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1. Abstract of Title- A summary of all documents recorded in the public records relating to the title to a particular piece of land. These recorded documents include deeds, mortgages, leases and other instruments affecting title to the land. The abstract is then reviewed by an attorney or a licensed title examiner to determine the status of title.
2. Abstractor- The person or company engaged in compiling abstracts.
3. Acknowledgment- A formal witnessing before a notary public or other authorized official as to the authenticity of the signature and that it was a free and voluntary act.
4. Adjustable Rate Mortgages- A mortgage where the interest rate is not fixed for the life of the loan. The amounts and times of adjustment are agreed to at the inception of the loan.
5. Administrator- A person appointed by a probate court to administer the estate of a person who dies without a will.
6. Adverse Possession- The process of acquiring title to real property against the true owner where possession of the property has been actual, continuous, hostile, visible and distinct for a certain statutory period of time.
7. Affidavit- A written statement made under oath before a notary public or other judicial officer.
8. Agent- A person who has authorization either expressed or implied to act on behalf of another.
9. Agreement of Sale- An agreement between a buyer(s) and seller(s) for the sale of real estate.
10. Amortization- The gradual payment of a debt through regular installments that cover both principal and interest until the debt is paid off.
11. Annual Percentage Rate- The cost of the loan in percentage terms taking into account various loan charges of which interest if only one such charge. Other charges which are used in the calculation of the APR are Private Mortgage Insurance or FHA Mortgage Insurance Premium (when applicable). Prepaid finance charges (loan discount, origination fees, prepaid interest and other credit costs) are also used in the calculation of APR. The APR is calculated by spreading these charges over the life of the loan which results in a rate higher than the interest rate shown on your Mortgage/Deed of Trust note.
12. Appraisal- An estimate of the value of real estate.
13. Approved Attorney- An attorney whose examinations of title and title opinions are acceptable to a title insurance company as a basis for the issuance of its title insurance policies.
14. Assessed Valuation- The estimated value of property used as a basis for levying property taxes.
15. Avulsion- The sudden and noticeable shifting of land from one property to another caused by flood, earthquake, etc. which results in a loss of land by an owner and the acquiring of such land by another.
16. Back Title Letter- Also called "Back Title Certificate" or "Starter" in some areas. When titles have been previously examined up to a certain date by reliable examiners, title companies allow subsequent examiners to use the title policy as the beginning point for them to start their subsequent examination.
17. Bankruptcy- A proceeding in the U.S. District Court wherein assets of a debtor unable or unwilling to pay his debts are applied by an officer of the court to satisfy the claims of creditors.
18. Bargain and Sale Deed- A deed of conveyance which presumes that the grantor (seller) holds title, but which makes no warranties with respect to the conditions of such title.
19. Bargain and Sale Deed Covenants vs. Grantor – A deed of conveyance which warrants only that the grantor (seller) hasn't impaired the title during the term he/she held it.
20 . Beneficiary- A person who is entitled to receive property or funds under the terms and provisions of a will, trust, or insurance policy.
21. Binder- (Title) A preliminary report as to the condition of title to a parcel of land and a commitment to issue a title insurance policy when certain conditions are met.
22. Bona Fide Purchaser- A person who buys property in good faith and for fair value or consideration without notice of any adverse claim or right of third parties.
23. Building Line or Set-Back Line- A line inside the boundary lines of a parcel of real estate beyond which no building may be constructed. Building lines may be established by municipal ordinances, restrictions, and subdivision plats.
24. Certificate of Title- A certificate issued by a title examiner stating the condition of title.
25. Chain of Title- The chronological order of conveyance of a piece of land from the original owner to the present owner. The beginning point in the chain is a conveyance out of an original source of title such as a government. Each succeeding deed, will or other medium which conveys the title to succeeding owners constitutes a link in the chain of title.
26. Closing- Also called a "settlement". The process of finalizing a real estate transaction. Deeds, mortgages, leases and other required instruments are signed and/or delivered, funds are transferred to the appropriate parties (seller, real estate agent, old lender, etc...), the documents are recorded, and all the other details such as payment of outstanding liens or judgments are attended to.
27. Closing Agent- A neutral third party that facilitates the closing of a real estate transaction. The closing agent can be an attorney, title agency, or escrow company.
28. Closing Statement- A financial picture, in the form of a balance sheet, prepared for the buyer and seller itemizing all the costs of the real estate transaction.
29. Closing Service Letter- Also called a Closing Protection Letter or Insured Closing Letter. An agreement by a title insurance company to indemnify a lender, or in some cases a purchaser, for loss caused by a settlement agent's fraud, negligence or by the agent's failure to follow the lender's written closing instructions.
30. Cloud on Title- An irregularity, outstanding claim or encumbrance which, if valid, can adversely affect the marketability of title.
31 . Codicil- An amendment, revision, supplementation, or cancellation of a will.
32. Condemnation- The taking of private property for public use by the government upon making just compensation to the owner. This right or power of government to take personal property for public use is called eminent domain.
33. Consideration- Sales price or other consideration paid.
34. Constructive Notice- A legal presumption that all persons are notified when documents (i.e. deed, mortgage) are recorded in the public records.
35. Conveyance- The transfer of title to property from one person to another.
36. Covenant- A formal agreement of contract between two parties in which one party gives the other certain promises and assurance, such as the covenants of warranty in a warranty deed.
37. Contract of Purchase- An agreement between parties for the sale of real estate.
38. Conventional Mortgage- A loan neither insured by the FHA nor guaranteed by the VA.
39. Curtesy- A right which a husband has in his wife's property at her death. It does not prevail in all states.
40 . Dedication- The setting aside of private property to some public use by the owner accompanied by the acceptance of such use by the public.
41 . Deed- A formal written document by which title to real estate is transferred from one party to another.
42. Deed Book- A book among the public records found in the county courthouse in which deeds are recorded.
43. Deed of Trust- A written document given by a borrower to a third party (trustee) vesting title to the property in the trustee as security for the repayment of a loan or other obligation.
44. Deed Restrictions- Restrictions contained in a deed which limits the use or occupancy of the real property.
45. Default- Failure to make mortgage payments or to perform a promised task.
46. Defective Title- Title to real property which has a cloud or imperfection that hinders the transfer of clear, marketable title.
47. Deficiency Judgment- An action taken when the sale of foreclosed property doesn't yield enough money to pay the mortgage debt plus the costs of foreclosure. The court will enter a deficiency judgment against the mortgage debtor for the difference between the sale price and the mortgage debt plus costs.
48. Depreciation- A decrease in value to real property cause by ordinary wear and tear; or functional or economic obsolescence.
49. Devise- Real estate left by a will.
50 . Devisee- One who is given real estate under a will.
51 . Dominant Estate- The property that benefits from a right-of-way easement that exists across another's adjoining piece of land.
52. Dower- A right which a wife has in her husband's property effective at the time of his death.
53. Earnest Money Deposit- A deposit of money made by a purchaser of real estate as evidence of good faith in order to bind the deal.
54. Easement- A right of way which one has in land owned by another.
55. Eminent Domain- The right of a government to take privately owned property for public purposes under condemnation proceedings upon payment of its reasonable value.
56. Encroachment- The intrusion of a building or improvement such as a fence, wall, etc... onto the property of another.
57. Encumbrance- A claim, right or lien upon the title to real estate held by someone other than the legal owner.
58. Equity- The market value of the property less the homeowner's unpaid mortgage balance and any outstanding debts or liens against the property.
59. Erosion- The wearing away of land by natural forces of nature such as wind and water.
60 . Escheat- The reversion of property to the state when an owner dies leaving no legal heirs, devisees or claimants.
61 . Escrow- The deposit of instruments and/or funds with an impartial third party called the escrow agent (usually the title company) with instructions to carry out the provisions of a contract once all instruments and/or funds have been deposited and when all conditions of the transaction have been met.
62. Escrow Agreement- A written agreement usually made between buyer, seller, and escrow agent, but sometimes only between one person and the escrow agent. It sets forth conditions to be performed incident to the object deposited in escrow, and gives the escrow agent instructions with respect to the disposition of the object deposited.
63. Escrow Payment- The portion of a borrower's/mortgagor's monthly payment held in trust by the lender to pay for taxes, hazard insurance, mortgage insurance, and other items as they become due and payable. Also known as "impounds" in some states.
64. Estoppels- A legal restraint which stops or prevents a person from contradicting or denying one's previous position, statement or act.
65. Examination- In title terminology, an examination entails reviewing and studying the instruments and muniments in a chain of title and to determine their effect and condition in order to reach a conclusion as to the status of the title.
66. Examiner- In title terminology, also known as a title examiner. A person who examines and determines the condition and status of real estate titles.
67. Exception- In title terminology, a provision in a title insurance commitment or policy which excludes liability regarding a specified title defect or an outstanding lien or encumbrance.
68. Executor- A person named in a will to carry out its provisions.
69 . Federal Tax Lien- A lien attached to property for nonpayment of a federal tax.
70 . Fee Simple- The highest degree of ownership which a person can have in real estate. An interest in real estate which gives the owner full ownership and full power of disposition.
71 . Fiduciary- A person in a position of trust and responsibility to others, such as a trustee or agent.
72. First Mortgage- A mortgage having priority as a lien over any other mortgage or lien on the same property.
73. Fixture- Personal property which is permanently attached to real estate in such a way that it's usually regarded as a part of the real estate.
74. Foreclosure- The sale of property used as security for a debt after a default in payment.
75. Forged- Fraudulently executed.
76. Forgery- The fraudulent signing of another's name to an instrument such as a deed or mortgage or check. 75. Freehold- A life estate or a fee simple estate.
77. Full Disclosure- In real estate, revealing all known facts which may affect the decision of a buyer or tenant.

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78. General Lien- A lien such as a tax lien or judgment lien which attaches to all property of the debtor.
79. General Warranty Deed- A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title has a "cloud" or "blemish" (i.e. mortgage lien, judgments or tax liens) the grantee may hold the grantor liable.
80 . Grant- A transfer of real estate, between individuals, by deed. A transfer of real estate from a sovereign by patent or royal decree.
81. Grantee- One to whom a grant is made. Also known as the purchaser in a transfer of real estate.
82. Grantor- One who makes a grant. Also known as the seller in a transfer of real estate.
83. Guardian- A person appointed by a court to manage the person and/or property of one who is legally incompetent to handle his/her own affairs.
84. Habendum Clause- The provision in deeds which begins with the words "to have and to hold" and which, in effect, defines the quality of the estate or interest which is being conveyed to the grantee.
85. Hazard Insurance- Insurance on a property protecting the owner against damages caused by fire, wind, storms, vandalism, etc...
86. Heir- A person who inherits or who is entitled to inherit real estate by provisions of law or under the provisions of a will.
87. Hereditaments- Any and all kinds of estates, interests, and rights in real estate which can be inherited.
88. Housing and Urban Development (HUD)- The federal government agency that oversees FHA.
89. HUD 1- A closing statement required by HUD that outlines that costs associated with a purchase or refinance transaction.
90 . Impound Account- An account established by lenders for payments of taxes, mortgage insurance, and/or future insurance policy premiums, required to protect their security.
91. Improvement Liens- Liens imposed by municipalities on real estate which has been directly benefited by municipal improvements such as the construction of streets, sidewalks, and sewer lines. Such liens secure payment of the proportionate costs of such improvements.
92. Indemnity- Insurance against possible loss or damage. A title insurance policy is contract of indemnity.
93. Indenture- A deed or other real estate contract executed between two or more parties.
94. Installment Contract- A real estate purchase agreement providing for the payment of the purchase price in several successive payments such as monthly payments.
95. Instrument- Any written document by which something is done regarding rights or interests in real estate.
96. Interests- Estates, rights, or legal claims in and to real estate.
97. Intestate- Dying without leaving a legal will.
98. Joint Tenants- Two or more persons who hold title to real estate jointly, with equal rights to share in its use and enjoyment. However, if one of the joint tenants dies, his/her interest passes automatically to the surviving party or parties instead of being tied up in lengthy probate proceedings.
99. Judgment- A determination by a court of law usually awarding the payment of money to one of the parties to a lawsuit. Money judgments, when recorded, become a lien on real property of the defendant.
100 . Junior Mortgage- A mortgage lower in lien priority than a first mortgage.
101. Land Contract- Installment plan for purchasing a house. The seller holds legal title and the buyer has equitable title until the sales price is paid in full.
102. Lease- An agreement by which an owner of real estate gives the right of possession to another for a specified period of time in exchange for rent.
103. Leasehold- Property held by lease or the estate or interest in real estate created by a lease.
104. Lessee- A tenant who holds a lease.
105. Lessor- One who gives a lease to a lessee.
106. License- In title terminology, permission to enter or use the land of another. It's a personal privilege and can be revoked at any time (i.e. admission to a movie theater or ski lodge).
107. Lien- An encumbrance against property for the payment of debt (i.e. mortgage, tax lien, or judgment).
108. Life Estate- An estate in real property for the duration of a person's life. Upon death, the estate then reverts back to the grantor or to a third party.
109. Lis Pendens- A pending lawsuit. Legal and public notice to the world that a lawsuit is pending.
110. Listing- The placing of real estate for sale by a broker who has been authorized by the owner to sell.

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111. Marketable Title- A title that is free and clear of liens, clouds or other title defects and which allows the owner to sell without any objections.
112. Market Value- An average between the highest price a potential buyer would be willing to pay and the lowest price a seller would be willing to accept.
113. Mechanic's Lien- A lien on real estate, created by operation of law, which secures the payment of debts or obligations due to persons who perform labor or services or furnished materials in construction or repair of improvements to land.
114. Metes and Bound- A land description in which boundaries are described by courses, directions, distances and monuments.
115. Mortgage- A specific lien against real estate given as security for a loan.
116. Mortgage Book- A book in the public records found at the county courthouse in which mortgages are recorded.
117. Mortgagee- The party lending the money and receiving the mortgage (lender).
118. Mortgagee Policy- A policy of title insurance insuring the holder of a mortgage against loss due to the invalidity of the lien of such mortgage or because of defects in, superior liens upon, or unmarketability of title.
119. Mortgagor- The borrower of money or the giver of the mortgage document.
120. Note- (Promissory) A written promise to repay a certain amount of money on specified terms.
121. Opinion- In title terminology, a term referred to as a title opinion. The conclusion and judgment of a skilled person as to the status of a title based upon a title examination.
122. Owner's Policy- A policy of title insurance which insures the owner of real estate against loss occasioned by liens against, defects in, or unmarketability of tile.
123. Partial Release- A release of a portion of property covered by a mortgage.
124. Party Wall- A wall built along the boundary line of adjoining properties and shared by the respective property owners or tenants.
125. Perimeter- The boundary lines enclosing a tract of land or the length of the boundary lines enclosing a tract of land.
126. Personal Property- Temporary or movable property as distinguished from real estate.
127. Personalty- Personal property, property which is movable.
128. Plat- A map of a lot, subdivision or community showing boundary lines, easement, buildings etc...
129. Police Power- The power of a government to impose restrictions upon private property or private rights for the sake of public welfare, order, and security.
130. Power of Attorney- A written legal instruments authorizing one person to act as another's agent or attorney.
131. Premium- The amount payable for an insurance policy.
132. Primary Residence- The permanent location of residency.
133. Principal- (1) A sum of money owed as a debt upon which interest is payable. (2) A person who empowers another to act as his/her agent or representative. (3) The person having primary responsibility for all obligations as distinguished from one who acts as an endorser or surety.
134. Probate- A legal procedure in which the validity and probity of a document, such as a will, is proven.
135. Property- Lands or chattels in which a person owns some right, title, or interest to the exclusion of all others.
136. Prorate- To divide in proportionate shares.
137. Proration- The allocation of expenses between buyer and seller at closing based on the number of days the property is owned during the month of closing ( i.e. taxes).
138. Public Records- The transcriptions in a recorder's office of instruments which have been recorded, including the indexes pertaining to them.
139. Purchase Money Mortgage- A mortgage used to finance the purchase of real property.
140. Quiet Enjoyment- Assurance that one's title, possession, or use of real estate will not be disturbed by a legitimate cause or adverse right.
141. Quiet Title Suit- A lawsuit brought by an owner of real estate for the purpose of canceling, wiping out and putting a quietus upon supposedly immaterial, inconsequential, and unenforceable claims and interests which cloud his/her title.
142. Quietus- Final disposition, settlement, or elimination of a claim or debt.
143. Quit Claim Deed- A deed which does not imply that the grantor holds title, but which surrenders and gives to the grantee any possible interest of rights which the grantor may have in the property.

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144. Real Estate- Land and anything permanently affixed to the land as well as any man-made improvements of a permanent nature placed thereon.
145. Realtor- A copyrighted trade name which can be legally used only by those persons belonging to the National Association of Real Estate Boards.
146. Realty- Another name for real estate.
147. Reinsurance- Insurance insuring an insurer.
148. Reissue Rate- The charge for a title insurance policy if a previous policy on the same property was issued within a specified period of time. The reissue rate is a reduced rate.
149. Release- An instrument releasing property from the lien of the mortgage, judgment, etc...
150. RESPA (Real Estate Settlement Procedures Act) - A federal law that requires lenders to give borrowers advance notice of closing costs in the form of a Good Faith Estimate.
151. Restrictions- Often called restrictive covenants. Provisions in a deed or other instrument whereby an owner of land prohibits or restricts certain use, occupation or improvement of the land.
152. Right- A power, privilege, prerogative, estate, or interest incident to real estate.
153. Right of Way- The right to pass over property owned by another usually based upon an easement.
154. Riparian Owner- One who owns the upland bordering on a stream or other body of water.
155. Riparian Rights- The many rights of a person in, to, and over the banks, bed, shallows, shore, and water of a stream or body of water upon which his land borders.
156. Risk- Exposure to loss.
157. Sales Agreement- A contract entered into between a buyer and seller, setting forth the terms, provisions, and conditions of a sale of real estate.
158. Satisfaction of Mortgage- A document issued by a lender when the mortgage is paid off.
159. Search- In title terminology, a thorough exploration and review of the public records in an effort to find all recorded instruments relating to a particular chain of title.
160. Second Mortgage- A mortgage ranking in priority immediately below a first mortgage.
161. Security- Real or personal property pledged by a borrower as additional protection for the lender's interest.
162. Seisin- (also spelled Seizin) A term meaning legal possession or the right to legal possession of real estate under a freehold title.
163. Servient Estate- Relating to an easement, the property upon or across which an easement exists.
164. Setback Line- The distance from the lot line to the point where improvements may be constructed.
165. Settlement- See Closing.
166. Settlement Statement- A statement prepared by a lender, escrow agent or broker outlining a complete breakdown of the cost associated with a real estate transaction.
167. Sheriff's Deed- A deed given at the sheriff's sale in foreclosure of a mortgage.
168. Sky Lease- A lease of an airspace above a piece of land. The ownership of land extends down to the center of the earth and up to the sky.
169. Sovereignty- Supreme political power or authority.
170. Special Assessment- A special tax imposed on property, individual lots or all property located in an immediate area for the purpose of road construction, sewers, sidewalks, etc...
171. Special Warranty Deed- A deed which warrants the title only with respect to acts of the grantor and the interests of anyone claiming by, through, or under him.
172. Specific Performance- A lawsuit in which the court compels one of the parties to perform or carry out the provisions of a contract into which he has entered.
173. Squatter- One who settles upon unoccupied land without legal claim or authority.
174. Statute of Limitations- A status setting a time limit on the enforcement of a right or on the collection of a debt in certain cases.
175. Subdivision- An area of land laid out and divided into lots, blocks, and building sites, and in which public facilities are laid out, such as streets, alleys, parks, and easements for public utilities.
176. Subordination- Giving a lien or interest an inferior status.
177. Subrogation- The legal doctrine under which the law substitutes one creditor or claimant for another.
178. Suit to Quiet Title- See Quiet Title Suit.
179. Surety- (1) A person who agrees to be responsible for a debt or obligation of another. (2) The pledge or agreement by which one undertakes responsibility for the debt or obligation of another.
180. Survey- A map or plat made by a licensed surveyor who measures the land and determines its boundaries, area, and improvements.
181. Tax Lien- A lien imposed upon real estate by operation of law for nonpayment of taxes.
182. Tax Sale- The public sale of property at an auction by a governmental authority due to nonpayment of property taxes.
183. Tenants in Common- Two or more persons in whom title to a single piece of real estate is vested in such a manner that they have a common or equal right to possession and enjoyment of the property but each holds a separate individual interest or estate in the property. Each owner may sell or encumber his/her respective interest or dispose of it by will, and if he/she dies without leaving a will, his/her heirs inherit his/her undivided interest.
184. Tenancy at Sufferance- A tenancy which arises when a tenant continues to hold possession of real estate after his/her term of occupancy has expired.
185. Tenancy at Will- A tenancy which may be terminated at the will of either the owner or tenant.
186. Tenancy by the Entirety- A tenancy where by husband and wife each own the entire property. If one spouse dies, the survivor owns the property without probate.
187. Testament- Commonly used in the phrase "last will and testament" and generally considered synonymous with will. It's a document providing for the disposition of one's personal property upon his/her death.
188. Testate- Having made a legally valid will before death.
189. Title- (1) The rights of ownership recognized and protected by law. (2) A combination of all the elements that constitute the highest legal right to own, possess, use, control, enjoy, and dispose of real estate or an inheritable right or interest there in.
190. Title Binder- See binder.
191. Title Defect- Any possible claim or outstanding right in a chain of title which is adverse to the claim of ownership.
192. Title Examination- See Examination.
193. Title Examiner- See Examiner.
194. Title Insurance- An insurance policy which protects the insured (purchaser and/or lender) against loss resulting from defects in or liens upon a title.
195. Title Insurer- A company which insures titles to real estate.
196. Title Plant- (1) In many areas, synonymous with Abstract Plant. (2) A geographically filed assemblage of title information which is used to help in expediting title examinations such as: copies of previous attorney's opinions, abstracts, tax searches, and copies or take-offs of the public records.
197. Title Search- A review of the public records generally at the local courthouse which affect the title to a particular piece of land.
198. Title Searcher- One who searches titles.
199. Title Underwriter- Synonymous with Title Insurer.
200 . Trustee- (1) A party who is given legal authority to hold property in the best interest of or "for the benefit of" another. (2) A trustee is a person held in a position of "trust" by another.
201. Truth in Lending Statement (Regulation Z) - A disclosure statement that provides details of the costs of your credit so that you may compare those costs with those of other loan programs or lenders.
202. Torrens- A system wherein public officials by statute promulgate a system of land registration and title certification. The system incorporates a provision for court action to perfect titles if necessary.
203. Trust Deed- An instrument in the nature of a mortgage which secures the payment of debt. The title is transferred to and held by a trustee for the benefit of the holder of the debt.
204. Underwriter- An insurance company which issues insurance policies either to the public or to another insurer.
205. Vendee- The purchaser under a sale contract of real estate.
206. Vendor- The seller under a sale contract of real estate.
207. Void- Binding on no-one.
208. Waiver- The voluntary and intentional relinquishment of a known claim, right, or privilege.
209. Warranty Deed- Type of deed whereby the seller will defend title against any lawful claims of all persons except those specifically stated and excluded.
210. Will- (1) An instrument executed by a competent person, in the manner prescribed by law, whereby he/she makes disposition of property to take effect on and after death.
211. Writ- A formal legal document issued by a court ordering or prohibiting the performance of some action.
212. Writ of Execution- A direct command from the court to the sheriff to carry out the action required in the writ.
213. Zoning Ordinances- Laws passed by local governments regulating the size, type, structure, nature and use of buildings.