy his/her debts.
REFORMATION ACTION: Proceedings
instituted for the purpose of correcting mistakes in documents.
REINSTATEMENT: Restoring
to the status occupied before a forfeiture.
RELEASE: A
document extinguishing the lien of a mortgage, judgment, mechanic’s lien,
etc.; also, a document absolving another of liability.
RELEASE CLAUSE: Provision
in a mortgage or deed of trust for the release of the lien from portions of
the property.
REQUEST FOR NOTICE: Recorded
request by anyone desiring written notice of the recording of a notice of
default under a deed of trust or of the scheduling of a trustee’s sale
thereunder; also, recorded trust request of anyone desiring notice of the
scheduling of an execution sale foreclosing the lien of a judgment; also, a
request filed in probate proceedings by anyone desiring special notice of
proceedings taken therein.
REQUEST FOR RECONVEYANCE: Written
instruction of a beneficiary under a deed of trust addressed to the trustee,
acknowledging satisfaction of the secured obligation, and directing the
trustee to extinguish the lien of the deed of trust and reconvey the property
encumbered by the deed of trust.
RESERVATION: A
right or an interest retained by a grantor in a conveyance.
RESTRICTIONS: Impediments,
limitations, or prohibitions respecting use of real property imposed in deeds
or in a declaration.
REVENUE STAMPS: Stamps
affixed to documents evidencing payment of federal tax formerly imposed.
RIDER: A
supplement to; an addition to; an endorsement to a document.
RIGHT OF SURVIVORSHIP: The
right to succeed to the interest of a decedent, by operation of law.
RIGHT OF WAY: A
right to pass over or to cross a parcel of land.
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S:
SALE AND LEASEBACK: A
transaction in which a grantee in a deed leases the same property back to the
grantor without a change in its possession.
SALES CONTRACT: An
agreement entered into for the sale and purchase of property.
SATISFACTION: The
performance of the terms of an obligation.
SEARCHER: A
title company employee who assembles the information required to complete a
chain of title to real property.
SECURITY DEPOSIT: Deposit
of money made to assure performance of an obligation.
SLANDER OF TITLE: False
unjustified statements regarding another person’s title to property.
SPECIAL ASSESSMENTS: Charges
imposed upon real property especially benefited by a local public improvement.
STATEMENT OF INFORMATION: A
statement of facts relied on by title companies to assist in the proper
identification of persons.
STATUTE OF LIMITATIONS: A
series of statutes designed to render unenforceable stale claims and rights.
STRAIGHT NOTE: A
promissory note calling for payment of principal in one sum rather than in
installments.
SUBDIVISION: The
division of a tract of land into separate parcels.
SUBJECT TO: The
recognition of an existing lien or encumbrance but not assuming personal
liability therefore.
SUBORDINATE: To
make inferior in priority.
SUBORDINATION AGREEMENT: An
agreement changing the priority of interests.
SUBROGATE: To
substitute one person in place of another with reference to an obligation.
SUBSTITUTION: The
appointment of a person to act in the place and stead of another.
SUMMONS: A
court’s direction to the sheriff to inform a defendant that an action has
been filed against him/her.
SURVEY: A
process of measuring a parcel of land and ascertaining its area and
boundaries.
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T:
TAX DEED: A
deed issued to a purchaser following a sale necessitated by the non-payment of
real property.
TAX SALE: Sale
conducted for the purpose of collecting delinquent taxes assessed to a parcel
of real property.
TAX SEARCH: An
examination of the public records of taxing authorities to determine the tax
status of a parcel of real property.
TENANCY IN COMMON: A
form of co-ownership of property by two or more persons in undivided
interests.
TENTATIVE MAP: A
proposed subdivision map required to be submitted to and approved by the local
government agency before approval of a final subdivision map.
TERMITE REPORT:
A report of an inspection for damage caused by pest infestation by a person
licensed by the state.
TESTAMENTARY TRUST: A
trust created by the last will and testament of a decedent.
TITLE: The
sum total of a person’s right or the extent of his/her interest in real
property.
TITLE INSURANCE: Assurance
of indemnification for loss occasioned by defects in the title to real
property or to an interest therein which is insured.
TITLE PLANT: The
public records real property assembled and maintained by title companies for
the purpose of issuing title insurance.
TITLE POLICY: A
contract of indemnity for loss resulting from a defect in the title to the
interest or lien in real property insured.
TITLE SEARCH: The
assembled information required to complete a chain of title to a parcel of
real property.
TRACT: A
parcel of land divided into smaller parcels called lots.
TRANSFER TAX:
A tax imposed upon transfers of title to real property.
TRUST: A
fiduciary relationship in which a trustee holds title to property for the
benefit of a beneficiary.
TRUST DEED: Same
as a deed of trust; a three party security instrument conveying title to land
as security for the performance of an obligation.
TRUSTEE: The
fiduciary holding title to property for the benefit of another.
TRUSTEE’S DEED: The
deed given by the trustee under a deed of trust when the secured property is
sold under power of sale.
TRUSTEE’S SALE: Foreclosure
sale conducted by the trustee in the exercise of power of sale.
TRUSTOR: The
person conveying property in trust.
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U:
UNDIVIDED INTERESTS: Unsegregated
interests of co-owners in the entire property owned by them as tenants in
common.
UCC: Uniform
Commercial Code. (Com.Code, section 1101 et seq.)
UNJUST ENRICHMENT: Mistake
or misfortune of one person unfairly benefiting another.
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V:
VARIABLE INTEREST: Interest
rates fluctuating up or down according to current cost of money.
VERIFICATION: A
sworn statement before a qualified officer (notary public) that the contents
of a writing are true.
VEST: To
give an immediate fixed right to property.
VESTEE: Present
record owner.
VESTED INTEREST: A
property interest that is fixed or determined.
VOLUNTARY LIEN: A
lien intentionally created or entered into by a debtor.
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W:
WAIVE: To
release or abandon a right or a privilege.
WAIVER: The act of releasing or abandoning a right or a
privilege.
WARRANTY DEED: A deed containing express covenants as
to good title and right to possession.
WRAP-AROUND MORTGAGE: Same as an "all inclusive
mortgage": One incorporating the balance due under a prior mortgage.
A
B C D E
F G H I
J K L M
N O P Q
R S T U
V W X Y
Z
X:
A
B C D E F
G H I J K
L M N O P
Q R S T U
V W X Y Z
Y:
A
B C D E F
G H I J K
L M N O P
Q R S T U
V W X Y
Z
Z:
ZONE:
Area in a community designated for specified use
and purpose.
ZONING: Governmental regulation of the use of real
property.
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