Knowledge Zone

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ABANDONMENT: THE VOLUNTARY SURRENDER OR RELINQUISHMENT OF THE POSSESSION OF PROPERTY.

ABATEMENT: A REDUCTION, A DECREASE, OR A DIMINUTION. THE SUSPENSION OR CESSATION, IN WHOLE OR IN PART, OF A CONTINUING CHARGE, SUCH AS RENT.

ABSTRACT: A SUMMARY OF THE IMPORTANT POINTS OF A GIVEN INSTRUMENT.

ABSTRACT CONTINUATION: ALSO KNOWN AS ABSTRACT EXTENSION, RUN DOWN, BRING DOWN, CONTIN, OR SUPPLEMENTAL ABSTRACT. (SEE SUPPLEMENTAL ABSTRACT)

ABSTRACT OF TITLE: A SUMMARY OF ALL RECORDED DOCUMENTS AFFECTING TITLE TO A PARTICULAR PIECE OF PROPERTY. THIS SUMMARY INCLUDES ALL CONVEYANCES, ACTIONS, JUDGMENTS, LIENS OR LIABILITIES, MAPS, PLATS AND OTHER RECORD EVIDENCE OF TITLE.

ABUT: TO TOUCH OR BORDER UPON. A PIECE OF LAND BORDERING ON A STREET OR AN ADJOINING PIECE OF PROPERTY IS SAID TO ABUT SUCH STREET OR PROPERTY.

ACCESS, RIGHT OF: A LANDOWNER'S RIGHT TO HAVE INGRESS AND EGRESS FROM HIS PROPERTY TO A PUBLIC ROAD.

ACCOMMODATION: AN OBLIGATION ASSUMED WITHOUT CONSIDERATION.

ACCOMMODATION RECORDING: THE RECORDATION OF AN INSTRUMENT WITHOUT AN ASSUMPTION OF RESPONSIBILITY FOR THE CORRECTNESS OR VALIDITY OF THE INSTRUMENT.

ACRE: AN AREA OF LAND CONTAINING 43,560 SQUARE FEET OR 4,840 SQUARE YARDS.

ACTION IN PERSONAM: A COURT ACTION THAT SEEKS A JUDGMENT AGAINST A PERSON AS DISTINGUISHED FROM A JUDGMENT AGAINST PROPERTY.

ADDENDUM: SOMETHING WHICH IS TO BE ADDED. AN ADDITION OR SUPPLEMENT TO AN AGREEMENT.

ADJUDICATION: JUDICIAL DETERMINATION OF A CASE OR CONTROVERSY.

AD VALOREM: ACCORDING TO VALUE.

AFFIANT: A PERSON WHO HAS MADE A SWORN STATEMENT.

AFFIDAVIT: A WRITTEN STATEMENT MADE UNDER OATH BEFORE A NOTARY PUBLIC OR OTHER PERSON AUTHORIZED TO TAKE OATHS.

AGENCY: A RELATIONSHIP BETWEEN TWO PERSONS AND/OR CORPORATIONS, BY AGREEMENT OR OTHERWISE, WHERE ON (THE AGENT) MAY ACT ON BEHALF OF THE OTHER (THE PRINCIPAL) AND BIND THE PRINCIPAL BY WORDS AND ACTIONS. THE AUTHORITY OF AN AGENCY DEPENDS UPON THE RELATION CREATED BY EXPRESS OR IMPLIED CONTRACT OR BY LAW.

AGENT: A PERSON WHO HAS RECEIVED AUTHORITY TO ACT ON BEHALF OF ANOTHER (PRINCIPAL) PURSUANT TO AN AGREEMENT.

AGREEMENT: A LEGALLY BINDING CONTRACT OR COVENANT MADE BETWEEN TWO OR MORE PERSONS.

AKA: ALSO KNOWN AS.

ALIENATE: TO TRANSFER TITLE TO REAL PROPERTY FROM ONE PERSON TO ANOTHER.

ALIENATION: TRANSFER OF TITLE TO LAND FROM ONE PERSON TO ANOTHER. IT IS VOLUNTARY ALIENATION IF FREELY MADE; INVOLUNTARY ALIENATION WHEN CONTRARY TO THE OWNER'S DESIRE.

ALTA: AMERICAN LAND TITLE ASSOCIATION.

APPRAISAL: PROCESS OF VALUATION OR ESTIMATION OF VALUE OF PROPERTY RESULTING FROM ANALYSIS OF FACTS AFFECTING FAIR MARKET VALUE.

ARBITRATION: THE PROCESS BY WHICH PARTIES WHO CANNOT AGREE AMONG

THEMSELVES SUBMIT THE DISPUTE TO THE JUDGMENT OF AN IMPARTIAL THIRD PARTY.

ASSESSED VALUATION: THE VALUE OF PROPERTY FOR TAX PURPOSES USUALLY FIXED BY THE TAX ASSESSOR.

ASSESSMENT: (1) THE ACT OF FIXING THE AMOUNT OF TAXES OR SPECIAL IMPROVEMENT CHARGES. (2) THE AMOUNT OF TAXES OR SPECIAL IMPROVEMENT CHARGES. SPECIAL IMPROVEMENT CHARGES ARE USUALLY FOR THE COSTS OF STREETS, SIDEWALKS, SEWERS, ETC.

ASSIGNEE: THE PERSON WHO RECEIVES (IS ASSIGNED) THE ASSIGNMENT; GRANTEE.

ASSIGNMENT: (1) THE ACT OF TRANSFERRING OWNERSHIP OF ANY PROPERTY FROM ONE PERSON TO ANOTHER. (2) THE INSTRUMENT OR PAPER BY WHICH ONE PERSON TRANSFERS OWNERSHIP OF A RIGHT OR INTEREST IN PROPERTY TO ANOTHER.

ASSIGNOR: THE PERSON WHO TRANSFERS OR ASSIGNS; GRANTOR.

ASSUMPTION AGRE EMENT: UNDERTAKING OR ADOPTION OF A DEBT OR OBLIGATION PRIMARILY RESTING ON ANOTHER PERSON.

ASSUMPTION FEE: LENDER'S CHARGE FOR CHANGING OVER AND PROCESSING NEW RECORDS FOR A BUYER WHO IS ASSUMING AN EXISTING LOAN.

ASSUMPTION OF MORTGAGE: AGREEMENT BY WHICH A BUYER ASSUMES LIABILITY FOR PAYMENT OF AN EXISTING NOTE SECURED BY A MORTGAGE OR DEED OF TRUST AGAINST PROPERTY.

ATTACH: THE ACT OF A SHERIFF OR OTHER COURT OFFICER IN SEIZING PROPERTY UNDER THE AUTHORITY AND DIRECTION OF A WRIT OR ORDER ISSUED BY A COURT.

ATTACHMENT: A LEGAL REMEDY TO AID COLLECTION OF A DEBT, USUALLY INCIDENTAL TO A LAWSUIT AGAINST THE DEBTOR, WHEREIN THE COURT ISSUES A WRIT OF ATTACHMENT UNDER THE AUTHORITY AND DIRECTION OF WHICH THE SHERIFF SEIZES PROPERTY OF THE DEBTOR AND HOLDS SAME PENDING THE OUTCOME OF THE LAWSUIT. THE PROPERTY IS KEPT AVAILABLE FOR SALE TO PAY ANY MONEY JUDGMENT ENTERED IN THE LAWSUIT.

ATTESTATION CLAUSE: THE CLAUSE IN A DEED OR OTHER INSTRUMENT WHEREIN THE WITNESSES CERTIFY THAT THE INSTRUMENT HAS BEEN EXECUTED BEFORE THEM.

ATTORNEY-IN-FACT: A PERSON WHO IS APPOINTED TO ACT IN THE PLACE OF ANOTHER.

ATTORNEY'S OPINION OR CERTIFICATE: THE WRITTEN STATEMENT OF AN ATTORNEY BASED UPON A SEARCH AND EXAMINATION OF TITLE SETTING FORTH WHAT HE/SHE BELIEVES TO BE THE CONDITION OF A REAL ESTATE TITLE, WHICH A PURCHASER OR MORTGAGEE MAY PROCEED UPON OR AS TO WHICH A TITLE INSURER WOULD BE WILLING TO INSURE THE TITLE.

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BALLOON PAYMENT: FINAL PAYMENT ON AN INSTALLMENT NOTE WHICH PAYMENT IS GREATER THAN PRECEDING PAYMENTS AND WHICH PAYS THE NOTE IN FULL.

BANKRUPTCY: A PROCEEDING IN U.S. DISTRICT COURT WHEREIN ASSETS OF A DEBTOR UNABLE OR UNWILLING TO PAY HIS DEBTS ARE APPLIED BY AN OFFICER OF THE COURT IN SATISFACTION OF CREDITOR CLAIMS.

BAR: (1) THE ATTORNEYS AT LAW, TAKEN COLLECTIVELY IN A MUNICIPALITY, COUNTY, STATE OR THE NATION. (2) TO DEFEAT OR TO PREVENT.

BENEFICIARY: A PERSON WHO IS ENTITLED TO RECEIVE FUNDS OR PROPERTY UNDER THE TERMS AND PROVISIONS OF A WILL, TRUST OR INSURANCE POLICY.

BINDER: MEMORANDUM OF THE SIGNIFICANT TERMS OF A CONTRACT TO ISSUE INSURANCE GIVING TEMPORARY PROTECTION PENDING THE ISSUANCE OF A FORMAL POLICY.

BLANKET MORTGAGE OR TRUST DEED: MORTGAGE OR TRUST DEED THAT COVERS MORE THAN ONE LOT OR PARCEL OF REAL PROPERTY. OFTEN COVERS AN ENTIRE SUBDIVISION. AS INDIVIDUAL LOTS ARE SOLD, A PARTIAL RELEASE FROM THE BLANKET MORTGAGE USUALLY IS OBTAINED.

BONA FIDE PURCHASER: ONE WHO BUYS PROPERTY IN GOOD FAITH, FOR FAIR VALUE, AND WITHOUT NOTICE OF ANY ADVERSE CLAIM OR RIGHT OF THIRD PARTIES.

BOND: (1) A WRITTEN PROMISE TO PAY TO THE BEARER OR OWNER A STATED SUM OF MONEY AT A SPECIFIED TIME, WITH INTEREST USUALLY REPRESENTED BY INTEREST COUPONS ATTACHED TO THE BOND, WHICH COUPONS MAY BE CLIPPED AS THEY MATURE AND PRESENTED FOR PAYMENT. BONDS ARE SOMETIMES IN THE FORM OF CERTIFICATES OF INDEBTEDNESS. BONDS ARE OFTEN SECURED BY REAL ESTATE MORTGAGES. (SEE PROMISSORY NOTE) (2) A WRITTEN COMMITMENT ASSURING THE PAYMENT OF A STIPULATED SUM OF MONEY OR THE AMOUNT OF DAMAGES IN THE EVENT OF AN ADVERSE HAPPENING. (3) A CERTIFICATE OF DEBT ISSUED BY A GOVERNMENT OR CORPORATION GUARANTEEING PAYMENT TO BEARER OF A SPECIFIED SUM OF MONEY, PLUS INTEREST, ON A SPECIFIED FUTURE DATE.

BROKER: ONE WHO ACTS AS AN AGENT FOR ANOTHER IN NEGOTIATING SALES OR PURCHASES IN RETURN FOR A FEE OR COMMISSION.

BROKERAGE: A FEE OR COMMISSION PAID TO A BROKER.

BUILDING CODE: LAWS SPECIFYING THE TYPE, KIND, SIZE AND MANNER OF CONSTRUCTION OF BUILDINGS, AND PROHIBITING CONSTRUCTION OR REPAIR OF BUILDINGS IN VIOLATION OF SUCH SPECIFICATIONS. (ALSO SEE ZONING ORDINANCES)

BUNDLE OF RIGHTS: BENEFICIAL INTERESTS OR RIGHTS AN OWNER HAS IN HIS PROPERTY, INCLUDING THE RIGHTS OF USE AND TRANSFER, AND THE RIGHT TO EXCLUDE OTHERS.

BY-LAWS: RULES ADOPTED BY THE MEMBERS OF THE BOARD OF DIRECTORS OF A CORPORATION THAT GOVERN THE INTERNAL MANAGEMENT OF THE CORPORATION. ALSO CALLED THE CORPORATE CONSTITUTION.

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CEDER: THE TITLE INSURANCE COMPANY ISSUING THE POLICY WHICH WILL THEN BE REINSURED.

CERTIFICATE OF TITLE: CERTIFIED STATEMENT REGARDING STATUS OF TITLE, BASED UPON A SEARCH AND EXAMINATION OF THE PUBLIC RECORDS. ALSO A DOCUMENT EVIDENCING OWNERSHIP OF REAL ESTATE FILED UNDER A TORRENS SYSTEM. IN SOME AREAS A/K/A TITLE BINDER, PRELIMINARY REPORT, OR COMMITMENT.

CHAIN: AS REGARDS LAND MEASURE, A CHAIN EQUALS 66 FEET, 100 LINKS, OR 4 RODS.

CHAIN OF TITLE: LIST OF SUCCESSIVE CONVEYANCES OR OTHER FORMS OF CONVEYING AND TRANSFERRING THE TITLE AFFECTING A PARTICULAR PARCEL OF LAND ARRANGED CONSECUTIVELY FROM THE GOVERNMENT OR ORIGINAL SOURCE OF TITLE TO THE PRESENT HOLDER AS WELL AS ALL OTHER INTERESTS AND MATTERS RELATING TO THE PARCEL.

CLAIM: A RIGHT TO ASSERT, OR THE ASSERTION OF, A DEMAND FOR PAYMENT OF MONEY DUE, OR THE SURRENDER OR DELIVERY OF POSSESSION OF PROPERTY OR THE RECOGNITION OF SOME RIGHT. A DEMAND FOR SOMETHING AS ONE'S RIGHTFUL DUE.

CLOSING: THE FINAL STEPS OF A REAL ESTATE TRANSACTION. THE PROCESS OF COMPLETING A REAL ESTATE TRANSACTION DURING WHICH DEEDS, MORTGAGES, LEASES AND OTHER REQUIRED INSTRUMENTS ARE SIGNED AND/OR DELIVERED, AN ACCOUNTING BETWEEN THE PARTIES IS MADE, THE MONEY IS DISBURSED. THE PAPERS ARE RECORDED, AND ALL OTHER DETAILS SUCH AS PAYMENT OF OUTSTANDING LIENS AND TRANSFER OF HAZARD INSURANCE POLICIES ARE ATTENDED TO. IN SOME AREAS A CLOSING IS CALLED A "SETTLEMENT" OR "PASSING PAPERS".

CLOSING STATEMENT: A SUMMATION, IN THE FORM OF A BALANCE SHEET, MADE AT A CLOSING, SHOWING THE AMOUNTS OF DEBTS AND CREDITS TO WHICH EACH PARTY TO A REAL ESTATE TRANSACTION IS ENTITLED.

CLOUD ON TITLE: AN IRREGULARITY, POSSIBLE CLAIM, OR ENCUMBRANCE WHICH, IF VALID, WOULD ADVERSELY AFFECT OR IMPAIR THE TITLE.

CODE: A COLLECTION OF LAWS.

CO-INSURANCE: LITERALLY, TWO OR MORE POLICIES OF TITLE INSURANCE ISSUED BY DIFFERENT INSURERS, EACH COVERING A PORTION OF THE SAME RISK, WITH INTERLOCKING PROVISIONS AND WHICH, WHEN TAKEN TOGETHER, PROVIDE TOTAL COVERAGE OF THE RISK.

COLOR OF TITLE: THAT WHICH GIVES THE APPEARANCE OF TITLE, BUT IS NOT NECESSARILY TITLE IN FACT.

COMMISSION: COMPENSATION OF AN AGENT, SALESMAN, EXECUTOR, TRUSTEE, RECEIVER, OR BROKER, CALCULATED AS A PERCENTAGE OF THE AMOUNT OF HIS/HER TRANSACTIONS OR ON THE PROFIT TO THE PRINCIPAL. ALSO COMPENSATION TO A FIDUCIARY FOR THE FAITHFUL DISCHARGE OF HIS/HER DUTIES. THE TERM ALSO APPLIES TO REGULATORY TRIBUNALS SUCH AS REAL ESTATE COMMISSION.

COMMITMENT: A PLEDGE, PROMISE, OR FIRM AGREEMENT; ALSO, A TITLE INSURER'S CONTRACTUAL OBLIGATION TO INSURE TITLE TO REAL PROPERTY.

COMMON AREA: WHEN USED IN REFERENCE TO CONDOMINIUMS OR PLANNED UNIT DEVELOPMENTS, THE COMMON AREA IS THAT PORTION OF LAND THAT IS OWNED IN COMMON BY ALL UNIT OR LOT OWNERS AND WHICH EACH HAS AN EQUAL RIGHT TO USE. IN A CONDOMINIUM THE COMMON AREA INCLUDES THE BUILDINGS SURROUNDING THE UNITS BUT NOT THE UNIT OF AIR SPACE.

CONDITIONS: PROVISIONS RELATED TO RESTRICTIONS AND RESERVATIONS IN DEEDS AND OTHER REAL ESTATE INSTRUMENTS THAT MAKE A PARTICULAR RIGHT CONTINGENT UPON THE OCCURRENCE OF SOME FUTURE EVENT.

CONDOMINIUM: AN ARRANGEMENT OF SEPARATE OWNERSHIP OF INDIVIDUAL UNITS IN A MULTIPLE UNIT BUILDING OR IN A SINGLE REAL PROPERTY PARCEL. ALL THE UNIT OWNERS HAVE A RIGHT IN COMMON TO USE THE COMMON ELEMENTS WITH SEPARATE OWNERSHIP CONFINED TO THE INDIVIDUAL UNITS, WHICH ARE SEQUENTIALLY DESIGNATED. CONDOMINIUMS ENCOMPASS RESIDENTIAL, INDUSTRIAL, OR COMMERCIAL (I.E. APARTMENT, OFFICE OR STORE) UNITS.

CONDOMINIUM UNIT: A RESIDENTIAL OR COMMERCIAL UNIT IN A CONDOMINIUM COMPLEX.

CONFIRMATION OF SALE: COURT APPROVAL OF THE SALE OF PROPERTY BY AN EXECUTOR, ADMINISTRATOR, GUARDIAN, CONSERVATOR OR OTHER LEGAL REPRESENTATIVE.

CONSIDERATION: SOMETHING OF VALUE GIVEN TO INDUCE ANOTHER PERSON TO ENTER INTO A CONTRACT. IT MAY BE MONEY, SERVICES, OR A PROMISE, AND CONSISTS OF EITHER A BENEFIT TO THE PROMISOR, OR A LOSS OR DETRIMENT TO THE PROMISEE.

CONTINGENT: DEPENDENT ON A FUTURE EVENT.

CONTRACT: SAME AS "AGREEMENT", BUT USUALLY MORE FORMAL.

CONVEYANCE: THE TRANSFER OF TITLE TO PROPERTY FROM ONE PERSON TO ANOTHER.

COOPERATIVES: USUALLY REFERRED TO AS "COOPS." UNITS IN A MULTIPLE UNIT BUILDING OR COMPLEX, WHEREIN THE LAND AND THE BUILDING IS OWNED IN FEE OR HELD UNDER A LONG TERM LEASE BY A COOPERATIVE CORPORATION. THE PURCHASER OF A UNIT IN A COOPERATIVE RECEIVES SHARES OF STOCK IN THE COOPERATIVE CORPORATION AND A PROPRIETARY LEASE TO HIS/HER APARTMENT.

COVENANT: (1) A FORMAL AGREEMENT OR CONTRACT BETWEEN TWO PARTIES IN WHICH ONE PARTY GIVES THE OTHER CERTAIN PROMISES AND ASSURANCES, SUCH AS COVENANTS OF WARRANTY IN A WARRANTY DEED. (2) AGREEMENTS OR PROMISES CONTAINED IN DEEDS AND OTHER INSTRUMENTS FOR PERFORMANCE OR NONPERFORMANCE OF CERTAIN ACTS, OR USE OR NONUSE OF PROPERTY IN A CERTAIN MANNER.

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DBA: ACRONYM FOR "DOING BUSINESS AS."

DECEDENT: A DECEASED PERSON.

DECREE: A JUDGMENT BY A COURT.

DEED: A CONVEYANCE OF REALTY; A WRITING SIGNED BY GRANTOR, WHEREBY TITLE TO REALTY IS TRANSFERRED FROM ONE TO ANOTHER.

DEED BOOK: A BOOK AMONG THE PUBLIC RECORDS IN WHICH DEEDS ARE RECORDED.

DEFAULT: FAILURE TO PERFORM A PROMISED TASK OR TO PAY AN OBLIGATION WHEN DUE.

DEFAULT JUDGMENT: JUDGMENT TAKEN AGAINST A DEFENDANT WHO FAILS TO APPEAR IN COURT.

DEFEASANCE: AN INSTRUMENT WHICH DEFEATS THE FORCE OR OPERATION OF SOME OTHER DEED OR ESTATE. A COLLATERAL DEED MADE AT THE SAME TIME WITH A FEOFFMENT OR OTHER CONVEYANCE, CONTAINING CERTAIN CONDITIONS UPON THE PERFORMANCE OF WHICH THE ESTATE THEN CREATED MAY BE DEFEATED OR TOTALLY UNDONE.

DEFEASANCE CLAUSE: CLAUSE IN A MORTGAGE THAT GIVES THE MORTGAGOR (BORROWER) THE RIGHT TO REDEEM HIS PROPERTY ON PAYMENT OF HIS OBLIGATION TO THE MORTGAGEE (LENDER).

DEFECT: A BLEMISH, IMPERFECTION OR DEFICIENCY. A DEFECTIVE TITLE IS ONE THAT IS IRREGULAR AND FAULTY.

DEFENDANT: THE PARTY WHO IS BEING SUED IN A COURT OF LAW.

DEFICIENCY JUDGMENT: THE IMPOSITION OF A JUDGEMENT ON A MORTGAGOR(S) FOR THE UNPAID BALANCE OF THE MORTGAGE DEBT AFTER A FORECLOSURE SALE HAS NOT PRODUCED PAYMENT IN THE FULL AMOUNT OF THE DUE MORTGAGE DEBT PLUS COSTS OF FORECLOSURE.

DEMISE: (1) DEATH; (2) TO TRANSFER TITLE TO PROPERTY OR AN INTEREST IN PROPERTY BY WILL OR LEASE.

DESCRIPTION: THE EXACT LOCATION OF A PIECE OF PROPERTY STATED IN TERMS OF LOT, BLOCK, TRACT, PART LOT, METES AND BOUNDS, OR U.S. GOVERNMENT SURVEY (SECTIONALIZED). THIS IS ALSO REFERRED TO AS A LEGAL DESCRIPTION OF PROPERTY.

DISPOSSESS: TO DEPRIVE ONE OF THE POSSESSION AND USE OF REAL ESTATE.

DOMINANT ESTATE: LAND THAT BENEFITS FROM AN EASEMENT ON ANOTHER USUALLY ADJACENT PROPERTY. THE LAND ACROSS WHICH THE EASEMENT RUNS IS SAID TO BE THE SERVIENT ESTATE.

DOWER: A RIGHT WHICH A WIFE HAS IN HER HUSBAND'S PROPERTY EFFECTIVE AT THE TIME OF HIS DEATH.

DRAFT: THE COMMON TERM FOR A BILL OF EXCHANGE. A WRITTEN ORDER FROM ONE PERSON TO ANOTHER, DIRECTING THAT PERSON TO PAY TO A THIRD PERSON A SET SUM OF MONEY. A DRAFT IS DISTINGUISHABLE FROM A CASHIER'S CHECK IN THAT A DRAFT IS PAYABLE ON DEMAND AGAINST MONEY ON DEPOSIT, WHILE A CASHIER'S CHECK IS A PRIMARY OBLIGATION OF THE BANK THAT ISSUES IT.

DRAW: A PARTIAL ADVANCE OF THE PROCEEDS OF A CONSTRUCTION LOAN MORTGAGE TO WHICH THE BORROWER IS ENTITLED WHEN CONSTRUCTION REACHES A CERTAIN SPECIFIED STAGE.

DRESSER DRAWER TITLE: A TERM USED TO DESCRIBE OWNERSHIP WHEN AN OWNER NEGLECTS TO RECORD HIS DEEDS AND OTHER REAL ESTATE PAPERS AND PLACES THEM INSTEAD IN DRESSER DRAWERS, IN A SHOE BOX, IN A CLOSET, OR UNDER THE MATTRESS, AND THERE IS NOTHING OF RECORD WHICH SHOWS ANY TITLE IN THE SUPPOSED OWNER.

DUE-ON-SALE CLAUSE: A PROVISION IN A NOTE, TRUST DEED OR MORTGAGE CALLING FOR AUTOMATIC ACCELERATION AT THE LENDER'S OPTION IN THE EVENT OF SALE OR TRANSFER OF THE REAL PROPERTY TO A THIRD PARTY; ALSO CALLED AN ALIENATION CLAUSE.

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EARNEST MONEY: THE ADVANCE, BY A PURCHASER, OF A SMALL PART OF THE PURCHASE PRICE, AS EVIDENCE OF GOOD FAITH.

EASEMENT: A RIGHT OF USE OVER THE PROPERTY OF ANOTHER.

EASEMENT APPURTENANT: EASEMENT CREATED FOR THE BENEFIT OF A PARCEL OF LAND.

EASEMENT IN GROSS: EASEMENT CREATED FOR THE BENEFIT OF AN INDIVIDUAL, RATHER THAN FOR A PARCEL OF LAND, E.G., A PUBLIC UTILITY EASEMENT.

EASEMENT OF NECESSITY: AN EASEMENT WHICH IS INDISPENSABLE TO THE ENJOYMENT OF THE DOMINANT ESTATE. AN EASEMENT BY NECESSITY ARISES BY OPERATION OF LAW WHEN LAND CONVEYED IS COMPLETELY SHUT OFF FROM ACCESS TO ANY ROAD BY LAND RETAINED BY GRANTOR OR BY LAND OF GRANTOR AND THAT OF A STRANGER.

EGRESS: THE RIGHT TO A PATH OR RIGHT-OF-WAY OVER WHICH A PERSON MAY LEAVE HIS OWN REAL ESTATE.

EJECTMENT: LEGAL ACTION BY A LANDOWNER FOR RETURN OF HIS PROPERTY AND FOR DAMAGES WHEN, FOR EXAMPLE, A DEFAULTING BUYER UNDER A LAND SALES CONTRACT REFUSES TO RELINQUISH POSSESSION.

EMINENT DOMAIN: THE RIGHT OF A GOVERNMENT TO TAKE PRIVATELY OWNED PROPERTY FOR PUBLIC PURPOSES UNDER CONDEMNATION PROCEEDINGS UPON PAYMENT OF ITS REASONABLE VALUE. (SEE CONDEMNATION)

ENCROACHMENT: THE EXTENSION OF A STRUCTURE FROM THE REAL ESTATE TO WHICH IT BELONGS ACROSS A BOUNDARY LINE AND ONTO ADJOINING PROPERTY WITHOUT LEGAL AUTHORITY.

ENCUMBER: TO BURDEN THE TITLE TO REAL PROPERTY WITH A CLAIM, RIGHT, OR LIEN HELD BY SOMEONE OTHER THAN THE OWNER.

ENCUMBRANCE: A CLAIM, RIGHT, OR LIEN UPON THE TITLE TO REAL ESTATE, HELD BY SOMEONE OTHER THAN THE REAL ESTATE OWNER.

ENDORSEMENT: THE ACT OF SIGNING ONE'S NAME ON THE BACK OF A CHECK OR PROMISSORY NOTE TO TRANSFER IT TO A THIRD PARTY. ALSO, A RIDER ATTACHED TO AN INSURANCE POLICY TO EXPAND OR LIMIT COVERAGE. ALSO SPELLED INDORSEMENT.

EQUITABLE RIGHTS: RIGHTS ESTABLISHED PRIMARILY BY COURT DECISIONS BASED UPON PRINCIPLES OF FAIRNESS, HONESTY, JUSTNESS, AND MORALITY AND NOT UPON ENACTED LAW OR COMMON LAW.

EQUITY: A SYSTEM OF JURISPRUDENCE SUPPLEMENTING THE COMMON LAW AND ENACTED LAW UNDER WHICH JUSTICE, IMPARTIALITY, AND FAIRNESS IS APPLIED IN CIRCUMSTANCES NOT COVERED BY ENACTED OR COMMON LAW.

EQUITY IN PROPERTY: AMOUNT OF VALUE OF A PERSON'S INTEREST ABOVE THE TOTAL OF LIENS OR CHARGES; THE DIFFERENCE BETWEEN THE MARKET VALUE OF THE PROPERTY AND THE AMOUNT OF LIENS AGAINST IT.

EQUITY OF REDEMPTION: THE RIGHT OF ONE WHO HAS MORTGAGED PROPERTY TO REDEEM THE PROPERTY AFTER IT HAS BEEN FORFEITED BY A BREACH OF THE CONDITION OF THE MORTGAGE (I.E. DEFAULT IN PAYMENTS, ETC.) UPON PAYING THE AMOUNT OF DEBT, INTEREST AND COSTS.

EROSION: THE WEARING AWAY OF LAND SURFACES BY FORCES OF NATURE SUCH AS WINDS AND WATER.

ESCHEAT: THE REVERSION OF PROPERTY TO THE STATE WHEN AN OWNER DIES LEAVING NO LEGAL HEIRS, DEVISEES OR CLAIMANTS.

ESCROW: A WRITING, DEED, MONEY, STOCK, OR OTHER PROPERTY DELIVERED BY THE GRANTOR, PROMISOR OR OBLIGOR INTO THE HANDS OF A THIRD PERSON, TO BE HELD BY THE LATTER UNTIL THE HAPPENING OF A CONTINGENCY OR PERFORMANCE OF A CONDITION, AND THEN BY HIM DELIVERED TO THE GRANTEE, PROMISEE OR OBLIGEE. A SYSTEM OF DOCUMENT TRANSFER IN WHICH A DEED, BOND, OR FUNDS IS DELIVERED TO A THIRD PERSON TO HOLD UNTIL ALL CONDITIONS IN A CONTRACT ARE FULFILLED; E.G. DELIVERY OF DEED TO ESCROW AGENT UNDER INSTALLMENT LAND SALE CONTRACT UNTIL FULL PAYMENT FOR LAND IS MADE.

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 THE CONDITIONS TO BE PERFORMED INCIDENT TO THE OBJECT DEPOSITED IN ESCROW AND GIVES THE ESCROW AGENT INSTRUCTION S WITH RESPECT TO THE DISPOSITION OF THE OBJECT SO DEPOSITED.

ESCROW HOLDER: (A/K/A ESCROW AGENT) THE PERSON WHO HOLDS THE PAPERS AND/OR MONEY DURING AN ESCROW TRANSACTION.

ESTATE: (1) THE WHOLE OF ONE'S POSSESSIONS, ESPECIALLY ALL OF THE PROPERTY, ASSETS, DEBTS, AND LIABILITIES LEFT BY A DECEASED OR BANKRUPT PERSON. (2) THE NATURE AND EXTENT OF AN OWNER'S RIGHTS IN REAL ESTATE. (3) A SIZABLE PIECE OF RURAL LAND USUALLY WITH A LARGE HOUSE AND OTHER PRETENTIOUS IMPROVEMENTS.

ESTATE AT WILL: OCCUPATION OF LANDS AND TENEMENTS BY A TENANT FOR AN INDEFINITE PERIOD TERMINABLE BY EITHER PARTY AT ANY TIME.

ESTATE BY ENTIRETIES: AN ESTATE OR INTEREST IN REAL ESTATE PREDICATED UPON THE LEGAL FICTION THAT A HUSBAND AND WIFE ARE ONE PERSON. A CONVEYANCE OR DEVISE TO THEM (UNLESS CONTRARY INTENT IS EXPRESSED) VESTS TITLE IN THEM AS ONE PERSON. UPON THE DEATH OF EITHER HUSBAND OR WIFE, FULL TITLE PASSES TO THE SURVIVOR.

ESTATE FOR LIFE: (A/K/A LIFE ESTATE) AN ESTATE WITH A DURATION LIMITED TO THE LIFE OF THE PERSON HOLDING IT OR FOR THE LIFE OF ANY OTHER DESIGNATED PERSON.

ESTATE FOR YEARS: INTEREST IN LAND BASED ON A CONTRACT FOR POSSESSION OF THE LAND BY A TENANT OR LESSEE FOR A DEFINITE OR FIXED PERIOD OF TIME. SEE LEASE.

ESTOPPEL: A LEGAL RESTRAINT WHICH STOPS OR PREVENTS A PERSON FROM

CONTRADICTING OR RENEGING ON HIS PREVIOUS POSITION OR PREVIOUS ASSERTIONS OR COMMITMENTS.

ET AL: A LATIN TERM MEANING "AND ANOTHER."

ET ALIA: A LATIN TERM MEANING "AND OTHERS."

ET UX.: ABBREVIATION OF LATIN "ET UXOR" MEANING "AND WIFE." JOE DOAKS ET UX MEANS JOE DOAKS AND WIFE.

ET VIR: A LATIN TERM MEANING "AND HUSBAND." JANE ALLEN ET VIR MEANS JANE ALLEN AND HUSBAND.

EVICT: TO EXPEL OR OUST A PERSON, BY LEGAL PROCESS, FROM POSSESSION OF REAL ESTATE.

EXAMINATION: IN THE TITLE INDUSTRY, IT MEANS THE ACT OF PERUSING AND STUDING THE INSTRUMENTS AND MUNIMENTS INCIDENT TO A CHAIN OF TITLE AND DETERMINING THEIR EFFECT AND CONDITION IN ORDER TO REACH A CONCLUSION AS TO THE STATUS OF THE TITLE. (A/K/A SEARCH)

EXAMINER: USUALLY REFERRED TO IN TITLE INDUSTRY AS TITLE EXAMINER. ONE WHO INVESTIGATES THE RECORD OF TITLE OR ABSTRACT AND DETERMINES THE CONDITION AND STATUS OF REAL ESTATE TITLES. IN SOME STATES USE OF TERM IS READER.

EXCEPTION: IN THE TITLE INDUSTRY, A PROVISION IN A TITLE INSURANCE BINDER (COMMITMENT) OR POLICY WHICH EXCLUDES LIABILITY.

EXCLUSIVE AGENCY: AN ARRANGEMENT WITH ONE AGENT THAT PROPERTY SHALL BE LISTED WITH HIM AND NOT ANY OTHER AGENT; DOES NOT PREVENT OWNER HIMSELF FROM SELLING WITHOUT PAYING COMMISSION.

EXECUTE: (1) TO CREATE AND MAKE VALID A REAL ESTATE INSTRUMENT. A DEED IS SAID TO BE EXECUTED WHEN IT IS SIGNED, SEALED, AND WITNESSED AND TITLE PASSES WHEN IT IS DELIVERED. (2) TO PERFORM OR DO WHATEVER IS REQUIRED.

EXECUTION: THE ACT OF EXECUTING. (SEE EXECUTE) (SEE WRIT OF EXECUTION)

EXECUTOR: A MALE PERSON NAMED IN A WILL TO CARRY OUT ITS PROVISIONS.

EXECUTORY: A CONTRACT OR AGREEMENT NOT YET PERFORMED.

EXECUTRIX: FEMININE OF EXECUTOR.

EXEMPTION: IMMUNITY FROM A BURDEN OR OBLIGATION.

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FALSE IMPERSONATION: THE ACT OF A PERSON WHO FALSELY AND FRAUDULENTLY CLAIMS TO BE ANOTHER PERSON.

FALSIFICATION: THE FORGING, ALTERING, OR COUNTERFEITING OF A DOCUMENT, OR KNOWINGLY MAKING UNTRUTHFUL STATEMENTS OR MISREPRESENTATIONS.

FEE SIMPLE ABSOLUTE: THE TOTAL INTEREST A PERSON MAY HAVE IN LAND. SUCH AN ESTATE IS NOT QUALIFIED BY ANY OTHER INTEREST AND PASSES UPON THE DEATH OF THE OWNERS TO THE HEIRS FREE FROM ANY CONDITIONS.

FEE SIMPLE DEFEASIBLE: (COMMONLY CALLED FEE SIMPLE) A FEE SIMPLE ESTATE THAT CAN BE LOST OR DEFEATED BY THE HAPPENING OF SOME EVENT WHICH OCCURS AFTER THE INITIAL GRANT, E.G., A BREACH OF A CONDITION AS CONTAINED IN A DEED RESTRICTION.

FEOFFMENT: THE GRANTING OF A FEE.

FEUDAL SYSTEM: A POLITICAL AND ECONOMIC SYSTEM WHICH PREVAILED IN EUROPE BASED UPON THE RELATION OF OVERLORD TO VASSAL. THE FEUDAL LORD HELD PARAMOUNT TITLE TO THE LAND. THE INTEREST IN LAND ACQUIRED BY VASSALS WAS IMPERMANENT, AND TITLE ALWAYS REVERTED TO THE LORD UPON THE VASSAL'S DEATH.

FICTITIOUS NAME: A NAME USED FOR BUSINESS PURPOSES THAT DIFFERS FROM THE TRUE NAME OF THE OWNER OF THE BUSINESS.

FIDUCIARY: A PERSON WHO BEARS A SPECIAL RELATIONSHIP OF TRUST, CONFIDENCE, AND RESPONSIBILITY TO OTHERS, SUCH AS A TRUSTEE OR AGENT.

FILING: IN THE TITLE INDUSTRY, THIS TERM RELATES TO THE DELIVERY OF REAL ESTATE INSTRUMENTS OR OTHER DOCUMENTS TO A RECORDING OFFICER FOR ENTRY IN PUBLIC RECORDS.

FINANCING STATEMENT: UNDER THE UNIFORM COMMERCIAL CODE, ARTICLE 9, A FINANCING STATEMENT IS USED AS EVIDENCE OF A SECURITY INTEREST OR CLAIM TO THE GOODS IN QUESTION TO SECURE A DEBT. MAY BE FILED BY THE SECURITY HOLDER WITH THE SECRETARY OF STATE AND/OR RECORDED WITH THE COUNTY RECORDER UNDER PRESCRIBED CONDITIONS AS A PUBLIC RECORD.

FIRST MORTGAGE: A MORTGAGE HAVING PRIORITY AS A LIEN OVER ANY OTHER MORTGAGE ON THE SAME PROPERTY.

FIXTURE: AN ARTICLE OF PERSONAL PROPERTY WHICH HAS BECOME SO ANNEXED TO REALTY THAT IT IS REGARDED AS A PART OF THE REAL PROPERTY.

FORECLOSURE: A LEGAL PROCEEDING FOR THE COLLECTION OF REAL ESTATE MORTGAGES AND OTHER TYPES OF LIENS ON REAL ESTATE THAT ARE IN DEFAULT. THIS RESULTS IN THE CUTTING OF OFF THE RIGHT TO REDEEM THE MORTGAGED PROPERTY AND OFTEN INVOLVES A JUDICIAL SALE OF THE PROPERTY TO PAY THE MORTGAGE DEBT.

FORECLOSURE SALE: THE SALE OF MORTGAGED PROPERTY BY A DECREE OF THE COURT OR BY A POWER OF SALE CONTAINED IN THE MORTGAGE OR DEED OF TRUST, TO SATISFY THE DEBT OUT OF THE PROCEEDS.

FORESHORE: LAND BETWEEN THE LOW WATER MARK AND HIGH WATER MARK, COVERED AND UNCOVERED BY THE EBB AND FLOW OF THE TIDE.

FORFEIT: (1) THE LOSS OF MONEY OR A RIGHT BY A PERSON UPON THE FAILURE TO PERFORM AN AGREEMENT, OBLIGATION, OR DUTY. (2) THE ACT OF LOSING MONEY OR A RIGHT AS DESCRIBED.

FORGED: FRAUDULENTLY EXECUTED; COUNTERFEITED.

FORGERY: THE FRAUDULENT SIGNING OF ANOTHER'S NAME TO AN INSTRUMENT SUCH AS A DEED, MORTGAGE OR CHECK.

FRANCHISE: (1) A RIGHT OR PRIVILEGE CONFERRED BY LAW, E.G., RIGHT TO OPERATE A RAILROAD OR A BUS SERVICE. (2) A CONTRACTUAL RIGHT TO ENGAGE IN A PARTICULAR BUSINESS USING A TRADE NAME OR DESIGNATION OWNED BY ANOTHER PERSON.

FRAUD: A DECEPTION DELIBERATELY PRACTICED IN ORDER TO OBTAIN AN UNFAIR OR UNLAWFUL GAIN.

FRAUDULENT: OBTAINED, PERFORMED, OR CHARACTERIZED BY DECEIT OR FRAUD.

FREEHOLD: A LIFE ESTATE OR A FEE SIMPLE ESTATE.

FRONT FOOT: A MEASUREMENT USED IN ASSESSING AND APPORTIONING COST OF IMPROVEMENTS SUCH AS CURBS, SIDEWALKS, STREETS, ETC.

FUTURE ADVANCE CLAUSE: CLAUSE IN A DEED OF TRUST PERMITTING THE LENDER TO MAKE ADDITIONAL ADVANCES IN THE FUTURE THAT WILL ALSO BE SECURED BY THE DEED OF TRUST. (SEE OPEN-END MORTGAGE)

FUTURE INTEREST: AN ESTATE IN REAL PROPERTY ENTITLING THE OWNER TO POSSESSION AND ENJOYMENT AT A FUTURE DATE.

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GARNISHMENT STATUTORY PROCEEDING WHEREBY A DEBTOR'S PERSONAL PROPERTY, IN POSSESSION OF A THIRD PARTY, IS SEIZED AND APPLIED TO PAYMENT OF THE DEBT.

GENERAL PLAN RESTRICTIONS RESTRICTIONS ON USE OF REAL PROPERTY IMPOSED FOR THE BENEFIT OF ALL LOTS IN A SUBDIVISION.

GENERAL WARRANTY A WARRANTY PROVISION IN A DEED OR MORTGAGE OR OTHER REAL ESTATE INSTRUMENT CONTAINING ALL OF THE COMMON LAW ITEMS OF WARRANTY. ALSO KNOWN AS A FULL WARRANTY.

GORE A SMALL, NARROW, SLIVER OF LAND USUALLY OF TRIANGULAR SHAPE LEFT BETWEEN TWO TRACTS, RESULTING FROM FAILURE OF LAND DESCRIPTIONS AND/OR SURVEYS TO CLOSE.

GRANT A TRANSFER OF REAL ESTATE BETWEEN INDIVIDUALS, BY DEED. ALSO A TRANSFER OF REAL ESTATE FROM A SOVEREIGN BY PATENT OR ROYAL DECREE.

GRANTEE ONE TO WHOM A GRANT IS MADE.

GRANTOR ONE WHO MAKES A GRANT.

GROUND LEASE A LEASE COVERING LAND ONLY AND NOT IMPROVEMENTS WHICH ARE TO BE INSTALLED BY THE LESSEE.

GUARANTY AN AGREEMENT IN WHICH A GUARANTEE OR ASSURANCE OF A STATE OF FACTS OR THE PERFORMANCE OF AN OBJECTIVE OR OBLIGATION IS GIVEN.

GUARDIAN A PERSON WHO IS LEGALLY RESPONSIBLE FOR THE CARE AND MANAGEMENT OF THE PERSON OR PROPERTY OF ONE WHO IS LEGALLY INCOMPETENT TO MANAGE HIS OWN AFFAIRS.

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HABENDUM CLAUSE: THAT 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.

HALYWERCFOLK: IN OLD ENGLISH LAW, "TENANTS WHO HELD LAND BY THE SERVICE OF REPAIRING OR DEFENDING A CHURCH OR MONUMENT, WHEREBY, THEY WERE EXEMPTED FROM FUTILE AND MILITARY SERVICES."

HEIR: A PERSON WHO INHERITS REAL ESTATE BY PROVISIONS OF LAW OR UNDER THE PROVISIONS OF A WILL.

HEREDITAMENTS: ANY AND ALL KINDS OF ESTATES, INTERESTS, AND RIGHTS IN REAL ESTATE WHICH CAN BE INHERITED.

HERITAGE: REAL ESTATE AS DISTINGUISHED FROM MOVABLES OR PERSONAL ESTATE.

HIATUS: IN THE TITLE INDUSTRY, A SEPARATION, GAP OR UNACCOUNTED FOR AREA. USUALLY A STRIP OF LAND BETWEEN TWO TRACTS WHERE THE TWO TRACTS DO NOT JOIN BECAUSE OF FAULTY DESCRIPTIONS. (SEE GORE)

HOLD: TO POSSESS AS IN THE EXPRESSION, TO HAVE AND TO HOLD; TO BE THE GRANTEE OR TENANT OF ANOTHER.

HOLDER IN DUE COURSE: ONE WHO TAKES A NEGOTIABLE INSTRUMENT BEFORE MATURITY, FOR VALUE, AND WITHOUT KNOWLEDGE OF ANY DEFECT THEREIN.

HOME: ONE'S OWN DWELLING PLACE; THE HOUSE IN WHICH ONE LIVES; ESPECIALLY THE HOUSE WHICH ONE LIVES WITH HIS FAMILY.

HOMESTEAD: (1) PROPERTY DESIGNATED BY THE HEAD OF A FAMILY AS HIS HOME, WHICH IS PROTECTED BY LAW FROM FORCED SALE TO PAY HIS DEBTS. (2) LAND CLAIMED BY A SETTLER UNDER THE NATIONAL HOMESTEAD ACT. (3) UNDER SOME STATE LAWS, THE REAL ESTATE UPON WHICH ONE'S HOME IS SITUATED.

HOO: A HILL.

HOUSE: A DWELLING, A BUILDING DESIGNED FOR THE HABITATION AND RESIDENCE.

HUI: LAW OF HAWAII; AN ASSOCIATION OF PERSONS IN THE OWNERSHIP OF LAND ORDINARILY HELD AS TENANTS IN COMMON.

HYPOTHECATE: TO GIVE A THING AS SECURITY WITHOUT PARTING WITH POSSESSION.

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IDEM SONANS: THE DOCTRINE THAT, IF ANY TWO NAMES MAY BE SOUNDED ALIKE, ANY VARIANCE IN SPELLING IS IMMATERIAL.

IMPROVEMENT: AN ADDITION OF VALUE MADE TO PROPERTY, USUALLY REAL ESTATE, AMOUNTING TO MORE THAN REPLACEMENT VALUE.

IMPROVEMENT LIENS: LIENS IMPOSED BY MUNICIPALITIES ON REAL ESTATE WHICH HAS BEEN DIRECTLY BENEFITTED BY MUNICIPAL IMPROVEMENTS SUCH AS THE CONSTRUCTION OF STREETS, SIDEWALKS AND SEWER LINES. SUCH LIENS SECURE PAYMENT OF THE PROPORTIONATE COSTS OF SUCH IMPROVEMENTS.

INCHOATE: IMMATURE; NOT FULLY DEVELOPED; AN EARLY STAGE; INCOMPLETE; ONLY PARTIALLY EXISTING. AN INCHOATE RIGHT OF DOWER HELD BY A WIFE MATURES AND BECOMES EXERCISABLE ONLY UPON THE DEATH OF HER HUSBAND.

INCOMPETENT: PERSON WHO IS INCAPABLE OF MANAGING HIS OWN AFFAIRS BECAUSE OF A DISABILITY.

INCORPOREAL: HAVING NO MATERIAL SUBSTANCE OR FORM BUT EXISTING IN THE EYES OF THE LAW.

INCUMBRANCE: ANY RIGHT TO OR INTEREST IN LAND WHICH MAY SUBSIST IN ANOTHER AND WHICH DIMINISHES ITS VALUE.

INDEFEASIBLE: THAT WHICH CANNOT BE DEFEATED OR MADE VOID; USUALLY APPLIED TO AN ESTATE OR LAND.

INDEMNITY: A CONTRACT OR ASSURANCE BY WHICH A PERSON ENGAGES TO SECURE ANOTHER AGAINST THE LOSS FROM A FUTURE ACT. A TITLE INSURANCE POLICY IS A CONTRACT OF INDEMNITY.

INDENTURE: A DEED OR OTHER REAL ESTATE CONTRACT EXECUTED BETWEEN TWO OR MORE PARTIES.

INDEX: (1) AN ALPHABETICAL OR GEOGRAPHICAL LISTING IN THE PUBLIC RECORDS OF THE NAMES OF PARTIES TO RECORDED REAL ESTATE INSTRUMENTS TOGETHER WITH THE BOOK AND PAGE NUMBER OF THE RECORD. (2) THE LISTING IN ABSTRACT AND TITLE PLANTS OF RECORDED REAL ESTATE INSTRUMENTS IN GROUPS ACCORDING TO LAND DESCRIPTIONS, KNOWN AS A GEOGRAPHIC INDEX. (3) THE ALPHABETICAL LISTING IN ABSTRACT AND TITLE PLANTS, BY NAMES OF THE PARTIES, OF ALL RECORDED INSTRUMENTS WHICH AFFECT BUT DO NOT DESCRIBE PARTICULAR REAL ESTATE, SUCH AS JUDGMENTS, POWERS OF ATTORNEY, WILLS AND PROBATE PROCEEDINGS. THESE INDICES ARE KNOWN BY VARIOUS NAMES SUCH AS GENERAL INDEX, JUDGMENT INDEX, AND NAME INDEX.

INDORSEMENT: THE ACT OF SIGNING ONE'S NAME ON THE BACK OF A CHECK OR PROMISSORY NOTE TO TRANSFER IT TO A THIRD PARTY. ALSO, A RIDER ATTACHED TO AN INSURANCE POLICY TO EXPAND OR LIMIT COVERAGE. ALSO SPELLED ENDORSEMENT. (SEE ENDORSEMENT)

INGRESS: THE RIGHT OR PERMISSION TO ENTER; ALSO THE MEANS OR PLACE OF ENTRY SUCH AS A RIGHT-OF-WAY ACROSS ADJOINING LAND.

IN GROSS EASEMENT: (EASEMENT IN GROSS) EASEMENT CREATED FOR THE BENEFIT OF AN INDIVIDUAL, RATHER THAN FOR A PARCEL OF LAND, I.E. A PUBLIC UTILITY EASEMENT.

IN PERSONAM: AGAINST THE PERSON.

IN RE: IN THE MATTER OF.

IN REM: AGAINST A THING (PROPERTY) AND NOT AGAINST A PERSON. (SEE ALSO ACTIONIN- REM)

INSTALLMENT CONTRACT: A REAL ESTATE PURCHASE AGREEMENT PROVIDING FOR THE PAYMENT OF THE PURCHASE PRICE IN SEVERAL SUCCESSIVE PAYMENTS SUCH AS MONTHLY PAYMENTS. A LAND CONTRACT IS AN INSTALLMENT CONTRACT. (A/K/A BOND FOR DEED, CONTRACT FOR DEED, AND LAND SALE CONTRACT)

INSTRUMENT: ANY WRITTEN DOCUMENT BY WHICH SOMETHING IS DONE REGARDING RIGHTS OR INTERESTS IN REAL ESTATE.

INSURABLE INTEREST: INTEREST IN PROPERTY OF SUCH A NATURE THAT THE OCCURRENCE OF THE EVENT INSURED AGAINST WOULD CAUSE FINANCIAL LOSS TO THE INSURED. THE INTEREST MAY BE THAT OF AN OWNER, MORTGAGEE, LESSEE, TRUSTEE, ETC.

INSURER: ONE THAT INSURES, SOMETIMES CALLED AN UNDERWRITER, SUCH AS A TITLE INSURANCE COMPANY.

INTANGIBLE: INCORPOREAL; SOMETHING THAT DOES NOT HAVE MATERIAL OR PHYSICAL EXISTENCE. AN EXAMPLE IS AN ASSET SUCH AS THE GOODWILL OF A BUSINESS AS COMPARED WITH THE STOCK-IN-TRADE.

INTERESTS: ESTATES, RIGHTS, OR LEGAL CLAIMS IN AND TO REAL ESTATE.

INTERIM LOAN: SHORT TERM LOAN USUALLY MADE DURING CONSTRUCTION OF A BUILDING. AFTER COMPLETION OF THE STRUCTURE, A PERMANENT LOAN (TAKEOUT LOAN) IS CUSTOMARILY ARRANGED. (A/K/A BRIDGE LOAN)

INTESTATE: WITHOUT A LEGAL WILL. THE INTESTATE LAWS ARE THE LAWS OF DISTRIBUTION OF THE ESTATE OF A DECEASED PERSON WHO DIES WITHOUT A WILL.

INTRA: WITHIN.

INURE: SERVING TO THE USE OR BENEFIT OF.

INVITEE: A PERSON WHO IS AT A PLACE BY THE INVITATION OF ANOTHER.

INVOLUNTARY LIEN: A LIEN, SUCH AS A JUDGMENT LIEN OR TAX LIEN, WHICH ATTACHES TO PROPERTY WITHOUT THE CONSENT OF THE OWNER.

IPSO FACTO: OF ITSELF; BY THE VERY FACT.

ISLAND: A PIECE OF LAND SURROUNDED BY WATER.

ISSUE: ALL THOSE DESCENDED FROM A COMMON ANCESTOR.

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JOINT TAKE-OFF: WHEN A GROUP OF TITLE COMPANIES SHARES THE COST OF ONE TAKEOFF MADE FOR THE USE AND BENEFIT OF EACH MEMBER OF THE GROUP, IT IS CALLED A JOINT TAKE-OFF. A TAKE-OFF IS AN ABBREVIATED COPY OF THE PRINCIPAL FEATURES OF RECORDED INSTRUMENTS REQUIRED FOR THE PURPOSES OF INDEXATION IN AN ABSTRACT PLANT OR FOR PURPOSES OF MAKING ABSTRACTS OR EXAMINING TITLES.

JOINT TENANTS: TWO OR MORE PERSONS WHO HOLD TITLE TO REAL ESTATE JOINTLY, WITH EQUAL RIGHTS TO SHARE IN ITS ENJOYMENT DURING THEIR RESPECTIVE LIVES WITH THE PROVISION THAT UPON THE DEATH OF A JOINT TENANT, HIS SHARE IN PROPERTY PASSES TO THE SURVIVING TENANTS, AND SO ON, UNTIL THE FULL TITLE IS VESTED IN THE LAST SURVIVOR. A JOINT TENANT CANNOT LEGALLY SELL OR ENCUMBER HIS INTEREST WITHOUT THE CONSENT OR JOINDER OF ALL OF THE OTHER JOINT TENANTS WITHOUT DESTROYING THE JOINT TENANCY.

JOINT VENTURE: BUSINESS UNDERTAKING BY TWO OR MORE PERSONS TO CONDUCT A SINGLE ENTERPRISE FOR PROFIT. JOINT VENTURE HAS CHARACTERISTICS OF A PARTNERSHIP, BUT RELATES TO A SINGLE VENTURE.

JUDGMENT: A CONCLUSION OR DETERMINATION BY A COURT OF LAW USUALLY AWARDING THE PAYMENT OF MONEY OR RELIEF OF SOME KIND TO ONE OF THE PARTIES TO A LAWSUIT.

JUDICIAL: OF OR PERTAINING TO COURTS OF LAW OR THE ADMINISTRATION OF JUSTICE.

JUNIOR MORTGAGE: A MORTGAGE WHICH IS SUBORDINATE TO ANOTHER MORTGAGE WHICH IS CALLED THE PRIOR, SENIOR OR FIRST MORTGAGE.

JURAT: (1) THE CERTIFICATE OF AN OFFICER BEFORE WHOM A WRITING WAS SWORN TO, SUCH AS A NOTARY PUBLIC. (2) THAT PART OF AN AFFIDAVIT STATING WHERE, WHEN, AND BEFORE WHOM, THE AFFIDAVIT WAS SWORN.

JURISDICTION: (1) THE RIGHT AND POWER OF COURTS TO INTERPRET AND APPLY THE LAW. (2) THE LEGAL POWER OF CONTROL OVER PERSONS AND PROPERTY. (3) A GEOGRAPHICAL AREA IN WHICH A COURT HAS POWER AND AUTHORITY TO ACT.

JURISPRUDENCE: A SYSTEM OF LAWS. THE SCIENCE OR PHILOSOPHY OF THE LAW.

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KICKBACK: AN ILLEGAL RETURN OF PART OF A FEE GIVEN BACK BECAUSE OF A

CONFIDENTIAL AGREEMENT OR COERCION.

KITING: THE PRACTICE OF TAKING ADVANTAGE OF THE FLOAT, THE TIME THAT ELAPSES BETWEEN THE DEPOSIT OF A CHECK IN ONE BANK AND ITS COLLECTION AT ANOTHER. KITING CONSISTS OF WRITING CHECKS AGAINST A BANK ACCOUNT WHERE FUNDS ARE INSUFFICIENT TO COVER THEM, HOPING THAT BEFORE THEY ARE PRESENTED THE NECESSARY FUNDS WILL BE DEPOSITED.

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LACHES: AN UNREASONABLE DELAY BY A PARTY MAKING A CLAIM OR BRINGING AN ACTION SO THAT THE RIGHTS OF THE PARTY ARE WAIVED. LACHES IS NOT CONTROLLED BY A STATUTE OF LIMITATION.

LAND: A GENERAL TERM WHICH INCLUDES THE GROUND AND THOSE THINGS OF A PERMANENT NATURE SUCH AS TREES, CROPS, OIL, AND MINERALS IN THE GROUND, UNLESS SPECIFICALLY EXCEPTED.

LAND CONTRACT: AN INSTALLMENT CONTRACT FOR THE SALE OF LAND. THE SELLER (VENDOR) HAS LEGAL TITLE UNTIL PAID IN FULL. THE BUYER (VENDEE) HAS EQUITABLE TITLE DURING THE CONTRACT TERM. (A/K/A LAND SALES CONTRACT, CONTRACT FOR DEED, AND INSTALLMENT LAND CONTRACT)

LANDLORD: AN OWNER OF LEASED REAL ESTATE.

LANDOWNER'S ROYALTY: (SEE ROYALTY)

LATENT: EXISTING, BUT LYING HIDDEN OR CONCEALED.

LATERAL SUPPORT: THE RIGHT OF A LANDOWNER TO THE NATURAL SUPPORT OF HIS LAND BY ADJOINING LAND. THE ADJOINING OWNER HAS THE DUTY NOT TO CHANGE HIS LAND (SUCH AS LOWERING IT) SO AS TO CAUSE THIS SUPPORT TO BE WEAKENED OR REMOVED. (SEE ALSO SUBJACENT SUPPORT)

LEASE: AN AGREEMENT BY WHICH AN OWNER OF REAL PROPERTY (LESSOR) GIVES THE RIGHT OF POSSESSION TO ANOTHER (LESSEE), FOR A SPECIFIED PERIOD OF TIME (TERM) AND FOR A SPECIFIED CONSIDERATION (RENT).

LEASEHOLD: AN ESTATE IN REALTY HELD UNDER A LEASE; AN ESTATE FOR A FIXED TERM. CONSIDERED IN MANY STATES TO BE PERSONAL PROPERTY.

LEGAL: (1) RELATING TO OR CONCERNED WITH THE LAW. (2) IN CONFORMITY WITH OR PERMITTED BY LAW.

LEGACY: A GIFT OF PERSONAL PROPERTY BY WILL.

LEGAL DESCRIPTION: DESCRIPTION BY WHICH PROPERTY CAN BE DEFINITELY LOCATED ON THE GROUND BY REFERENCE TO MONUMENTS, GOVERNMENT SURVEY, METES AND BOUNDS, OR LOT NUMBERS OF A RECORDED PLAT; SOMETIMES REFERRED TO SIMPLY AS THE LEGAL.

LEGAL TITLE: USUALLY TITLE WITHOUT OWNERSHIP RIGHTS, SUCH AS THE TITLE PLACED IN A TRUSTEE UNDER A DEED OF TRUST, OR THE TITLE IN A VENDOR UNDER A LAND CONTRACT.

LEGATEE: (1) ONE WHO RECEIVES PERSONAL PROPERTY BY WILL. (2) ONE RECEIVING ANY PROPERTY BY WILL, REAL OR PERSONAL.

LESSEE: THE PARTY TO WHOM A LEASE (RIGHT TO POSSESSION) IS GIVEN IN RETURN FOR A CONSIDERATION (RENT).

LESSOR: THE PARTY (USUALLY THE OWNER) WHO GIVES THE LEASE (RIGHT TO POSSESSION) IN RETURN FOR A CONSIDERATION (RENT).

LETTERS OF ADMINISTRATION: FORMAL WRITTEN EVIDENCE OF COURT APPOINTMENT OF A PERSONAL REPRESENTATIVE OF THE ESTATE OF AN INTESTATE DECEDENT.

LETTERS OF GUARDIANSHIP: FORMAL WRITTEN EVIDENCE OF COURT APPOINTMENT OF A GUARDIAN FOR THE PERSON, ESTATE, OR PERSON AND ESTATE OF A MINOR OR OF AN INCOMPETENT.

LETTERS TESTAMENTARY: FORMAL WRITTEN EVIDENCE OF COURT APPOINTMENT OF A PERSONAL REPRESENTATIVE OF THE ESTATE OF A TESTATE DECEDENT.

LEVY: A COLLECTION, SEIZURE, ASSESSMENT, ETC., SUCH AS TO LEVY (ASSESS AND COLLECT) TAXES.

LIABILITY: A LEGAL OBLIGATION OR RESPONSIBILITY TO PAY A LOSS, DAMAGE, OR A DEBT.

LICENSE: IN THE TITLE INDUSTRY, PERMISSION TO GO UPON OR USE THE LAND OF ANOTHER, THE PERMISSION BEING A PERSONAL PRIVILEGE AND NOT CONSTITUTING AN INTEREST IN THE LAND. A PERMISSION, EITHER EXPRESSED OR IMPLIED.

LIEN: A CLAIM, ENCUMBRANCE, OR CHARGE ON PROPERTY FOR PAYMENT OF SOME DEBT, OBLIGATION OR DUTY. THIS LIABILITY MAY BE CREATED BY CONTRACT, SUCH AS A MORTGAGE, OR BY OPERATION OF LAW, SUCH AS A MECHANIC'S LIEN.

LIFE ESTATE: AN ESTATE IN REAL PROPERTY FOR THE LIFE OF A LIVING PERSON. THE ESTATE THEN REVERTS BACK TO THE GRANTOR OR ON TO A THIRD PARTY (REMAINDERMAN).

LIFE TENANCY: AN ESTATE IN REAL PROPERTY IN WHICH THE TENANT HAS A FREEHOLD INTEREST FOR HIS LIFE OR FOR THE LIFE OF ANOTHER (PUR AUTRE VIE).

LIFE TENANT: ONE WHO HOLDS AN ESTATE IN LANDS FOR THE PERIOD OF HIS OWN LIFE OR THAT OF ANOTHER CERTAIN PERSON.

LINEAL: (1) BEING IN THE DIRECT LINE OF DESCENT AND INHERITANCE FROM AN ANCESTOR. (2) A DIRECT LINE AS RELATED TO A MEASUREMENT.

LIMITED WARRANTY DEED: A WRITTEN WARRANTY WHICH FAILS TO MEET ONE OR MORE OF THE MINIMUM STANDARDS FOR A FULL WARRANTY.

LIS PENDENS: A LEGAL NOTICE RECORDED TO SHOW PENDING LITIGATION RELATING TO REAL PROPERTY AND GIVING NOTICE THAT ANYONE ACQUIRING AN INTEREST IN SAID PROPERTY SUBSEQUENT TO THE DATE OF THE NOTICE WILL BE BOUND BY THE OUTCOME OF THE LITIGATION.

LISTING: AN AGREEMENT BETWEEN AN OWNER OF REAL PROPERTY AND A REAL ESTATE AGENT, WHEREBY THE AGENT AGREES TO SECURE A BUYER OR TENANT FOR SPECIFIC PROPERTY AT A CERTAIN PRICE AND TERMS IN RETURN FOR A FEE OR COMMISSION.

LITIGATION: LEGAL PROCEEDINGS; A LAWSUIT IN WHICH A DISPUTE IS SUBMITTED TO A COURT FOR DETERMINATION.

LOAN POLICY: A TITLE INSURANCE POLICY INSURING A MORTGAGEE OR BENEFICIARY UNDER A DEED OF TRUST AGAINST LOSS CAUSED BY INVALID TITLE IN THE BORROWER OR LOSS OF PRIORITY OF THE MORTGAGE OR DEED OF TRUST.

LOCK BOX DEED: DEED PLACED IN A SAFE DEPOSIT BOX WHICH IS NOT OPENED UNTIL AFTER DEATH. IT RAISES THE LEGAL ISSUE OF DELIVERY.

LOSS: (1) DAMAGE SUFFERED BY A PERSON RESULTING FROM DEFECTS IN OR LIENS UPON HIS TITLE TO REAL ESTATE. (2) MONEY PAID BY A TITLE INSURANCE COMPANY IN SETTLEMENT OF POLICY CLAIMS.

LOT SPLIT: PARTITION OF A PRE-EXISTING PARCEL OF LAND WITH OR WITHOUT A SALE OF THE PROPERTY. LOT SPLITTING IS GENERALLY REGULATED BY LOCAL ZONING ORDINANCES.

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MARKETABLE TITLE: A TITLE WHICH IS FREE FROM ENCUMBRANCES AND ANY REASONABLE DOUBT AS TO ITS VALIDITY, AND SUCH AS A REASONABLY INTELLIGENT PERSON, WHO IS WELL INFORMED AS TO FACTS AND THEIR LEGAL BEARINGS, AND READY AND WILLING TO PERFORM HIS CONTRACT, WOULD BE WILLING TO ACCEPT IN EXERCISE OF ORDINARY BUSINESS PRUDENCE. SINCLAIR V. WEBER , 204 MD. 324, 104 A.2D 561, 565.

IN OTHER WORDS, TITLE WHICH CAN BE READILY MARKETED (SOLD) TO A REASONABLY PRUDENT PURCHASER AWARE OF THE FACTS AND THEIR LEGAL MEANING CONCERNING LIENS AND ENCUMBRANCES.

MARKET VALUE: THE HIGHEST PRICE A WILLING BUYER WOULD PAY AND A WILLING SELLER WOULD ACCEPT, BOTH BEING FULLY INFORMED, AND THE PROPERTY EXPOSED FOR A REASONABLE PERIOD OF TIME. THE MARKET VALUE MAY BE DIFFERENT FROM THE PRICE FOR WHICH A PROPERTY CAN ACTUALLY BE SOLD AT A GIVEN TIME (MARKET PRICE).

MARSHALING: ARRANGING, RANKING, OR DISPOSING IN ORDER; PARTICULARLY, IN THE CASE OF A GROUP OR SERIES OF CONFLICTING CLAIMS OR INTERESTS, ARRANGING THEM IN SUCH AN ORDER OF SEQUENCE, OR SO DIRECTING THE MANNER OF THEIR SATISFACTION, AS SHALL SECURE JUSTICE TO ALL PERSONS CONCERNED AND THE LARGEST POSSIBLE MEASURE OF SATISFACTION TO EACH. EQUITABLE DOCTRINE OF "MARSHALING" RESTS UPON PRINCIPLE THAT CREDITOR HAVING TWO FUNDS TO SATISFY HIS DEBT MAY NOT, BY HIS APPLICATION OF THEM TO HIS DEMAND, DEFEAT ANOTHER CREDITOR, WHO MAY RESORT TO ONLY ONE OF THE FUNDS. COLUMBIA BANK FOR

COOPERATIVES V. LEE: , C.A.N.C., 368 F2D 934, 939.

MEANDER: TO FOLLOW A WINDING OR FLEXUOUS COURSE, USUALLY REFERRING TO A RIVER OR STREAM.

MECHANIC'S LIEN: A LIEN ON REAL ESTATE, CREATED BY OPERATION OF LAW, WHICH SECURES THE PAYMENT OF DEBTS DUE TO PERSONS WHO PERFORM LABOR OR SERVICES OR FURNISH MATERIALS INCIDENT TO THE CONSTRUCTION OF BUILDINGS AND IMPROVEMENTS ON THE REAL ESTATE.

MEETING OF MINDS: A LEGAL TERM MEANING THE MUTUAL AGREEMENT NECESSARY TO FORM A CONTRACT. IT IS NOT BASED ON WHAT MAY ACTUALLY BE IN THE MINDS OF THE PARTIES, BUT ON WHETHER THE ACTS OF THE PARTIES AND CIRCUMSTANCES OF THE CONTRACT INDICATE THAT THE PARTIES AGREE.

MERGER OF TITLE: ABSORPTION OF ONE ESTATE INTO ANOTHER, A UNITING OF DIFFERENT INTERESTS IN A PARCEL OF PROPERTY INTO ONE OWNERSHIP.

MERIDIANS: IMAGINARY NORTH-SOUTH LINES THAT INTERSECT BASE LINES TO FORM A STARTING POINT FOR MEASUREMENT OF LAND. A CIRCLE OR SEMI-CIRCLE AROUND THE EARTH IN A NORTH AND SOUTH DIRECTION, ALWAYS TOUCHING OR PASSING THROUGH THE POLES. USED AS A GUIDE IN SURVEYING, BEING PLACED TWENTY-FOUR MILES APART AND RUNNING FROM A BASE LINE.

METES AND BOUNDS: DESCRIPTION OF LAND BY BOUNDARY LINES, WITH THEIR TERMINAL POINTS AND ANGLES. ORIGINALLY METES REFERRED TO DISTANCE, BOUNDS TO DIRECTION. NOW, THE WORDS HAVE NO INDIVIDUAL MEANING OF PRACTICAL SIGNIFICANCE.

MONUMENT: A VISIBLE, PERMANENT OBJECT, MARKED BY A SURVEYOR, TO INDICATE THE BOUNDARIES OF LAND. MAY BE ARTIFICIAL, SUCH AS A POST, OR NATURAL, SUCH AS A TREE OR LARGE STONE.

MORTGAGE: PLEDGE OF PROPERTY TO A CREDITOR AS SECURITY FOR THE PAYMENT OF A DEBT WHICH MAY BE SATISFIED OR CANCELED BY PAYMENT.

MORTGAGE BOOK: A BOOK IN THE PUBLIC RECORDS IN WHICH MORTGAGES ARE RECORDED.

MORTGAGEE: THE HOLDER OF A MORTGAGE. THE PARTY TO WHOM A MORTGAGE IS MADE.

MORTGAGEE POLICY: (SOMETIMES CALLED A MORTGAGE POLICY OR LOAN POLICY.) A POLICY OF TITLE INSURANCE INSURING THE HOLDER OF A MORTGAGE AGAINST LOSS OCCASIONED BY THE IMPAIRMENT OR INVALIDITY OF THE LIEN OF THE MORTGAGE OR BECAUSE OF DEFECTS IN, SUPERIOR LIENS UPON, OR UNMARKETABILITY OF THE TITLE.

MORTGAGOR: A PERSON WHO BORROWS THE MONEY AND GIVES THE MORTGAGE.

MULTIPLE LISTING: THE POOLING, IN A CENTRAL BUREAU, OF LISTINGS OF PROPERTIES FOR SALE, WHICH LISTINGS ARE HELD INDIVIDUALLY BY MEMBERS OF A GROUP OF REAL ESTATE BROKERS. THERE IS AN AGREEMENT BETWEEN THE BROKERS THAT ANY MEMBER OF THE GROUP MAY SELL THE PROPERTIES AND IN CASE OF A SALE, THE COMMISSION WILL BE DIVIDED AMONG THE BROKER MAKING THE SALE, THE BROKER WHO FILED THE LISTING, AND THE BUREAU.

MUNIMENT OF TITLE: (1) DOCUMENTARY EVIDENCE OF TITLE. THE INSTRUMENTS OF WRITING AND WRITTEN EVIDENCES WHICH THE OWNER OF LANDS, POSSESSIONS, OR INHERITANCES HAS, BY WHICH HE IS ENABLED TO DEFEND THE TITLE OF HIS ESTATE. (2) THE RECORDS OF TITLE TRANSACTIONS IN THE CHAIN OF TITLE OF A PERSON PURPORTING TO CREATE THE INTEREST IN LAND CLAIMED BY SUCH PERSON AND UPON WHICH HE RELIES AS A BASIS FOR THE MARKETABILITY OF HIS TITLE, COMMENCING WITH THE ROOT OF TITLE AND INCLUDING ALL SUBSEQUENT TRANSACTIONS.

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NEGLIGENCE: THE OMISSION TO DO SOMETHING WHICH A REASONABLE PERSON WOULD ORDINARILY DO OR THE DOING OF SOMETHING A REASONABLE PERSON WOULD NOT DO.

NEGOTIABLE: CAPABLE OF BEING LEGALLY TRANSFERRED BY ENDORSEMENT FROM ONE PERSON TO ANOTHER.

NEGOTIABLE INSTRUMENT: A WRITTEN PROMISE TO PAY A CERTAIN SUM OF MONEY.

NET LISTING: THE LISTING WITH A BROKER OF REAL ESTATE FOR SALE FOR A SPECIFIED PRICE, NET TO THE SELLER, EXCLUSIVE OF COMMISSION AND CLOSING COSTS.

NOMINEE: (1) PARTY DESIGNATED TO ACT IN PLACE OF A PRINCIPAL IN A REAL ESTATE TRANSACTION. DOES NOT ACT ON OWN BEHALF, BUT AS TRUSTEE FOR REAL PARTY. (2)ONE DESIGNATED TO ACT FOR ANOTHER AS A REPRESENTATIVE IN A RATHER LIMITED SENSE (AS AGENT OR TRUSTEE).

NON-INTERCOURSE ACTS: THE REFUSAL OF ONE STATE OR NATION TO HAVE COMMERCIAL DEALING WITH ANOTHER. SIMILAR TO AN EMBARGO. GENERALLY RELATES TO INDIANS AND DEALINGS WITH INDIANS.

NOTARIZE: TO ATTEST AND CERTIFY BY HAND AND OFFICIAL SEAL THE AUTHENTICITY OF DOCUMENTS AND SIGNATURES.

NOTARY PUBLIC: ONE WHO IS AUTHORIZED BY THE STATE OR FEDERAL GOVERNMENT TO ADMINISTER OATHS AND TO ATTEST TO THE AUTHENTICITY OF SIGNATURES. A FEDERAL AUTHORIZATION MAY EXTEND THE AUTHORITY TO ATTEST TO THE AUTHENTICITY OF CERTAIN DOCUMENTS, AND TO ACT AS A NOTARY IN FOREIGN COUNTRIES.

NOTE: AN INSTRUMENT CONTAINING AN EXPRESS AND ABSOLUTE PROMISE OF SIGNER (I.E. MAKER) TO PAY TO A SPECIFIED PERSON OR ORDER, OR BEARER, A DEFINITE SUM OF MONEY AT A SPECIFIED TIME. TWO PARTY INSTRUMENT MADE BY THE MAKER AND PAYABLE TO PAYEE WHICH IS NEGOTIABLE IF SIGNED BY THE MAKER AND CONTAINS AN UNCONDITIONAL PROMISE TO PAY SUM CERTAIN IN MONEY, ON DEMAND OR AT A DEFINITE TIME, TO ORDER OR BEARER. U.C.C. SEC. 3-104(1). A NOTE NOT MEETING THESE REQUIREMENTS MAY BE ASSIGNABLE BUT NOT NEGOTIABLE. (SEE PROMISSORY NOTE)

NUISANCE: ANYTHING THAT IS OFFENSIVE AND WORKS AN INJURY OR HARM TO A PERSON OR PROPERTY. THERE ARE SEVERAL KINDS OF NUISANCES: (1) ACTIONABLE - ANYTHING WRONGFULLY DONE OR PERMITTED WHICH INJURES OR ANNOYS ANOTHER IN THE ENJOYMENT OF HIS LEGAL RIGHTS; (2) COMMON-- ONE WHICH AFFECTS THE PUBLIC IN GENERAL; AND (3) PERMANENT--A NUISANCE OF SUCH CHARACTER THAT ITS CONTINUANCE IS NECESSARILY AN INJURY WHICH WILL CONTINUE WITHOUT CHANGE.

NUISANCE PER SE: A STRUCTURE WHICH IS A NUISANCE AT ALL TIMES AND UNDER ALL CIRCUMSTANCES.

NUNC PRO TUNC: "NOW FOR THEN"; A TARDY ACT MADE RETROACTIVE TO TAKE EFFECT AS OF THE TIME IT SHOULD HAVE BEEN DONE.

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OBLIGATION: THAT WHICH A PERSON IS BOUND TO DO OR FOREBEAR; ANY DUTY IMPOSED BY LAW, PROMISE, CONTRACT, RELATIONS OF SOCIETY, COURTESY, ETC.

OFFICIAL RECORD BOOK: ONE OF A SET OF BOOKS IN THE PUBLIC RECORDS IN WHICH IS RECORDED ALL PAPERS FILED FOR RECORD. SUCH BOOKS SUPPLANT DEED BOOKS AND MORTGAGE BOOKS.

OPEN-END MORTGAGE: A MORTGAGE (OR DEED OF TRUST) THAT, IN ADDITION TO THE ORIGINAL OBLIGATION, SECURES ADDITIONAL ADVANCES MADE BY THE LENDER AFTER THE DATE OF EXECUTION OF THE MORTGAGE. ADDITIONAL ADVANCES MAY BE EITHER OPTIONAL OR OBLIGATORY. (SEE ALSO FUTURE ADVANCE CLAUSE)

OPINION: IN THE TITLE INDUSTRY IT IS REFERRED TO AS TITLE OPINION. A DOCUMENT PREPARED BY AN ATTORNEY FOR HIS CLIENT RENDERING INFORMATION AS TO THE STATUS OF THE OWNERSHIP OF REAL PROPERTY.

OPTION: A RIGHT, GIVEN FOR CONSIDERATION, TO PURCHASE OR LEASE A PARCEL OF PROPERTY WITHIN A SPECIFIED TIME AND ON SPECIFIED TERMS.

ORDER CONFIRMING SALE: A COURT ORDER CONFIRMING SALE OF ESTATE PROPERTY.

ORDINANCE: THE ENACTMENTS OF THE LEGISLATIVE BODY OF A MUNICIPAL CORPORATION.

OVERRIDING ROYALTY: AN INTEREST IN OIL AND GAS TO BE PRODUCED THAT A LESSEE MAY RETAIN WHEN EXECUTING AN ASSIGNMENT OF AN OIL AND GAS LEASE.

OWNER'S POLICY: A POLICY OF TITLE INSURANCE USUALLY INSURING AN OWNER OF REAL ESTATE AGAINST LOSS OCCASIONED BY DEFECTS IN, LIENS AGAINST, OR UNMARKETABILITY OF THE OWNER'S TITLE.

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PARCEL: ANY AREA OF LAND CONTAINED WITHIN A SINGLE DESCRIPTION.

PAROL: ORALLY, BY WORD OF MOUTH. FOR EXAMPLE, IF A LANDOWNER GIVES ANOTHER VERBAL PERMISSION TO GATHER FIREWOOD FROM HIS LAND OR PERMISSION TO HUNT GAME THEREON, THAT VERBAL PERMISSION WOULD BE CALLED A PAROL LICENSE. ALSO, A WITNESS WHO TESTIFIES BY WORD OF MOUTH IN COURT IS SAID TO GIVE PAROL TESTIMONY AS CONTRASTED TO WRITTEN EVIDENCE WHICH MAY BE INTRODUCED IN THE CASE, SUCH AS ORIGINAL DEEDS, WILLS, CORRESPONDENCE, OR OTHER DOCUMENTS.

PAROL GIFT: A GIFT MADE ORALLY, BY WORD OF MOUTH AS CONTRASTED TO ONE MADE IN WRITING.

PARTITION ACTION: A LAWSUIT BETWEEN JOINT OWNERS OF REAL ESTATE IN WHICH THE COURT EITHER DIVIDES THE PROPERTY BETWEEN THEM OR ORDERS THE PROPERTY SOLD AND DIVIDES THE PROCEEDS BETWEEN THEM.

PARTNERSHIP: AN ASSOCIATION OF TWO OR MORE PERSONS, TO CARRY-ON AS COOWNERS, A BUSINESS FOR THE MUTUAL PARTICIPATION IN THE PROFITS WHICH MAY ACCRUE FROM PROPERTY OR INDUSTRY. A PARTNERSHIP MAY BE GENERAL OR LIMITED. A GENERAL PARTNERSHIP IS ONE IN WHICH ALL THE PARTNERS SHARE IN THE PROFITS AND LOSSES OF THE ENTERPRISE AND IN MANAGEMENT AND OPERATION OF PARTNERHSIP AFFAIRS. EACH PARTNER IS PERSONALLY LIABLE FOR THE DEBTS AND OBLIGATIONS OF THE PARTNERSHIP. IN A LIMITED PARTNERSHIP, HOWEVER, THERE IS A GENERAL PARTNER (OR PARTNERS) WHO MANAGES THE PARTNERSHIP AFFAIRS AND CAN BIND THE PARTNERSHIP AND THERE ARE ALSO LIMITED PARTNERS WHO ARE PASSIVE INVESTORS IN THE ENTERPRISE.

PARTY WALL: A WALL BUILT ALONG THE BOUNDARY LINE OF ADJOINING PROPERTIES AND SHARED BY THE RESPECTIVE PROPERTY OWNERS OR TENANTS FOR THE COMMON BENEFIT OF BOTH PARTNERS.

PATENT: (1) (NOUN) A CONVEYANCE, BY THE STATE OR FEDERAL GOVERNMENT, OF TITLE TO A PORTION OF THE PUBLIC LAND. (2) (ADJECTIVE) APPARENT, OBVIOUS, OPEN TO VIEW. (ALSO SEE LATENT)

PERCENTAGE LEASE: A LEASE OF PROPERTY IN WHICH THE RENTAL IS BASED UPON THE VOLUME OF SALES MADE BY THE LESSEE ON THE LEASED PROPERTY.

PERIMETER: (1) THE BOUNDARY LINES ENCLOSING A TRACT OF LAND. (2) THE LENGTH OF THE BOUNDARY LINES ENCLOSING A TRACT OF LAND.

PERPETUITY: THE TAKING OF PROPERTY OUT OF THE CHANNEL OF COMMERCE BY LIMITING ITS CAPACITY TO BE SOLD FOR A PERIOD OF TIME LONGER THAN THAT OF A LIFE IN BEING PLUS 21 YEARS AND A PERIOD OF GESTATION. IT IS THE CONDITION OF AN ESTATE LIMITED SO THAT IT WILL NOT TAKE EFFECT OR VEST WITHIN A PERIOD FIXED BY LAW. ALSO CALLED "THE RULE AGAINST REMOTENESS OF VESTING."

PERSONAL PROPERTY: TEMPORARY OR MOVABLE PROPERTY AS DISTINGUISHED FROM REAL ESTATE.

PERSONALTY: PERSONAL PROPERTY, MOVEABLE PROPERTY; CHATTELS

PLAINTIFF: THE PARTY INITIATING AN ACTION. THE PARTY WHO COMPLAINS OR SUES IN A CIVIL ACTION AND IS SO NAMED ON THE RECORD.

PLANNED UNIT DEVELOPMENT: A PLANNED UNIT DEVELOPMENT ("PUD") IS A PROJECT IN WHICH, TYPICALLY, THE BUILDINGS ARE BUILT IN STYLES THAT ARE SOMETIMES REFERRED TO AS "CLUSTER HOUSING." PUD IS A CONCEPT ACCORDING TO WHICH HOUSING, TYPICALLY A GROUP OF TOWNHOMES, PATIOHOUSES, OR ROW-HOUSES, IS BUILT WITH MINIMAL GROUND SPACE OR YARDS SURROUNDING EACH DWELLING. THE GROUND WHICH WOULD NORMALLY CONSTITUTE THE YARD FOR EACH DWELLING IS CONSOLIDATED INTO A LARGER RECREATIONAL OR GREENBELT AREA. THIS AREA USUALLY ALSO INCLUDES ALL WALKS, DRIVES, AND PARKING AREAS. THE INDIVIDUAL DWELLINGS AND, POSSIBLY, A SMALL PATIO, FLOWER BED, OR SIMILAR MINIMAL ANCILLARY PERSONAL USE SITE, WHICH MAY BE OWNED WITH THE RESIDENCE, ARE INDIVIDUALLY OWNED. ALL OF THE ANCILLARY LAND, SUCH AS RECREATION AREAS, GREENBELTS, WALKWAYS AND OTHERS ("COMMON AREA") ARE OWNED AS AN UNDIVIDED INTEREST, USUALLY INDIRECTLY, WITH OTHERS. BECAUSE OF THE TYPICAL LAND OWNERSHIP DIVISIONS, THE UNIT OWNERS ARE GRANTED EASEMENTS APPURTENANT (RUNNING WITH THE LAND) FOR INGRESS, EGRESS, PARKING, AND RECREATIONAL USE OVER THE COMMON AREA; OTHERWISE THE UNITS WOULD BE LANDLOCKED.

PLAT: A MAP OF A TOWN, SECTION, OR SUBDIVISION SHOWING THE LOCATION AND BOUNDARIES OF INDIVIDUAL PARCELS OF LAND SUBDIVIDED INTO LOTS, WITH STREETS, ALLEYS, EASEMENTS, ETC., USUALLY DRAWN TO A SCALE.

PLAT BOOK: ONE IN A SET OF BOOKS IN THE PUBLIC RECORDS IN WHICH MAPS, PLATS, AND COPIES OF SURVEYS ARE RECORDED.

POLICE POWER: THE INHERENT AUTHORITY OF A GOVERNMENT TO IMPOSE RESTRICTIONS UPON PRIVATE PROPERTY OR PRIVATE RIGHTS FOR THE SAKE OF PUBLIC WELFARE, ORDER, AND SECURITY.

POLICY: (SEE OWNER'S POLICY, MORTGAGEE POLICY, AND LOAN POLICY)

POWER OF ATTORNEY: A LEGAL INSTRUMENT AUTHORIZING ONE TO ACT AS ANOTHER'S AGENT OR ATTORNEY.

PRECEDENT: A PREVIOUSLY DECIDED CASE THAT CAN SERVE AS AUTHORITY TO HELP DECIDE A PRESENT CONTROVERSY.

PRELIMINARY CERTIFICATE: (SEE BINDER)

PREMIUM: (1) THE AMOUNT PAYABLE FOR AN INSURANCE POLICY. (2) A SUM OF MONEY OR BONUS PAID IN ADDITION TO THE REGULAR PRICE.

PREPAYMENT CLAUSE: A PROVISION IN A LOAN AGREEMENT PERMITTING THE DEBTOR, FOR CONSIDERATION, TO PAY PART OR ALL OF THE BALANCE OF THE DEBT BEFORE ITS DUE DATE, THUS SAVING INTEREST.

PREPAYMENT PENALTY: CHARGE IMPOSED BY A LENDER ON A BORROWER WHO WANTS TO PAY ALL OR PART OF THE LOAN BALANCE BEFORE ITS DUE DATE.

PRESCRIPTION: THE GAINING OF SOME RIGHT OR INTEREST IN REAL ESTATE THROUGH LONG AND CONTINUOUS ADVERSE USE, USUALLY FOR A PERIOD PRESCRIBED BY STATUTE, SUCH AS THE ACQUISITION OF AN EASEMENT BY THE UNLICENSED AND ADVERSE USE OF A PATH, ROADWAY, OR UTILITY LINES ACROSS ANOTHER PROPERTY.

PRESCRIPTIVE EASEMENT: A RIGHT TO USE ANOTHER'S PROPERTY WHICH IS NOT INCONSISTENT WITH THE OWNER'S RIGHTS AND WHICH IS ACQUIRED BY A, OPEN AND NOTORIOUS, ADVERSE AND CONTINUOUS USE FOR THE STATUTORY PERIOD (E.G. TWENTY YEARS). TO A CERTAIN EXTENT, IT RESEMBLES TITLE BY ADVERSE POSSESSION BUT DIFFERS TO THE EXTENT THAT THE ADVERSE USER ACQUIRES ONLY AN EASEMENT AND NOT TITLE. TO CREATE AN EASEMENT BY "PRESCRIPTION," THE USE MUST HAVE BEEN OPEN, CONTINUOUS, EXCLUSIVE, AND UNDER CLAIM OF RIGHT FOR STATUTORY PERIOD. SEE ALSO ADVERSE POSSESSION.

PRESUMPTION: THAT WHICH MAY BE ASSUMED WITHOUT PROOF.

PRETERMIT: TO OMIT; TO PASS BY. FOR EXAMPLE, A CHILD WHO IS NOT MENTIONED IN HIS PARENT'S WILL IS REFERRED TO AS A PRETERMITTED HEIR.

PRIMA FACIE: ASSUMED CORRECT UNTIL OVERCOME BY FURTHER PROOF.

PRIMARY RETENTION OR PRIMARY LIABILITY: REFERS TO THE LEVEL OF REINSURANCE LIABILITY. IT IS THE AMOUNT OF LIABILITY TAKEN BY THE CEDING COMPANY FOR WHICH IT HAS THE SOLE LIABILITY IN THE EVENT OF A LOSS.

PRINCIPAL: (1) A SUM OF MONEY OWED AS DEBT UPON WHICH INTEREST IS PAYABLE. (2) A PERSON WHO EMPOWERS ANOTHER TO ACT AS HIS REPRESENTATIVE OR AGENT. (3) THE PERSON HAVING PRIME RESPONSIBILITY FOR AN OBLIGATION AS DISTINGUISHED FROM ONE WHO ACTS AS A SURETY OR ENDORSER. (4) THE HIGHEST IN RANK.

PRIORITY: THE RELATIVE SUPERIORITY OF COMPETING LIENS OR ENCUMBRANCES.

PROBATE: A LEGAL PROCEDURE IN WHICH THE VALIDITY OR INVALIDITY OF A DOCUMENT, SUCH AS A WILL, IS PROVEN.

PROMISSORY NOTE: A WRITTEN PROMISE TO PAY OR REPAY A SPECIFIED SUM OF MONEY AT A STATED TIME, OR ON DEMAND, TO A NAMED PERSON. IN ADDITION TO THE PAYMENT OF PRINCIPAL, A PROMISSORY NOTE USUALLY PROVIDES FOR THE PAYMENT OF INTEREST.

PROPERTY: (1) SOMETHING TANGIBLE OR INTANGIBLE AND CAPABLE OF BEING OWNED AND CONTROLLED. (2) LANDS OR CHATTELS IN WHICH A PERSON OWNS SOME RIGHT, TITLE OR INTEREST TO THE EXCLUSION OF ALL OTHERS. (3) EVERYTHING THAT HAS AN EXCHANGEABLE VALUE OR WHICH GOES TO MAKE UP WEALTH OR ESTATE. MAY BE REAL PROPERTY OR PERSONAL PROPERTY.

PUBLIC RECORDS: THE TRANSCRIPTIONS IN A RECORDER'S OFFICE OF INSTRUMENTS WHICH HAVE BEEN RECORDED, INCLUDING THE INDEXES PERTAINING TO THEM. WRITTEN EVIDENCE OF SOMETHING DONE WHICH IS OPEN TO PUBLIC INSPECTION.

PUBLIC DOMAIN: LAND IN WHICH TITLE VESTS IN THE UNITED STATES OF AMERICA OR INDIVIDUAL STATES.

PURCHASE MONEY MORTGAGE: A MORTGAGE GIVEN BY A PURCHASER TO A SELLER ON THE SUBJECT PROPERTY TO SECURE PAYMENT OF ALL OR A PART OF THE PURCHASE PRICE; CAN ALSO BE A SEPARATE LENDER WHOSE LIEN SECURES THE PURCHASE PRICE.

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QUASI: TO SOME DEGREE, ALMOST, PARTIALLY, SOMEWHAT. ALSO RESEMBLING BUT NOT QUITE BEING THE THING IN QUESTION. INDICATES THAT ONE SUBJECT RESEMBLES ANOTHER, WITH WHICH IT IS COMPARED, IN CERTAIN CHARACTERISTICS BUT THERE ARE INTRINSIC AND MATERIAL DIFFERENCES BETWEEN THEM.

QUIET ENJOYMENT: (1) ONE OF THE COMMON LAW WARRANTIES. (2) ASSURANCE THAT ONE'S TITLE, POSSESSION, OR USE OF REAL ESTATE WILL NOT BE DISTURBED OR DISRUPTED BY A LEGITIMATE CAUSE OR ADVERSE RIGHT.

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 TITLE.

QUIETUS: FINAL DISPOSITION, SETTLEMENT OR ELIMINATION OF A CLAIM OR DEBT.

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 OR RIGHTS WHICH THE GRANTOR MAY HAVE IN THE PROPERTY.

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RANGE: AS USED IN DESCRIPTIONS, A COLUMN OF TOWNSHIPS RUNNING PARALLEL WITH A PRINCIPAL MERIDIAN.

RATE: IN THE TITLE INDUSTRY, THIS TERMS REFERS TO THE COST PER DOLLAR UNIT OF TITLE INSURANCE. FOR EXAMPLE, THE RATE FOR A TEN THOUSAND DOLLAR TITLE INSURANCE POLICY IS (SO MANY) DOLLARS.

RATE SCHEDULE: A LIST OF THE RESPECTIVE COSTS OF DOLLAR UNITS OF TITLE INSURANCE.

REAL ESTATE: LAND, INCLUDING ALL INHERENT NATURAL ATTRIBUTES AND ANY MANMADE IMPROVEMENTS OF A PERMANENT NATURE PLACED THEREON.

REALTOR: A COPYRIGHTED TRADE NAME WHICH CAN BE LEGALLY USED ONLY BY THOSE PERSONS BELONGING TO THE NATIONAL ASSOCIATION OF REAL ESTATE BOARDS. THIS PERSON IS LICENSED TO SELL REAL ESTATE.

REALTY: ANOTHER NAME FOR REAL ESTATE OR A BRIEF TERM FOR REAL PROPERTY.

RECORDING: THE ACT OF A RECORDER RECEIVING AND TRANSCRIBING IN A BOOK OR ON A FILM OF THE PUBLIC RECORDS, INSTRUMENTS AFFECTING THE TITLE TO REAL ESTATE.

RECORDS: (SEE PUBLIC RECORDS)

RECORD TITLE: A TITLE TO REAL ESTATE, EVIDENCED AND PROVABLE BY ONE OR MORE CONVEYANCES OR OTHER INSTRUMENTS ALL OF WHICH ARE DULY ENTERED ON THE PUBLIC RECORDS.

REDEMPTION: A REPURCHASE, A BUYING BACK FROM THE PURCHASER AT THE SAME OR AN ENHANCED PRICE.

REFORMATION ACTION: A COURT ACTION TO REFORM OR RECTIFY INSTRUMENTS WHENEVER THEY FAIL THROUGH FRAUD OR MUTUAL MISTAKE IN ORDER TO EXPRESS THE REAL AGREEMENT OR INTENTION OF THE PARTIES.

REINSTATEMENT: CURE OF A DEFAULT BY A BORROWER AND RESTORATION OF THE LOAN TO CURRENT STATUS THROUGH PAYMENT OF PAST-DUE AMOUNTS. ALSO, TO REESTABLISH; TO PLACE AGAIN IN A FORMER STATE.

REINSURANCE: INSURANCE INSURING AN INSURER. WHEN AN INSURANCE COMPANY HAS ISSUED A POLICY AND DOES NOT WANT TO BE FULLY EXPOSED TO LOSS FOR THE FULL AMOUNT OF THE POLICY, THE COMPANY MAY PURCHASE A REINSURANCE POLICY FROM ANOTHER INSURANCE COMPANY TO INSURE THE FIRST COMPANY AGAINST A PART OR ALL OF THE LOSS WHICH THE FIRST COMPANY MAY HAVE TO PAY UNDER ITS POLICY.

REINSURER: A LICENSED INSURANCE COMPANY THAT AGREES TO SELL INSURANCE TO A CEDER (THE ORIGINAL INSURER OF THE POLICY) AND THEREBY CONTRACTUALLY ASSUMES A PORTION OF THE CEDER'S RISK AND RESULTANT LIABILITY IN THE EVENT THAT A LOSS OCCURS.

RELEASE: (1) TO RELIEVE FROM DEBT OR SECURITY OR ABANDON A RIGHT, SUCH AS THE RELEASE OF A MORTGAGE LIEN FROM A PART OR ALL OF THE LAND MORTGAGED. (2) THE INSTRUMENT AFFECTING A RELEASE. (3) AN INSTRUMENT BY WHICH A PERSON RELINQUISHES RIGHTS TO ANOTHER.

RELEASE OF DOWER: THE DEED OR OTHER INSTRUMENT BY WHICH A SPOUSE RELEASES HIS/HER INCHOATE (EXPECTANT) DOWER RIGHTS IN LAND. HUSBAND'S INTEREST IS CALLED CURTESY.

RELEASE OF LIEN: THE INSTRUMENT BY WHICH A LIEN IS RELEASED FROM THE REAL ESTATE WHICH IT ENCUMBERS.

REMAINDER: AN ESTATE OR INTEREST IN LAND WHICH COMES INTO BEING UPON THE TERMINATION OF AN EXISTING ESTATE OR INTEREST. WHEN A GRANTOR CONVEYS A LIFE ESTATE TO "A" WITH REMAINDER TO "B," IT MEANS THAT "A" HAS A PART OF THE ABSOLUTE TITLE AND "B" HAS THE REMAINDER. ALSO, THAT "A" WILL OWN THE PROPERTY DURING HIS NATURAL LIFE, BUT AT HIS DEATH, INSTEAD OF THE PROPERTY GOING TO "A'S" HEIRS OR DEVISEES, IT GOES TO "B." ALSO, ONE WHO IS ENTITLED TO THE REMAINDER OF THE ESTATE AFTER A PARTICULAR ESTATE CARVED OUT OF IT HAS EXPIRED.

REMAINDERMAN: THE PERSON WHO OWNS AN ESTATE IN REMAINDER.

REMISE: TO DISCHARGE, RELEASE, OR GIVE UP.

RENT: THE CONSIDERATION PAID FOR THE USE OR OCCUPATION OF PROPERTY.

RESCISSION: (1) COURT ACTION BROUGHT TO CANCEL OR ANNUL A CONTRACT OR OTHER DOCUMENT. (2) THE ACT OF CANCELING OR ANNULLING THE EFFECT OF A DOCUMENT.

RESERVATION: A RIGHT OR INTEREST RETAINED BY A GRANTOR IN CONVEYING PROPERTY, SUCH AS RENT OR AN EASEMENT FOR SEWER LINE OR ROADWAY.

RESIDUARY CLAUSE: THE "CATCH ALL" OR OMNIBUS CLAUSE OF A WILL DIRECTING DISTRIBUTION OF ANY PROPERTY NOT SPECIFICALLY BEQUEATHED OR DEVISED.

RESIDUE: THAT PART OF A DECEDENT'S ESTATE REMAINING AFTER PAYMENT OF DEBTS AND TAXES AND DISTRIBUTION OF SPECIFIC BEQUESTS AND DEVISES.

RESTRICTIONS: OFTEN CALLED RESTRICTIVE COVENANTS. PROVISIONS IN A DEED OR OTHER INSTRUMENT WHEREBY AN OWNER OF LAND PROHIBITS OR RESTRICTS CERTAIN USE, OCCUPATION, AND IMPROVEMENT OF THE LAND.

RESTRICTIVE COVENANTS: (SEE RESTRICTIONS).

REVERSION: (1) THE RETURN OF AN ESTATE OR INTEREST TO A GRANTOR OR LESSOR AFTER THE GRANT OR LEASE HAS EXPIRED. (2) THE INTEREST RETAINED BY A FEE SIMPLE OWNER OF REAL ESTATE AFTER GRANTING A TERMINABLE ESTATE OR INTEREST IN SUCH PROPERTY TO ANOTHER. FOR EXAMPLE, WHEN A FEE SIMPLE OWNER GIVES A LEASE TO A TENANT, THE INTEREST WHICH THE OWNER HAS LEFT IS KNOWN AS A REVERSION. (3) A PROVISION ACCOMPANYING RESTRICTIVE COVENANTS IN A DEED, WHICH PROVISION STIPULATES THAT IN THE EVENT THE RESTRICTIONS ARE VIOLATED, TITLE TO THE PROPERTY SHALL REVERT TO THE GRANTOR.

REVERTER CLAUSE: (SEE REVERSION (3).)

RIDER: ADDITION, AMENDMENT OR ENDORSEMENT TO A DOCUMENT, E.G., AN INSURANCE CONTRACT.

RIGHT: A POWER, PRIVILEGE, PREROGATIVE, ESTATE, OR INTEREST INCIDENT TO REAL ESTATE.

RIGHT OF WAY: (1) THE RIGHT TO PASS OVER PROPERTY OWNED BY ANOTHER, USUALLY BASED UPON AN EASEMENT. (2) A PATH OR THOROUGHFARE OVER WHICH PASSAGE IS MADE. (3) A STRIP OF LAND OVER WHICH FACILITIES SUCH AS HIGHWAYS, RAILROADS, OR POWER LINES ARE BUILT.

RIPARIAN OWNER: ONE WHO OWNS THE UPLAND BORDERING ON A STREAM OR OTHER BODY OF WATER.

RIPARIAN RIGHTS: THE 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.

RISK: EXPOSURE TO LOSS. A TITLE INSURANCE COMPANY ASSUMES THE RISK INCIDENT TO A POSSIBLE TITLE LOSS WHEN IT INSURES THE OWNER OF THE TITLE.

ROYALTY: AS USED IN INSTRUMENTS IN CONNECTION WITH PRODUCTION OF MINERALS (I.E. OIL AND GAS LEASES), IT MEANS A SHARE OF THE PRODUCTS OR PROCEEDS FROM THE PRODUCTION OF THE MINERALS RESERVED TO THE OWNER OF THE LAND FOR PERMITTING ANOTHER TO USE THE PROPERTY. (ALSO KNOWN AS LANDOWNER'S ROYALTY)

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SALE AGREEMENT: A CONTRACT ENTERED INTO BETWEEN A BUYER AND SELLER, SETTING FORTH THE TERMS, PROVISIONS, AND CONDITIONS OF A SALE OF REAL ESTATE.

SALE AND LEASEBACK: A SITUATION IN WHICH A GRANTOR SELLS A PARCEL OF PROPERTY BUT RETAINS POSSESSION BY SIMULTANEOUSLY LEASING IT FROM THE GRANTEE.

SALES CONTRACT: (SEE SALE AGREEMENT)

SATISFACTION: (1) THE PAYMENT OF A DEBT OR FULFILLMENT OF AN OBLIGATION. (2) AN INSTRUMENT EXECUTED BY THE HOLDER OF A LIEN, DEBT OR OBLIGATION WHICH ACKNOWLEDGES PAYMENT OR FULFILLMENT. FOR EXAMPLE, A SATISFACTION OF A MORTGAGE SOMETIMES IS REFERRED TO AS A SATISFACTION PIECE.

SEAL: (1) THE IMPRESSION ON A DOCUMENT THAT LENDS AUTHENTICITY TO ITS EXECUTION, SUCH AS AFFIXING THE CORPORATE SEAL TO A DOCUMENT EXECUTED BY A CORPORATION. (2) NOTARY SEAL.

SEARCH: A CAREFUL EXPLORATION FOR AND PERUSAL OF PUBLIC RECORDS IN AN EFFORT TO FIND ALL RECORDED INSTRUMENTS RELATING TO A PARTICULAR CHAIN OF TITLE.

SECONDARY RETENTION: WHEN REINSURANCE IS OBTAINED BY THE CEDING COMPANY FROM A REINSURER, THE REINSURER'S LIABILITY IS SECONDARY TO THE PRIMARY LIABILITY OF THE CEDING COMPANY. THIS IS TERMED SECONDARY RETENTION. THE PRIMARY RETENTION MUST FIRST BE EXPENDED BEFORE THE SECOND COMPANY PAYS. ALL COMPANIES THAT SELL REINSURANCE TO THE CEDER ON THE SECONDARY LEVEL ARE JOINED TOGETHER AND SHARE LOSSES ON A PRO-RATA BASIS BASED ON THEIR AMOUNT OF REINSURANCE IN RELATION TO THE TOTAL AMOUNT OF REINSURANCE PURCHASED. IF FOUR COMPANIES AGREE TO BE SECONDARY REINSURERS, AND EACH HAS $5 MILLION, THEN EACH WOULD HAVE LIABILITY FOR 25% OF ANY LOSS THAT EXCEEDS THE PRIMARY, UP TO THE FULL AMOUNT AGREED UPON.

SECOND MORTGAGE: A MORTGAGE RANKING IN PRIORITY IMMEDIATELY BELOW A FIRST MORTGAGE. (SEE JUNIOR MORTGAGE)

SECTION: A MEASURE OF LAND; ONE OF THE DIVISIONS EMPLOYED IN A GOVERNMENT SURVEY. IT MEASURES ONE MILE ON EACH SIDE AND CONTAINS 640 ACRES OF LAND (IF REGULAR IN SHAPE).

SECURITY: ASSURANCE AGAINST THE DEFAULT OR NON-PAYMENT OF A DEBT OR OBLIGATION WHICH MAKES THE ENFORCEMENT OF A PROMISE OR AN OBLIGATION MORE CERTAIN THAN THE PERSONAL COMMITMENT OF THE DEBTOR OR OBLIGATOR. USUALLY THE PLEDGE OF PROPERTY.

SEISIN: (ALSO SPELLED SEIZIN) AN OLD ENGLISH TERM MEANING LEGAL POSSESSION OR THE RIGHT TO LEGAL POSSESSION OF REAL ESTATE UNDER A FREEHOLD TITLE.

SERVIENT ESTATE: INCIDENT TO AN EASEMENT, THE PROPERTY UPON OR ACROSS WHICH AN EASEMENT EXISTS. (SEE DOMINANT ESTATE)

SERVITUDE: A RIGHT OR INTEREST IN A PIECE OF REAL ESTATE, WHICH RIGHT OR INTEREST SERVES OR BENEFITS ANOTHER UNRELATED PROPERTY. FOR EXAMPLE, AN EASEMENT ACROSS ONE PIECE OF PROPERTY WHICH SERVES ANOTHER PIECE OF PROPERTY IS SAID TO CONSTITUTE A SERVITUDE REGARDING THE PROPERTY UPON WHICH IT IS LOCATED.

SET ASIDE: TO DECLARE INVALID OR VOID; TO ANNUL. FOR EXAMPLE, A COURT MAY SET ASIDE AN ERRONEOUS JUDGMENT OR DECREE.

SETBACK LINE: (SEE BUILDING LINE)

SETTLEMENT: ACT OR PROCESS OF ADJUSTING OR DETERMINING; AN ADJUSTING; AN ADJUSTMENT BETWEEN PERSONS CONCERNING THEIR DEALINGS OR DIFFICULTIES; AN AGREEMENT BY WHICH PARTIES HAVING DISPUTED MATTERS BETWEEN THEM REACH OR ASCERTAIN WHAT IS COMING FROM ONE TO THE OTHER; ARRANGEMENT OF DIFFICULTIES; COMPOSURE OF DOUBTS OR DIFFERENCES; DETERMINATION BY AGREEMENT; AND LIQUIDATION.

SKY LEASE: A LEASE OF AIR SPACE ABOVE A PIECE OF LAND. THE OWNERSHIP OF LAND EXTENDS DOWN TO THE CENTER OF THE EARTH AND UP TO THE SKY. SPACE ABOVE THE LAND CAN, THEREFORE, BE LEASED OR SOLD. CANTILEVER OR BRIDGE TYPE BUILDINGS WHICH DO NOT DEPEND ON THE LESSOR'S LAND FOR SUPPORT MAY BE BUILT IN SUCH AIR SPACE. (ALSO SEE AIR RIGHTS)

SLANDER OF TITLE: FALSE, UNJUSTIFIED STATEMENTS REGARDING ANOTHER PERSON'S TITLE TO PROPERTY.

SPECIAL ASSESSMENT: (SEE IMPROVEMENT LIENS)

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.

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.

SPECULATIVE BUILDER: ONE WHO CONSTRUCTS BUILDINGS FOR SALE WITHOUT HAVING FIRM PURCHASE COMMITMENTS. SPECULATIVE BUILDING IS QUITE COMMON IN RESIDENTIAL HOUSING DEVELOPMENTS AND CONDOMINIUMS.

SQUATTER: ONE WHO SETTLES UPON UNOCCUPIED LAND WITHOUT LEGAL CLAIM OR AUTHORITY. (SEE ADVERSE POSSESSION)

STARE DECISIS: THE LEGAL DOCTRINE THAT PAST DECISIONS OF THE COURTS STAND AS PRECEDENTS FOR FUTURE DECISIONS.

STATUTE OF FRAUDS: A STATE LAW THAT REQUIRES THAT CERTAIN CONTRACTS, SUCH AS A CONTRACT FOR THE SALE OF LAND, MUST BE IN WRITING TO BE ENFORCEABLE.

STATUTE OF LIMITATIONS: A STATUTE SETTING A TIME LIMIT ON THE ENFORCEMENT OF A RIGHT OR ON THE COLLECTION OF A DEBT IN CERTAIN CASES.

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.

SUBJACENT: A TERM APPLIED TO LAND OR PROPERTY LYING CONTIGUOUS TO, BUT AT A LOWER LEVEL THAN, ANOTHER PIECE OF PROPERTY.

SUBLET:TO RENT TO ANOTHER PROPERTY WHICH ONE HOLDS BY LEASE.

SUBORDINATION: GIVING A LIEN OR INTEREST AN INFERIOR STATUS. FOR EXAMPLE, AN EXISTING MORTGAGE MAY BE SUBORDINATED TO THE LIEN OF A NEW CONSTRUCTION LOAN MORTGAGE IN WHICH CASE THE CONSTRUCTION LOAN MORTGAGE BECOMES THE LIEN WITH PRIORITY.

SUBROGATION: THE LEGAL DOCTRINE UNDER WHICH THE LAW SUBSTITUTES ONE CREDITOR OR CLAIMANT FOR ANOTHER. WHEN A TITLE INSURANCE COMPANY PAYS A CLAIM UNDER A TITLE INSURANCE POLICY, IT IS ENTITLED TO STEP INTO THE SHOES OF THE INSURED WITH RESPECT TO ANY RIGHTS THE INSURED MAY HAVE AGAINST PARTIES WHO WARRANTED THE TITLE TO HIM.

SUIT: ANY PROCEEDING IN A COURT OF JUSTICE BY WHICH AN INDIVIDUAL PURSUES A REMEDY THAT THE LAW AFFORDS. A/K/S LAWSUIT.

SUMMONS: A COURT PROCESS THAT DIRECTS A DEFENDANT TO MAKE AN APPEARANCE IN AN ACTION FILED AGAINST HIM.

SUPPLEMENTAL ABSTRACT: A PARTIAL ABSTRACT BEGINNING AT THE TERMINATION DATE OF AN EXISTING ABSTRACT AND SHOWING INSTRUMENTS RECORDED BETWEEN SUCH TERMINATION DATE AND A SUBSEQUENT DATE.

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.

SURVEY: (1) TO DETERMINE THE LOCATION, BOUNDARIES, AREA, AND THE ELEVATIONS OF LAND AND STRUCTURES UPON THE EARTH'S SURFACE BY MEANS OF COURSES IN RELATION TO THE NORTH STAR, AND THE MEASURING OF ANGLES AND DISTANCES BY USING THE TECHNIQUES OF GEOMETRY AND TRIGONOMETRY. (2) THE MAP OR PLAT DRAWN BY A SURVEYOR WHICH REPRESENTS THE PROPERTY SURVEYED AND SHOWS THE RESULTS OF A SURVEY.

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TACKING ON: BEGINNING A TITLE EXAMINATION AT THE END OF A PREVIOUS TITLE EXAMINATION.

TAKE-OFF: AN ABBREVIATED COPY OF THE PRINCIPAL FEATURES OF RECORDED INSTRUMENTS, REQUIRED FOR THE PURPOSES OF INDEXATION IN AN ABSTRACT PLANT OR FOR PURPOSES OF MAKING ABSTRACTS OR EXAMINING TITLES.

TAKE-OUT: A WRITTEN COMMITMENT OR AGREEMENT GIVEN BY A PERMANENT MORTGAGE LENDER TO A TEMPORARY MORTGAGE LENDER UNDER WHICH THE PERMANENT LENDER AGREES TO PURCHASE MORTGAGES MADE BY THE TEMPORARY LENDER.

TAX LIEN: THE LIEN WHICH IS IMPOSED UPON REAL ESTATE BY OPERATION OF LAW WHICH SECURES THE PAYMENT OF REAL ESTATE TAXES.

TAX SALE: A SALE OF PROPERTY BY THE GOVERNMENT TO ENFORCE THE PAYMENT OF TAXES ASSESSED AGAINST THE PROPERTY.

TENANCY BY THE ENTIRETY: A TENANCY WHICH IS CREATED BETWEEN A HUSBAND AND A WIFE AND BY WHICH TOGETHER THEY HOLD TITLE TO THE WHOLE WITH RIGHT OF SURVIVORSHIP SO THAT, UPON THE DEATH OF EITHER, THE OTHER TAKES TO THE EXCLUSION OF THE DECEASED'S HEIRS. ADDITIONALLY, NEITHER PARTY CAN CONVEY OR ENCUMBER THE PROPERTY WITHOUT THE CONSENT OF THE OTHER.

TENANT: (1) USUALLY ONE WHO HOLDS POSSESSION OF REAL ESTATE UNDER A LEASE. (2) IN A BROADER SENSE, ONE WHO HOLDS OR POSSESSES LANDS AND TENEMENTS BY ANY KIND OF TITLE.

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 RESPECTIVE INTEREST OR DISPOSE OF IT BY WILL, AND IF HE DIES WITHOUT LEAVING A WILL, HIS HEIRS INHERIT HIS UNDIVIDED INTEREST.

TENANT AT SUFFERANCE: ONE WHO CONTINUES TO HOLD POSSESSION OF REAL ESTATE AFTER HIS AUTHORIZED TERM OF OCCUPANCY HAS EXPIRED.

TENANT AT WILL: A TENANT WHOSE OCCUPANCY OF REAL ESTATE IS SUBJECT TO THE WILL OF THE OWNER.

TENEMENT: (1) A BUILDING OR COMPLEX OF BUILDINGS CONTAINING RESIDENTIAL RENTAL UNITS. (2) A RUN-DOWN, LOW-RENTAL APARTMENT OR FLAT BUILDING OR ROOMING HOUSE. (3) REAL PROPERTY HELD BY A PERSON UNDER A RIGHT OR AUTHORITY CONFERRED BY AN OWNER.

TERM: AN ESTATE FOR YEARS; AN ESTATE IN LAND THE DURATION OF WHICH IS LIMITED AND DETERMINED. WHEN USED IN CONNECTION WITH A LEASE, MEANS THE PERIOD WHICH IS GRANTED FOR THE LESSEE OR TENANT TO OCCUPY AND USE THE PREMISES.

TERTIARY RETENTION: THE SAME AS SECONDARY RETENTION EXCEPT THAT IT ONLY APPLIES IF THE PRIMARY AND SECONDARY RETENTIONS ARE EXCEEDED.

TESTAMENT: COMMONLY USED IN THE PHRASE "LAST WILL AND TESTAMENT" AND GENERALLY CONSIDERED SYNONYMOUS WITH "WILL." TECHNICALLY SPEAKING, IT IS A DOCUMENT PROVIDING FOR THE DISPOSITION OF ONE'S PERSONAL PROPERTY UPON HIS DEATH.

TESTATE: HAVING MADE A LEGALLY VALID WILL; LEAVING A WILL AT DEATH.

THIRD PARTY: A TERM USUALLY APPLIED TO PERSONS WHO ARE NOT PRINCIPAL PARTIES TO A CONTRACT OR OTHER INSTRUMENT BUT WHO HAVE SOME RIGHT, INTEREST OR DUTY WHICH SUCH CONTRACT OR INSTRUMENT AFFECTS. FOR EXAMPLE, WHERE A SALE CONTRACT BETWEEN BUYER AND SELLER OF REAL ESTATE PROVIDES THAT THE MONEY AND DOCUMENTS INVOLVED IN THE TRANSACTION WILL BE DEPOSITED WITH A TITLE COMPANY PENDING THE CLOSING OF THE DEAL, THE TITLE COMPANY BECOMES A THIRD PARTY TO THE TRANSACTION.

TITLE: (1) 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 THEREIN. (2) THE RIGHTS OF OWNERSHIP RECOGNIZED AND PROTECTED BY THE LAW.

TITLE ASSURANCE: ASSURANCE OF TITLE THROUGH ABSTRACTS, ATTORNEYS' OPINIONS, TITLE INSURANCE, AND SURVEYS.

TITLE COVENANTS: COVENANTS ORDINARILY INSERTED IN CONVEYANCES AND IN TRANSFERS OF TITLE TO REAL ESTATE FOR THE PURPOSE OF GIVING PROTECTION TO THE PURCHASER AGAINST POSSIBLE INSUFFICIENCY OF THE TITLE RECEIVED. A GROUP OF SUCH COVENANTS KNOWN AS "COMMON LAW COVENANTS" INCLUDES (A) COVENANTS AGAINST ENCUMBRANCES, (B) COVENANT FOR FURTHER ASSURANCE (IN OTHER WORDS, TO DO WHATEVER IS NECESSARY TO RECTIFY TITLE DEFICIENCIES), (C) COVENANT OF GOOD RIGHT AND AUTHORITY TO CONVEY, (D) COVENANT OF QUIET ENJOYMENT, (SEE QUIET ENJOYMENT), (E) COVENANT OF SEISIN, (F) COVENANT OF WARRANTY. (SEE WARRANTY; ALSO SEE COVENANT)

TITLE DEFECT: (1) ANY POSSIBLE OR PATENT CLAIM OR RIGHT OUTSTANDING IN A CHAIN OF TITLE WHICH IS ADVERSE TO THE CLAIM OF OWNERSHIP. (2) ANY MATERIAL IRREGULARITY IN THE EXECUTION OR EFFECT OF AN INSTRUMENT IN THE CHAIN OF TITLE.

TITLE INSURANCE:INDEMNITY AGAINST LOSS RESULTING FROM DEFECTS IN OR LIENS UPON A TITLE.

TITLE INSURER: A COMPANY WHICH INSURES THE TITLE TO REAL ESTATE.

TITLE PLANT: (1) IN MANY AREAS, SYNONYMOUS WITH ABSTRACT PLANT. (2) A GEOGRAPHIC ASSEMBLAGE OF TITLE INFORMATION WHICH IS TO HELP IN EXPEDITING TITLE EXAMINATIONS, SUCH AS COPIES OF PREVIOUS ATTORNEYS' OPINIONS, ABSTRACTS, TAX SEARCHES, AND COPIES OR TAKE-OFFS OF THE PUBLIC RECORDS.

TITLE UNDERWRITER: SYNONYMOUS WITH TITLE INSURER.

TORRENS REGISTRATION SYSTEM: SYSTEM OF REGISTRATION OF LAND OWNERSHIP WHEREIN A COURT ACTION IS BROUGHT IN ORDER TO OBTAIN A TORRENS CERTIFICATE WHICH EVIDENCES AN OWNERSHIP INTEREST.

TOWNSHIP: PART OF A SUBDIVISION OF UNITED STATES PUBLIC LANDS. A TOWNSHIP CONTAINS 36 SECTIONS UNIFORMLY NUMBERED STARTING WITH THE NORTHEAST SECTION, AND EACH ONE MILE SQUARE.

TRADE FIXTURES: ARTICLES OF PERSONAL PROPERTY, FASTENED TO REAL PROPERTY, THAT ARE NECESSARY TO CARRYING ON A TRADE. WHEN INSTALLED BY A TENANT, THEY ARE ORDINARILY REMOVABLE ON EXPIRATION OF THE TENANCY.

TRADE NAME: THE NAME OR ANY OTHER DESIGNATION UNDER WHICH A FIRM DOES BUSINESS.

TRANSFER: THE PASSING OF TITLE OR OWNERSHIP FROM ONE PERSON OR ENTITY TO ANOTHER.

TRANSFER TAX: THE TAX PAYABLE ON THE CONVEYANCE OF REAL PROPERTY, MEASURED BY THE AMOUNT OF CONSIDERATION PAID.

TRESPASS: AN UNLAWFUL INTERFERENCE WITH ONE'S PROPERTY OR RIGHTS. WRONGFUL ENTRY ONTO THE LAND OF ANOTHER.

TRUST: FIDUCIARY RELATIONSHIP IN WHICH ONE PARTY (TRUSTEE) HOLDS TITLE TO PROPERTY FOR THE BENEFIT OF ANOTHER PARTY (BENEFICIARY).

TRUSTEE: PERSON WHO HOLDS TITLE IN TRUST FOR THE BENEFIT OF ANOTHER PERSON.

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UNDERLYING FEE: A TITLE CONCEPT IN WHICH OWNERSHIP OF ALL INTERESTS OR ESTATES IN REAL PROPERTY ARE LESS THAN OR INFERIOR TO THE MOST ABSOLUTE INTEREST ONE CAN HAVE - THAT OF FEE OWNERSHIP. IT LIES BENEATH ALL THE OTHER INTERESTS; IT IS BASIC, FUNDAMENTAL AND IMPLICIT.

UNDIVIDED INTERESTS: UNSEGREGATED INTEREST OF CO-OWNERS IN THE ENTIRE PROPERTY OWNED IN COMMON.

UNDERWRITER: AN INSURANCE COMPANY WHICH ISSUES INSURANCE POLICIES EITHER TO THE PUBLIC OR TO ANOTHER INSURER.

UNIT: WHEN USED WITH REFERENCE TO A CONDOMINIUM, A UNIT IS THAT PART OF A CONDOMINIUM WHICH IS NOT PART OF THE COMMON AREA AND IS OWNED SEPARATELY AND NOT IN COMMON WITH THE OWNERS OF OTHER UNITS IN THE PROJECT. WHEN USED IN REFERENCE TO A PLANNED UNIT DEVELOPMENT THE UNIT IS THE SEPARATE LOT OR PARCEL CONTAINING A HOUSE OR OTHER BUILDING.

UNJUST ENRICHMENT: LEGAL DOCTRINE REFERRING TO THE UNJUST ENRICHMENT OF A PERSON BY WAY OF TAKING ADVANTAGE OF ANOTHER PERSON'S MISTAKE, SUCH AS OVERPAYMENT OF AN AMOUNT DUE. THE DOCTRINE PREVENTS UNJUST ENRICHMENT AND IS BASED ON A RULE OF FAIRNESS.

USURY: ANY PREMIUM, PROFIT, BONUS, FEE, OR CHARGE WHICH IS DEMANDED, REQUIRED, OR EXACTED BY A LENDER IN EXCESS OF THE MAXIMUM LEGAL RATE OF INTEREST PERMITTED ON MONEY LOANED.

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VARIABLE INTEREST RATE: AN INTEREST RATE THAT FLUCTUATES WITH THE CURRENT COST OF MONEY, SUBJECT TO ADJUSTMENT IF THE PREVAILING RATE MOVES UP OR DOWN.

VARIANCE: AN EXCEPTION FROM THE ENFORCEMENT OF A ZONING REGULATION WHICH IS GRANTED BY THE PROPER AUTHORITY PERMITTING A PARTICULAR USE WHICH MAY VIOLATE A ZONING PROVISION.

VENDEE: THE PURCHASER UNDER A SALE CONTRACT OF REAL ESTATE.

VENDOR: THE SELLER UNDER A SALE CONTRACT OF REAL ESTATE.

VENDOR'S LIEN: AN IMPLIED LIEN GIVEN BY LAW TO THE VENDOR FOR THE REMAINING UNPAID AND UNSECURED PART OF A PURCHASE PRICE.

VENUE: (1) THE COUNTY IN WHICH A LAWSUIT IS BROUGHT OR TRIED. (2) THE COUNTY IN WHICH AN ACKNOWLEDGMENT IS TAKEN.

VEST: TO GIVE AN IMMEDIATE, FIXED RIGHT IN PROPERTY, WITH EITHER PRESENT OR FUTURE ENJOYMENT OF POSSESSION; ALSO DENOTES THE MANNER IN WHICH TITLE IS HELD.

VOID: BINDING ON NO-ONE, CONSTITUTING A NULLITY. SOMETHING WHICH IS CONCLUSIVELY OF NO EFFECT, THE DEFECT OF WHICH IS NOT SUBJECT TO BEING WAIVED, REVITALIZED OR CURED BY CONFIRMATION OR RATIFICATION.

VOIDABLE: MAY BE AVOIDED OR DECLARED VOID; HOWEVER, THE DEFICIENCY IS CURABLE BY CONFIRMATION OR RATIFICATION.

VOLUNTARY LIEN: A LIEN INTENTIONALLY CREATED BY A DEBTOR, E.G., MORTGAGE OR DEED OF TRUST, AS CONTRASTED WITH A JUDGMENT LIEN, WHICH IS AN INVOLUNTARY LIEN.

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WAIVER: THE VOLUNTARY AND INTENTIONAL RELINQUISHMENT OF A KNOWN RIGHT, CLAIM, OR PRIVILEGE.

WARRANTY: IN A BROAD SENSE, IT IS AN AGREEMENT OR UNDERTAKING BY A SELLER TO BE RESPONSIBLE FOR PRESENT OR FUTURE LOSSES OF THE PURCHASER OCCASIONED BY A DEFICIENCY OR DEFECT IN QUALITY, CONDITION, OR QUANTITY OF THE THING SOLD. IN A STRICTER SENSE, IT IS THE PROVISION OR PROVISIONS IN A DEED, LEASE, OR OTHER INSTRUMENT CONVEYING OR TRANSFERRING AN ESTATE OR INTEREST IN REAL ESTATE UNDER WHICH THE SELLER BECOMES LIABLE TO THE PURCHASER FOR DEFECTS IN OR ENCUMBRANCES ON THE TITLE. (SEE TITLE COVENANTS)

WARRANTY DEED: A DEED CONTAINING ONE OR MORE TITLE COVENANTS. (SEE TITLE COVENANTS)

WAREHOUSING: IN THE TITLE INDUSTRY, THE TEMPORARY FUNDING AND HOLDING BY A LENDING INSTITUTION OF MORTGAGES ORIGINATED BY A MORTGAGE BROKER, UNTIL SUCH TIME AS THE MORTGAGE MARKET IMPROVES OR UNTIL THE MORTGAGE BROKER ACCUMULATES A SUFFICIENT AMOUNT OF MORTGAGES TO SELL TO A PERMANENT MORTGAGE PURCHASER.

WASTE: (1) THE DESTRUCTION OR INJURY TO PREMISES BY A TENANT. (2) THE IMPAIRMENT IN VALUE BY A LIFE TENANT OR BY A MORTGAGOR.

WAY OF NECESSITY: GENERALLY, AN EASEMENT FOR A ROADWAY WHICH THE OWNER OF A LANDLOCKED TRACT IS ENTITLED TO ACQUIRE ACROSS ADJOINING LAND IN ORDER TO PROVIDE A MEANS OF INGRESS AND EGRESS WITH RESPECT TO THE LANDLOCKED PROPERTY.

WILL: (1) AN INSTRUMENT EXECUTED BY A COMPETENT PERSON, IN THE MANNER PRESCRIBED BY LAW, WHEREBY HE MAKES DISPOSITION OF HIS PROPERTY TO TAKE EFFECT ON AND AFTER HIS DEATH. (2) A HOLOGRAPHIC WILL IS A WILL ENTIRELY WRITTEN AND SIGNED BY THE TESTATOR IN HIS OWN HANDWRITING. IN SOME STATES SOME OF THE LEGAL REQUIREMENTS REGARDING THE EXECUTION OF WILLS DO NOT APPLY IN THE CASE OF HOLOGRAPHIC WILLS. (3) A NUNCUPATIVE WILL IS ONE MADE ORALLY BEFORE WITNESSES, USUALLY DURING THE TESTATOR'S LAST HOURS OF LIFE. UNDER ENGLISH LAW, SAILORS AND SOLDIERS MAY MAKE NUNCUPATIVE WILLS ANY TIME DURING THEIR MILITARY SERVICE.

WRAP-AROUND MORTGAGE: A SECOND MORTGAGE WHICH WRAPS AROUND OR EXISTS IN ADDITION TO A FIRST OR OTHER MORTGAGES. THE EXISTING MORTGAGES REMAIN ON THE PROPERTY AND THE WRAP-AROUND ASSUMES AN INFERIOR POSITION TO THOSE MORTGAGES.

WRIT: A FORMAL LEGAL DOCUMENT ISSUED BY A COURT ORDERING OR PROHIBITING THE PERFORMANCE OF SOME ACTION. THERE ARE AT LEAST A HUNDRED DEFERENT KINDS OF WRITS EACH COVERING A DIFFERENT ACTION OR SUBJECT. IN MOST WRITS AN OFFICER OF THE COURT, SUCH AS THE SHERIFF, IS DIRECTED TO SERVE THE WRIT OR CARRY OUT ITS DIRECTIONS.

WRIT OF EXECUTION: A DIRECT COMMAND FROM A COURT TO THE SHERIFF TO CARRY OUT THE JUDGMENT OR DECREE FROM THE COURT.

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	American Congress on Surveying and Mapping
	American Insurance Association
	American Escrow Association
	American College of Real Estate Lawyers
	American Bankers Association
	Appraisal Institute
	Fannie Mae
	Freddie Mac
	Independent Bankers Association of America
	Mortgage Bankers Association
	National Association of Realtors
	National Association of Insurance Commissioners
	National Association of Home Builders
	RESPA
	United States Notary Association
	The White House
	The Independent Insurance Agents of America