A historical summary of all of the recorded instruments and proceedings that affect the title of property.

The act of agreeing to accept an offer.

A declaration by a person who has signed a document that such signature is a Voluntary act, made before a duly authorized person.

A means of acquiring title to real estate where an occupant has been in actual, open, notorious, exclusive, and continuous occupancy of property for the period required by state law.

An opinion or estimate of the value of the property.

The method by which a right or contract is transferred from one person to another.

Process whereby a buyer of real property agrees to assume responsibility for payments on an existing mortgage on the property.

Legal seizure of property to force payment of a debt.

One in which the grantor implies to have or have had an interest in the property offers no warranties of title to the grantee. This type of deed is typically used in many states to transfer title.

The personal property given by the terms of a will.

A state-licensed agent who, for a fee, acts for property owners in real estate transactions, within the scope of state law.

Gain on the sale of a capital asset.

Legal shorthand for referring to cases, statutes, regulations and ordinances.

An agreement in advance to loan a certain sum of money.

Anything of value given to induce entering into a contract; it may be money, personal services, a product, etc.

A real estate installment selling arrangement whereby the buyer may use, occupy, and enjoy land, but no deed is given by the seller so no title passes until all or a specified part of the sale price has been paid.

A type of corporate ownership of real property whereby stockholders of the corporation are entitled to use a certain dwelling unit or other units of space. Special income tax laws allow the tenant stockholders to deduct interest and property taxes paid by the corporation.

Label given to ownership of property by more than one person.

A legal entity properly registered with the secretary of state can have limited liability, perpetual life, freely transferable shares, and centralized management.

Claim made by the defendant against the plaintiff in a lawsuit.

Promise written into a deed and other instruments agreeing to performance or nonperformance of certain acts, or requiring or preventing certain uses of the property.

One who has the obligation of paying a debt.

Master Deed for condominium project; the document recorded to reflect the units involved on the real property.

A written document, properly signed and delivered, that conveys title to real property.

An arrangement where a defaulting borrower conveys title to the lender instead of the lender conducting formal foreclosure.

An instrument used in lieu of a mortgage. Legal title to the property is vested in one or more trustees to secure the repayment of the loan.

A gift of real estate by will or last testament.

Under common law, the legal right of a wife or child to part of a deceased husband’s or father’s property.

Constitutional protection requiring full adjudication of issues and rights before property may be taken.

The right, privilege, or interest that one party has in the land of another.

The right of the government or a public utility to acquire property for necessary public use by condemnation; the owner must be fairly compensated.

The reversion of property to the state in the event that the owner dies with leaving a will and has no legal heirs.

An agreement between 2 or more parties providing that certain instruments or property be placed with a third party for safekeeping, pending the fulfillment or performance of a specified act or condition.

A person named in a will to carry out its provisions for the disposition of the estate.

Future interest that is not a remainder and not an interest in the grantor.

Term to refer to an inheritable interest in land.

A type of property ownership in which the grant of title or duration of ownership is dependent on a specified condition.

Absolute ownership of real property; owner is entitled to the entire property with unconditional power of disposition during the owner’s life or, and upon his death the property descends to the owner.

Full title restricted in its passage to direct descendants of the owner.

An abbreviation for fieri facias. A court document executed by the Clerk of Court directing the Sheriff to levy on the goods and land of a person or entity to satisfy a money judgment ordered in a lawsuit. Same as fieri facias or writ of execution. The term is also frequently used when referring to tax executions issued by county and state tax officials.

One who acts, in a financial role, in the best interests of others.

A court document executed by the Clerk of Court directing the Sheriff to levy on the goods and land of a person or entity to satisfy a money judgment ordered in a lawsuit. Same as fi fa or writ of execution. The term is also frequently used when referring to tax executions issued by county and state tax officials.

One that shows income and expenses for an accounting period, or assets, liabilities, and equity as of a point in time.

Personal property improvements or attached to the land so as to become part of the real estate.

A termination of the equity of redemption of a mortgagor or the grantee in the property covered by the mortgage.

Loss of money or anything else of value because of failure to perform under contract.

An interest in real estate without a predetermined time span.

A voluntary transfer of property made without consideration, that is, for which no value is received in return.

The party to whom the title to real property is conveyed; the buyer.

Anyone who gives a deed.

A reference kept with public records that cross-indexes grantors and grantees with one another and the properties they relate to.

Fund created under federal environmental laws; known as the Superfund for use in clean-up of toxic waste.

One who inherits property.

Status provided to a home owner’s principal residence by some state statutes; protects home against judgments up to specified amounts.

An order issued under the seal of a court to restrain one or more parties to a legal proceeding, from performing an act deemed inequitable to another party or parties in the proceeding.

A real estate selling arrangement whereby the buyer may use, occupy, and enjoy land, but no deed is given by the seller (so no title passes) until all or a specified part of the sale price has been paid.

Federal law regulating the sale of property across state lines; requires advance filing of sales of minerals, mandatory disclosure of certain information, and prohibitions on promises about the land’s future development.

A person who dies leaving no will or leaving one that is defective.

Statutory method for distributing the property of those who die without a will (intestate).

A lien imposed against property without consent of the owner.

Ownership of realty by 2 or more persons, each of whom has an undivided interest with the right of survivorship.

A contract in which, for a payment called rent, the one entitled to the possession of real property transfers those rights to another for a specified period of time.

A lease that give the lessee the right to purchase the property at an agreed-upon price under certain conditions.

Gift of money by will.

Revocable right to enter another’s property.

A charge against property making it security for the payment of a debt, judgment, mortgage, or taxes.

A freehold interest (in real property) that expires upon the death of the owner or some other specified person.

One who is allowed to use property for life or the lifetime of another designated person.

One in which there is at least one partner who is passive and limits liability to the amount invested and at least one partner whose liability extends beyond monetary investment.

"Suit pending." Recorded notice of the filing of a suit, the outcome of which may affect title to a certain land.

A title so free from defect that a court will enforce the title’s acceptance by a purchaser.

Used by a condominium developer or converter for recording a condominium development. It divides a single property into individually owned units, includes restrictions on their use and provides for ownership of common area.

Used by a condominium developer or converter for recording a condominium development. It divides a single property into individually owned units, includes restrictions on their use and provides for ownership of common area.

A lien given by law upon a building or other improvement upon land, and upon the land, and upon the land itself, as security for the payment for labor done and materials furnished for improvements.

A land description method that details all the boundary lines of land, together with their terminal points and angles.

A written instrument that creates a lien upon real estate as security for the payment of specified debt.

Lender, or party who holds the mortgage lien.

Borrower, or party occupying land that is mortgaged.

Wills of parties that are reciprocal in their distribution; usually based on a contract to make a will; generally enforceable.

An easement that prohibits a property owner from doing something that affects the property of another.

A use that violates zoning regulations or codes but is allowed to continue because it began before the zoning restriction was enacted.

Land interests that are limited and certain in their duration.

Form of recording statute that gives later bona fide purchasers priority in the case of multiple purchases for the previous purchaser’s failure to give notice by recording their transactions.

An expression of willingness to purchase a property at a specified price.

A listing given to any number of brokers with out liability to compensate any except the one who first secures a buyer who is ready, willing, and able to meet the terms of the listing or secures the seller’s acceptance of another offer.

The right to purchase or lease a property upon specified terms within a specified period.

Municipal rules governing the use of land.

A public record containing maps of land, showing the division of the land into streets, blocks, and lots and indicating the measurements of the individual parcels.

Land and tenements; an estate; the subject matter of a conveyance.

Fees paid by borrowers for the privilege of retiring a loan early.

Acquiring rights through adverse possession.

To establish the validity of the will of a deceased person.

A promise to pay a specified sum to a specified person under specified terms.

A mortgage given by a grantee to a grantor in part payment of the purchase price of real estate.

A right-of-way as it existed when there was unity of ownership in a parcel of land.

A suit in court to remove a defect, cloud on the title, or suspicion regarding legal rights of an owner to a certain parcel of real property.

A deed that conveys only the grantor’s rights or interest in real estate, without stating the nature of the rights and with no warranties of ownership. Often used to remove a possible cloud on the title.

Right to treat a contract as if it never existed; rescind contract rights; generally appropriate in cases of fraud and misrepresentation.

The act of entering in a book of public records instruments affecting the title to real property. Recording in this manner gives notice to the world of facts recorded.

To replace an old loan(s) with a new loan (s).

A federal regulation requiring creditors to provide full disclosure of the terms of a loan. Compliance is compulsory for anyone who arranges credit for more that 5 sales of residential real estate in a year.

Real estate investment trust-a real estate mutual fund, allowed by income tax laws to avoid the corporate income tax. It sells shares of ownership and must invest in real estate or mortgages.

A law that states how mortgage lenders must treat those who apply for federally related real estate loans on property with 1-4 dwelling units. Intended to provide borrowers with more knowledge when they comparison shop for mortgage money.

The right of a lessor to possess leased property upon the termination of a lease.

The right of an owner to redeem property securing a loan that has been accelerated prior to foreclosure.

On a UCC financing statement, refers to the party to whom a security interest is granted.

A cash payment required by a landlord, to be held during the term of a lease to offset damages incurred due to actions of the tenant. Such damages may include physical damage to the property, theft of property, failure to pay back rent and breaking the lease.

A will that is acknowledged or notarized and thereby enjoys the presumption of validity.

Land through which an easement runs or which is subject to the easement.

Form of title given to a buyer at a mortgage foreclosures sale; carries no warranties.

A federal law that provided time limitations on foreclosures involving those in active military service.

A deed in which the grantor limits the title warranty given to the grantee to anyone claiming by, from, through, or under him, the grantor.

A legal action in which the court requires a party to a contract to perform the terms of the contract when he has refused to fulfill his obligations.

A state law that provides that certain contracts must be in writing in order to be enforceable.

A state law that provides that certain contracts must be in writing in order to be enforceable.

A lease from a lessee to another lessee.

Mortgage with a lesser priority than a preexisting mortgage.

One who guarantees the performance of another.

Term used to describe the government action of using private property for public purposes.

A type of instrument given to a grantee by a government that had claimed the property for unpaid taxes.

A debt attached against property for failing to pay taxes.

The sale of property after a period of nonpayment of taxes.

An estate that exists only between husband and wife with equal right of possession and enjoyment during their joint lives and with the right of survivorship—i.e. when one dies, the property goes to the surviving tenant.

An ownership of realty by 2 or more persons, each of whom has an undivided interest, without the right of survivorship.

Disposition by will.

Form of property ownership under which a property is held by a number of people, each with the right of possession for a specified time interval.

A historical summary of all of the recorded instruments and proceedings that affect the title of property.

An insurance policy that protects the holder from loss sustained by defects in the title.

Theory of mortgage law that puts title in the mortgagee and possession in the mortgagor.

Third party responsible for handling the property of another; as in deed of trust or real estate investment trust.

A group of laws to standardize the state laws that are applicable to commercial transactions.

Charging a rate of interest greater than that permitted by state law.

Permission granted by a zoning authority to a property owner to allow for a specified violation of the zoning requirements. Variances are generally granted when compliance is impossible without rendering the property virtually unusable.

A remainder that will automatically take effect when the life estate ends.

A debt that the property owner agrees to have recorded. Typically a mortgage.

One that contains a covenant that the grantor will protect the grantee against any and all claims.

An implied assurance given by a landlord that an apartment offered for rent is free from safety and health hazards.

The disposition of one’s property, to take effect after one’s death.

A loan arrangement in which an existing loan is retained and an additional loan, larger than the existing loan, is made.

A court document executed by the Clerk of Court directing the Sheriff to levy on the goods and land of a person or entity to satisfy a money judgment ordered in a lawsuit. Same as fieri facias or fi fa. The term is also frequently used when referring to tax executions issued by county and state tax officials.

A legal mechanism for local governments to regulate the use of privately owned real property by specific application of police power to prevent conflicting land uses and promote orderly development.