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Glossary of Terms
- CONVEYANCE – Transfer of land title from one person, or class of persons, to another by deed. An instrument by which some estate or interest in lands is transferred from one person to another.
- DEED – A writing signed by a grantor or grantors, whereby title to real estate is transferred from one to another. A written instrument, signed and delivered, by which one person conveys land to another.
- DEED IN TRUST – An instrument used to convey property to a trustee.
- DEED OF TRUST or TRUST DEED – An instrument in use in some states, taking the place and serving the uses of a mortgage, by which the legal title to real property is placed in one or more trustees, to secure the repayment of a sum of money or the performance of other conditions.
- GRANT – Operative word in conveyance of real estate.
- GRANTEE – One to whom a grant is made; receiver of property.
- GRANTOR – The person by whom a grant is made; a transferor of property.
- JOINT TENANCY – Joint tenants have one and the same interest, accruing by one and the same conveyance, commencing at one and the same time, and held by one and the same undivided possession. Type of ownership of real or personal property by two or more persons in which each owns an undivided interest in the whole and attached to which is the right of survivorship.
- JUDGMENT LIEN – A lien binding the real estate of a judgment debtor, in favor of the holder of the judgment, and giving the latter a right to levy on the land for the satisfaction of his judgment to the exclusion of other adverse interests subsequent to the judgment.
- LIEN – A charge, security or encumbrance upon the property.
- LIS PENDENS, NOTICE OF – A notice filed on public records for the purpose of warning all persons that the title to certain property is in litigation and that they are in danger of being bound by an adverse judgment.
- MECHANICS LIEN – A claim created by state statutes for the purpose of securing priority of payment of the price or value of work performed and materials furnished in erecting or repairing a building or other structure and as such attaches to the land as well as buildings and improvements erected thereon.
- MORTGAGE – An interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt.
- MORTGAGEE – Person that takes or receives a mortgage.
- MORTGAGOR – One who, having all or some part of title to property, by written instrument pledges that property for some particular purpose such as security for a debt.
- QUIT CLAIM DEED – A deed of conveyance operating by way of release; that is, intended to pass any title, interest or claim which the grantor may have in the premises, but not professing that such title is valid, nor containing any warranty or covenants for title.
- TENANTS IN COMMON – A form of ownership whereby each tenant (i.e. owner) holds an undivided interest in property. Unlike a joint tenancy or a tenancy by the entirety, the interest of a tenant in common does not terminate upon his or her prior death (i.e., there is no right of survivorship).
- TITLE – The means whereby the owner of land has the just possession of his property. The right to ownership in land; also, the evidence of such ownership.
- TRUST – A right of property, real or personal, held by one party for the benefit of another.
- TRUSTEE – Person holding property in trust.
- TRUSTEES DEED – A deed executed by a trustee pursuant to and in the exercise of the power and authority granted to and vested in it by the terms of a deed or deeds in trust and the provisions of a trust agreement and of every other power thereunto enabling.
- UNIFORM COMMERICE COAL – One of the Uniform Laws drafted by the National Conference of Commissioners on Uniform State Laws governing commercial transactions (sales of goods, commercial paper, bank deposits and collections, letters of credit bulk transfers, warehouse receipts, bills of lading, investment securities and secured transactions).
- WARRANTY DEED – Deed in which grantor warrants good clear title.
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