Defects of title – Any legal right of another person to claim property or claim the owner. Confirmation – The act by which a party executing a legal document appears before an official or authorized notary and declares that it is his voluntary act. Metes and Bounds – A description of the terrain by rates and distances. Minor – Someone who is legally unable to enter into contracts due to insufficient age or status. We hope you find the brief definitions of real estate terminology useful. Vestee – A non-legal term used by title insurers to identify the owner of real estate in a policy or report. Exception – In legal descriptions, the part of the country to be removed or excluded. The term is often used in a different sense to refer to an objection to title or an encumbrance to title. Lawyer indeed – Someone who holds a power of attorney from another that allows them to execute legal documents such as deeds, mortgages, etc. on behalf of the constituent of the power of attorney. Closure – Also known as “escrow” or “settlement”.

The process of executing legally binding documents, such as deeds and mortgages, which are most often associated with buying real estate and borrowing money to support the purchase. Escrow – A proceeding in which an uninterested third party processes legal documents and funds on behalf of a seller and buyer and delivers them after performance by the parties. Lien – An authorized hold, claim or encumbrance to a creditor on a debtor`s land. Some examples are privileges, privileges of judgment, mechanical privileges. Variable rate mortgage – A loan whose interest rate fluctuates based on the cost of funds or another index. Access – The right to enter and leave a lot from a public road. May include the right to enter and leave someone else`s country. Range – A portion of the government survey, a six-mile-wide and numbered strip of land east or west of the prime meridian.

Trust – An ownership right held by one person as trustee for the benefit of another. Port line – An arbitrary line established by authorities on navigable rivers beyond which wharves and other structures cannot be built. Also known as a navigation line. Serious money – Advance payment of part of the purchase price to bind a real estate contract. Realtor® – A state-registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and signs its strict code of ethics. Air rights – The right of ownership of everything above the physical surface of the land. Furnishing – Any property that is related to real estate in such a way that it becomes part of the property. Seizure – The legal seizure of property to force payment of a debt. Points – One-time special fee or additional fee paid to a lender to secure a loan.

Expressed as a percentage of the nominal amount of the mortgage. Joint lease – An estate or interest in land owned by two or more persons, each with equal rights of possession and use, but without succession rights by survival between the owners. Contract of sale – A contract of sale in which the property is held by the seller as security until the necessary payments are made to the seller. Acre – A lot of 208.71 square feet and with 43,560 square feet of land. Zoning – The right of a municipality to regulate and determine the consistent character and use of real property. Will – Another term for a will. Commonly referred to as a “will”. Deed – A written document used to transfer ownership of land from one person to another. Reverse or reverse annuity mortgage – A mortgage for which the borrower pledges the equity in their home in exchange for regular (monthly) payments, rather than a lump sum distribution of the loan proceeds. Repayment is generally not required until the home is sold or the borrower`s estate is settled, provided the borrower continues to live in the house and keeps all taxes and insurance in the loop. Appraiser – An official who evaluates real property for tax purposes.

Real estate – land, as well as furnishings, improvements and accessories. Age of majority – The age at which a person is allowed to manage their own affairs. ALTA – American Land Title Association, a national association of title insurance companies, abstracts and real estate lawyers. The registered office is located in Washington, D.C. Assignee – the one to which a transfer of interests is made. For example, the assignee of a mortgage or contract. Title Review – The investigation and interpretation of the title of the property document based on research or title summary. Lot – A portion of a subdivision or block with fixed boundaries that can be determined by reference to a platform or survey.

Judgment Record – A county clerk`s registry where a judgment is entered so that it can become a lien on the debtor`s property. Lease by all the property of married persons, each owning the entire estate, the survivor taking over the whole after the death of the other. Freddie Mac – Federal Home Loan Mortgage Corporation (also FHLMC) is a congressional public corporation that purchases mortgages. Pro-rata – the distribution between the seller and the buyer of their proportionate share of an obligation paid or due. For example, a prorated property tax or fire insurance premiums. Escheat – A restitution of property to the state in cases where a person dies without heirs or inventions and in some states without a will. HUD 1 – A form statement (final declaration) required by the U.S. Department of Housing and Urban Development (HUD) that issues federally related mortgages on residential real estate. This is a balance sheet showing the origin of funds and the distribution of funds related to the purchase and/or loan of real estate. Flat or parcel – A map that depicts a piece of land divided into parcels that display roads.

Power of Attorney – An instrument that empowers another person to act on their behalf as a mandatary or mandatary. Mortgage – An instrument used to encumber land as security for a debt. Mortgage-backed securities – Security that proves either ownership of a mortgage loan or combination of mortgages, or a separate bond secured by a mortgage loan or pool of mortgages. Testator – A man who makes or has made a will. Township – A division of territory of six square miles, with 36 sections or 36 square miles. Improvements – These additions to raw land that care for the settlor – A person who transfers one interest in land to another by a written deed. Vendée – Buyer of a property as part of a land contract. Mediation – The act of deed or transfer of ownership to another person. Estate – The possession of a person. The extent of a person`s interest in real estate. Mortgage Income Bonds – Issued by municipalities to provide lower-cost mortgage funds to certain eligible borrowers. Eminent Domain – The power of the state to take control of private property in exchange for fair compensation for public use.

Chain of ownership – A term applied to the past series of transactions and documents relating to ownership of a particular piece of land. Assessment – The collection of a tax, levy or levy, usually at fixed rates. Silent Title – An action in a court of competent jurisdiction to remedy deficiencies in record keeping or possible claims of other parties named in the claim. Co-ownership – A system of individual ownership of units in a multi-unit structure, combined with shared ownership of the common elements of the structure and land. Fannie Mae – Federal National Mortgage Association (also FNMA) is a privately held company that provides financial products and services that increase housing availability and affordability through the purchase of mortgages. Extended mortgage – A mortgage in which the maturity date of a mortgage is extended for a longer period of time, often at a higher interest rate than the original mortgage. Title insurance – insurance against loss or damage resulting from defects or loss of ownership of a particular property. Personal Representative – A person appointed by the probate court to administer the estate of a deceased person.

Charges – To encumber a property with a lien or charge, such as a mortgage. Fixed lines – The lines that delineate the distances required for the location of structures from the perimeter of the property. Property – The right to own and use property to the exclusion of others. Judicial privilege – The charge on a debtor`s land resulting from a court judgment that has been properly included in the court record. Patent – A document or grant by which the federal or state government initially transferred ownership of public land to an individual. The first in a series of transfers by which title passes to the current owners.