Abstract |
An Abstract of Title is a history of ownership of the property. |
| Access |
The right to enter
or come onto. |
| Assessed Valuation |
The value placed
on a piece of property by government for the purpose of taxation. |
| Certificate of Title |
Contains the legal
description of both a house and land, and proves the ownership of the house. |
| Cloud on the Title |
Anything which
would affect or impair the title. |
| Conveyance |
The means by which
title to real estate is transferred from owner to owner. |
| Deed |
A written
instrument in which real estate is transferred or conveyed. |
| Distress Property |
Owners are in
jeopardy of losing their equity. |
| Easement |
The right to use
the land of another other than as a tenant, for a specific purpose. |
| Foreclosure |
A forced sale of
property in order to collect on a mortgage. |
| Grantee |
The buyer; the
person to whom the real estate is conveyed. |
| Grantor |
The seller; the
person who conveys, by deed, the real estate. |
| Legal Description |
A description
sufficient to locate and identify the property. |
| Lien |
A claim on someone
else's property as security for the payment of a just debt. |
| Marketable Title |
A title free from
any encumbrances or clouds, which a court would compel a purchaser to accept. |
| Metes and Bounds |
Describing the
measurement and boundaries of land using geographical characteristics. |
| Plat |
A map, plan or
chart of a town, city, section, subdivision, etc., showing the location and boundaries of
pieces of property. |
| Plat Book |
A public record of
various plats in a specific area. |
| Quiet Title |
A court action
brought to remove a cloud on the title and establish the title. |
| Quit Claim Deed |
A deed in which
the grantor transfers whatever interest he has in the property without warranty. |
| Section (of Land) |
One square mile in
the government rectangular survey. See drawing. |
| Tax Deed |
The type of deed
you receive when you buy property for back taxes. |
| Title |
The total evidence
which proves ownership. |
| Title Insurance |
An insurance
policy against a defective title. |
| Title Search |
Usually mandatory
before a property is sold. The examination of ownership papers and other public records
filed at the courthouse to make sure there are no liens on the property. |
| Warranty Deed |
A deed which the
grantor agrees to protect against any claimant. |
