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CRE Legal Terms and Definitions

Introduction

This section of Halo Publishing's website has been created to help introduce the definitions of several commercial real estate legal terms and definitions. We hope that this web page will aid you ---- but if you have any specific legal or financial questions, consult your legal or financial advisior. Their experts will be glad to answer your questions.

For additional CRE definitions see the following:    1) CRE Common Definitions;    2) CRE Title Definitions; and
3) CRE Square Footage Measurement Terms and Definitions.

Disclaimer - From Our Friends in the Legal Department

This Halo Publishing web page has been designed to be introductory and educational only. It is not to be construed as a statement of financial or legal advice, duties or liabilities.


Commercial Real Estate
Legal Words, Phrases & Definitions



[ A ]      [ B ]      [ C ]      [ D ]      [ E ]      [ F ]      [ G ]      [ H ]      [ I ]      [ J ]      [ K ]      [ L ]      [ M ]     

[ N ]      [ O ]      [ P ]      [ Q ]      [ R ]      [ S ]      [ T ]      [ U ]      [ V ]      [ W ]      [ X ]      [ Y ]      [ Z ]      Home


A [Top]

diamond gif Abandonment The surrender, relinquishment, disclaimer, or cession of property or of rights to property.

diamond gif Abatement: To put an end to.

diamond gif Ab Initio: From the beginning.

diamond gif Ab Initio Mundi: From the beginning of the world.

diamond gif Abstract: A brief summary.

diamond gif Abstract of Judgment: A brief transcript of the essentials of a judgment.

diamond gif Abstract of Title: A summary of the conveyances, transfers and other facts appearing of record and relied upon as evidence of title to real property.

diamond gif Abutting: Touching or bordering a street, highway, or other public place.

diamond gif Acceleration Clause: A clause in a note, trust deed, or mortgage advancing or hastening the date of maturity of the indebtedness or obligation upon the happening of a certain event.

diamond gif Access Right: A landowner's right to have ingress to and egress from the property to a public street.

diamond gif Accession: Addition to property by natural increase or growth or by installation of improvements.

diamond gif Accommodation: An obligation assumed without consideration.

diamond gif Accommodation Party: A person who signs a promissory note without receiving value.

diamond gif Accommodation Recording: The recordation of an instrument without consideration and without assumption of responsibility for correctness or validity.

diamond gif Accretion: A process by which land on a shore or riverbank increases gradually by the deposit of sand or soil upon the shore or riverbank.

diamond gif Accrual: The growing or adding to.

diamond gif Acknowledgment: A formal declaration before a duly authorized officer by a person who has executed an instrument that such execution is his or her act and deed.

diamond gif Action: An ordinary proceeding in a court of justice by which one party prosecutes another for the enforcement or protection of a right; the redress or prevention of a wrong; or, the punishment of a public offense.

diamond gif Action in Personam: An action in which judgment is sought against a person.

diamond gif Action in Rem: An action in which judgment is sought against property to determine its status.

diamond gif Actual Notice: Notice in fact or in reality to or by a party directly and personally.

diamond gif Ad: At; to; before; near; for; of; until; within.

diamond gif Ad Curiam: Before the court; to the court.

diamond gif Ad Litem: During the pendency of the action or proceeding.

diamond gif Ad Valorem: According to value.

diamond gif Adjoining Owners: Owners of two or more parcels of real property that are contiguous to each other.

diamond gif Adjudication: A judicial determination.

diamond gif Administrator: Personal representative of the estate of an intestate decedent.

diamond gif Administratrix: A woman administrator.

diamond gif Administrator C.T.A.: An administrator with will annexed. The letters C.T.A. mean "cum testa-mento annexo" and are derived from Latin. If administration is granted but the decedent has made an incomplete will without naming executor(s) or if decedent names incapable persons or if executor(s) refuses to act, the administrator is an 'Administrator C.T.A.'

diamond gif Advances: Money paid before proper time of payment.

diamond gif Adverse Possession: Claim of ownership of property based upon open and hostile possession and occupancy.

diamond gif Affiant: A person who has made an affidavit.

diamond gif Affidavit: A written declaration under oath.

diamond gif Affirmation: A declaration in writing under penalty of perjury.

diamond gif After-Acquired Title: Title accepted by a grantor after his or her previous conveyance.

diamond gif Agency: A relationship between two or more persons whereby one is authorized to act for another.

diamond gif Agreement of Sale: An agreement entered into for the sale and purchase of property.

diamond gif AKA: Also Known As

diamond gif Alcalde: Spanish for mayor or chief magistrate.

diamond gif Alienate: To transfer title to property.

diamond gif Alienation: The transfer of title to property.

diamond gif Alienation Clause: Provision in a note or in a security instrument calling for automatic maturity in the event of sale or transfer of title by borrower.

diamond gif Allegation: A statement of fact in a pleading yet to be proved.

diamond gif All-Inclusive Deed of Trust: A deed of trust securing payment of an obligation owing under a prior deed of trust.

diamond gif Aliter: Otherwise.

diamond gif Alluvion: Soil deposited by the process of accretion.

diamond gif A.L.T.A.: American Land Title Association. A higher level of title insurance than the standard title insurance policy.

diamond gif Amortization: Payment of principal and interest at stated periods for a stated time until debt is extinguished.

diamond gif Ancillary: An addition to.

diamond gif Ancillary Administration: Probate estate administration in a state other than the state of decedent's domicile.

diamond gif Annexation: Addition to property or to territory.

diamond gif Annuity: A yearly payment of money for life or for a term of years.

diamond gif Annum: Year.

diamond gif Ante: Before.

diamond gif Antenuptial: Before marriage.

diamond gif A Priori: From the past. From what goes before. Used in legal writing to indicate a cause and effect relationship.

diamond gif Appearance: Presence of a party litigant before the court.

diamond gif Appraisal: Statement of value.

diamond gif Appraiser: A person qualified to determine property value.

diamond gif Appurtenance: Anything incidental to or belonging to land considered a part of the real property.

diamond gif Appurtenant: Belonging to.

diamond gif Arbitrary (ARB) Map: A map made by a title company for its own convenience in identifying parcels of real property.

diamond gif Assessed Value: Value of property for taxation purposes.

diamond gif Assessments: Special taxes imposed to pay for public improvements beneficial to a limited area.

diamond gif Assessor: County official who determines value of property for taxation purposes.

diamond gif Assets: Property of value, property having an economic benefit.

diamond gif Assign: To transfer all of an interest in personal property.

diamond gif Assignee: One to whom property is assigned.

diamond gif Assignor: One who transfers property by assignment.

diamond gif Assumpsit: An undertaking to do an act or to make payment.

diamond gif Assumption Agreement: An agreement to undertake a debt or obligation contracted by another.

diamond gif Assumption Fee: The charge made by a lender when a buyer assumes seller's existing loan.

diamond gif Assumption of Mortgage: An agreement in which buyer agrees to be liable for payment of an existing note secured by a mortgage or deed of trust.

diamond gif Attachment: A judicial process by which a creditor obtains a lien upon property of a debtor prior to adjudication of the debt.

diamond gif Attestation Clause: The clause in a deed denoting the subscribing persons are witnesses.

diamond gif Attorn: To accept and acknowledge a new landlord.

diamond gif Attorney-In-Fact: An agent authorized to act for another.

diamond gif Avulsion: Sudden tearing away of land by violent action of a river or other watercourse.

diamond gif Ayuntamiento: Spanish for town council.

B [Top]

diamond gif Balloon Payment: Final installment payment of a promissory note larger than any single preceding installment payment.

diamond gif Bankruptcy: A proceeding in U.S. Bankruptcy Court wherein assets of a debtor (unable or unwilling to pay debts) are applied by an officer of the court in satisfaction of creditor claims.

diamond gif Base Lines: Imaginary east-west lines that intersect meridians to form a starting point for measurement of land.

diamond gif Bench Mark: Location indicated on a durable marker by a land surveyor.

diamond gif Beneficiary: One for whose benefit a trust is created. A lender secured by a deed of trust.

diamond gif Beneficiary's Demand: Payment required by a beneficiary under a deed of trust before authorizing reconveyance.

diamond gif Beneficiary's Statement: Statement of a beneficiary under a deed of trust as to principal balance due on a promissory note and other information concerning the loan.

diamond gif Benevolent Associations: Voluntary non-profit aggregations organized for the benefit of members.

diamond gif Betterment: Substantial improvement to real property.

diamond gif Bequeath: To give personal property by will.

diamond gif Binder: Written agreement to issue, within a specified time, a policy of title insurance. Contract to insure.

diamond gif Blanket Mortgage or Deed of Trust: A mortgage or deed of trust on more than one lot or parcel.

diamond gif Blue Sky Law: A law (generally of a state) protecting the public from investing in fraudulent companies. Usually requires full disclosure of risks associated with investment before the investment entity puts investor's monies at risk.

diamond gif Bona Fide: In good faith.

diamond gif Bona Fide Purchaser: A purchaser in good faith, for fair value and without notice of any adverse claim or right of third parties.

diamond gif Bond: A written undertaking to pay a certain sum of money.

diamond gif Bonded Debt: An indebtedness secured by a bond issue.

diamond gif Building Contract: Agreement for the construction of a proposed structure.

diamond gif Building Lines: Lines established by ordinance or by statute beyond which building is not permitted.

diamond gif By-Law: A rule adopted for the internal government of a corporation or unincorporated association.

C [Top]

diamond gif C.C.: Civil Code.

diamond gif CC&R's: Covenants, Conditions & Restrictions - detailed limitations applying to the use or enjoyment of real property.

diamond gif C.C.P.: Code of Civil Procedure.

diamond gif c.t.a.: With will annexed.

diamond gif Capita: Heads; persons.

diamond gif Caption: The heading of a title or document.

diamond gif Cause: An action or a suit.

diamond gif Caveat: Let him/her beware.

diamond gif Caveat Emptor: Let the buyer beware.

diamond gif Certificate of Sale: Evidence of a purchaser's acquisition of legal title at a judicial sale, subject to redemption rights, if any.

diamond gif Certificate of Title: Certified statement as to land ownership based upon examination of record title.

diamond gif Certiorari: A writ from a higher court to a lower court directing the forwarding of a certified record of a proceeding up for review.

diamond gif Cestui Que Trust: The person for whose benefit property is held in trust.

diamond gif Cestui Que Use: The person for whose use land was granted to another.

diamond gif Cestui Que Vie: The person for the duration of whose lifetime an estate has been granted.

diamond gif Chain of Title: A chronological list of documents comprising the record history of title to a specific parcel of real property.

diamond gif Change of Venue: The removal of a cause for trial from one county to another.

diamond gif Charter City: Generally, a city organized under a charter.

diamond gif Chattel: An item or article of personal property.

diamond gif Chattel Mortgage: Obsolete name for mortgage of personal property.

diamond gif Chattel Real: An interest in real estate which is of a lessor degree than a freehold estate. For example, an estate at sufferance.

diamond gif Chose in Action: A personal right not reduced to possession, but recoverable by an action at law.

diamond gif Civil Law: Law of the Roman Empire, it is distinguished from the Common Law of England.

diamond gif Class Action: A lawsuit in which plaintiff represents himself or herself and all other persons similarly situated.

diamond gif Clearing House: An office where bankers daily settle the balance of their accounts with each other.

diamond gif Cloud on Title: A semblance or claim of title that is in fact invalid.

diamond gif C.L.T.A. or "X". L. T. A: California Land Title Association - a standard form of title insurance; substitute "state" name for "X" such as W. L. T. A. for Washington Land Title Association

diamond gif Co-Administrator: One of two or more administrators.

diamond gif Code: A collection of laws.

diamond gif Codicil: A testamentary disposition subsequent to a will altering, explaining, adding to, subtracting from, or confirming it, but not revoking it.

diamond gif Co-Executor: One of two or more executors.

diamond gif Co-Insurance: Insurance issued by two or more insurers.

diamond gif Collateral: Property pledged as security for a debt; also, indirect, when referenced to blood relationship as in 'collateral heirs'.

diamond gif Collateral Assignment: Transfer of an interest in personal property for security purposes. A collateral assignment is distinguished from an absolute assignment mainly because once the debt is paid that was secured by the collateral assignment, the assignment is extinguished.

diamond gif Color of Title: That giving the appearance of title.

diamond gif Commercial Acre: The portion of an acre of subdivided land remaining after deducting areas devoted to streets, sidewalks, etc.

diamond gif Commissioner's Deed: Deed executed by a court appointed person in consummation of a sale ordered by the court.

diamond gif Commitment: A pledge, promise, or firm agreement; also, a title insurer's contractual obligation to insure title to real property.

diamond gif Common Law: The unwritten body of English law founded upon customs and precedents.

diamond gif Community Property: Property acquired by a husband and wife, or either, during marriage, when not acquired as the separate property of either.

diamond gif Competent: Legally qualified, capable of contracting.

diamond gif Composition: Agreement between a debtor and creditors whereby the latter mutually agree to accept a certain percentage less than is due each one.

diamond gif Conclusive Presumption: Legal inference that cannot be contradicted.

diamond gif Condemnation: The taking of private property for a public use. The exercise of power of eminent domain.

diamond gif Condemnation Guarantee: An evidence of title issued to a governmental agency naming persons to be made defendants in an action in eminent domain.

diamond gif Condition: A qualification or restriction annexed to a conveyance of lands, whereby it is provided that upon the happening of a particular event an estate shall commence, be enlarged, or be defeated.

diamond gif Condition Precedent: A condition that must be fulfilled before a right accrues or an estate vests.

diamond gif Condition Subsequent: A condition that defeats a previously accrued right or vested estate.

diamond gif Conditional Sale Contract: Contract of sale where title remains in seller until all conditions of the contract have been fulfilled.

diamond gif Condominium: The composite of individual ownership and exclusive possession of a cube of space in a multi-unit building plus a collective ownership of and a collective right of possession to facilities common to all separately owned units.

diamond gif Confession of Judgment: Entry of judgment without formality of proceedings upon debtor's admission and with debtor's consent.

diamond gif Confirmation of Sale: Court approval of sale by a personal representative, guardian, or conservator.

diamond gif Congressional Grant: A grant of public land of the United States by an act of Congress.

diamond gif Conservatee: A person unable to manage self, property, or self and property and for whom the probate court has appointed a conservator.

diamond gif Conservator: A person appointed by probate court to take care of the person, property, or person and property of conservatee.

diamond gif Consideration: The value inducing another person to enter into a contract.

diamond gif Constituent Corporation: A corporation merged or consolidated with one or more other corporations.

> diamond gif Constructive: Inferred or implied.

diamond gif Constructive Notice: Notice given by public records.

diamond gif Constructive Trust: Trust imposed by law to redress a wrong or to prevent unjust enrichment.

diamond gif Contiguous: In actual close contact; touching, adjacent, near.

diamond gif Contingent: Dependent upon an uncertain future event.

diamond gif Contingent Beneficiary: A person who may share in an estate or trust depending upon the happening of an event.

diamond gif Contingent Interest: An interest which may vest depending upon the happening of an event.

diamond gif Contour: Surface configuration of land.

diamond gif Contract: An agreement between two or more parties to do, or not to do a particular act.

diamond gif Contract of Sale: An agreement entered into for the sale and purchase of property.

diamond gif Convey: To transfer title to property from one person to another.

diamond gif Conveyance: A written instrument transferring title to or an interest in land.

diamond gif Corporate Seal: A seal attached to an instrument executed by a corporation.

diamond gif Corporation: An artificial being created by law and endowed with certain rights, privileges, and duties of natural persons.

diamond gif Corporation Sole: A corporation consisting of a single person and his/her successor in office.

diamond gif Corporeal Hereditaments: Substantial permanent objects which may be inherited.

diamond gif Corp. Code: Corporations Code.

diamond gif Corpus: Property comprising the assets of a trust.

diamond gif Cotenancy: Ownership by two or more persons.

diamond gif Co-Trustee: One of two or more trustees.

diamond gif Courses and Distances:

diamond gif Covenant: Agreement or promise.

diamond gif Curtesy: The common law interest of a husband in estate of deceased wife.

diamond gif Custodia Legis: In the custody of the law.

D [Top]

diamond gif Date Down: The date a title examination is to be brought down to from the date of the last examination. Generally the date of recording of instruments and documents in the Recorder's Office.

diamond gif d.b.n.: Abbreviation for de bonis non administratis, De Bonis Non Administratis. Of the goods not administered. When an administrator is appointed to succeed another, who has left the estate partially unsettled, he is said to be granted "administration de bonis non" that is, of the goods not already administered. (McNair v. Howle, 123 S.C. 252, 116 S.E. 279, 285).

diamond gif d.d.: Abbreviation for "days after date."

diamond gif D.S.: Abbreviation for "declaratory statement."

diamond gif De: From; of; concerning.

diamond gif Decedent: Deceased person.

diamond gif Declaration of Homestead: A formal, written, recorded assertion by an owner that the dwelling in which he or she resides is exempt from forced sale.

diamond gif Declaration of Trust: A written instrument by a person (settlor-trustor), acknowledging that he or she holds title to property (as trustee) for the benefit of another or others (beneficiary/ beneficiaries).

diamond gif Decree: A judgment by court.

diamond gif Decree of Distribution: A judgment of probate court as to persons entitled to the property of a decedent. (Now referred to as 'Order for Distribution')

diamond gif Dedication: Donation of land by owner for public use.

diamond gif Deed: Written document transferring title to land from one person to another.

diamond gif Deed In Lieu of Foreclosure: The deed purchased by the mortgagee from the mortgagor in lieu of the foreclosure of the mortgagee's mortgage. The mortgagor grants the title to the property secured by the mortgage to the mortgagee (lender) in lieu of lender foreclosing the mortgage.

diamond gif Deed of Sale: Evidence of a purchaser's acquisition of legal title at a judicial sale, subject to redemption rights, if any.

diamond gif Deed of Trust: A three party security instrument conveying title to land as security for the performance of an obligation. Also called "trust deed."

diamond gif De Facto: In fact.

diamond gif Default: Omission or failure to fulfill a duty, observe a promise, discharge an obligation, or perform an agreement.

diamond gif Default Judgment: A judgment against a defendant who made no appearance in court.

diamond gif Defeasance Clause: The provision of a mortgage giving the mortgagor the right to redeem the property upon satisfaction of the obligation it secures.

diamond gif Defeasible: Subject to being defeated, annulled, revoked.

diamond gif Deficiency Judgment: A personal judgment against the debtor for the amount remaining due after foreclosure of a security device, as in the case of a mortgage or trust deed.

diamond gif Defunct: Deceased, dead.

diamond gif De jure: By right.

diamond gif Demand: An escrow term describing the consideration exacted for a conveyance or for the relinquishment of an interest in or a right to property.

diamond gif Demise: A transfer of an estate for years, for life, or at will.

diamond gif Demurrer: The formal mode of disputing the sufficiency in law of an opponent's pleading.

diamond gif Deponent: A witness; an affiant.

diamond gif Depository Statement: Instructions accompanying the deposit of documents, instruments, or property.

diamond gif Deposition: Testimony of a witness taken upon interrogatories, not in open court.

diamond gif Deraign: To trace, to prove.

diamond gif Descent: Manner of succession to title to property of an intestate decedent.

diamond gif Description: Written instrument by which title to land is transferred to a trustee as security for repayment of a debt or performance of an obligation.

diamond gif Devise: The disposition of land by will.

diamond gif Devisee: A person to whom real property is given by will.

diamond gif Dictum: An opinion by a judge on a point not essential to the decision on the main issue. (Plural form is "dicta.")

diamond gif Dies: A day.

diamond gif Diluvian: The gradual washing away and loss of soil along the banks of a river.

diamond gif Disseisin: Dispossession; ouster.

diamond gif Divest: To deprive of a right or title to property.

diamond gif Divisa: A boundary.

diamond gif Documentary Transfer Tax: A tax on certain recorded transfers of title to real property.

diamond gif Domicile: Fixed and permanent home.

diamond gif Domiciliary Administrator: Administrator of estate of a decedent appointed by probate court of the state of decedent's domicile.

diamond gif Dominant Tenement: The land benefitted by an appurtenant easement.

diamond gif Dona: Gift.

diamond gif Donee: Person to whom gift is made.

diamond gif Donor: Person who makes a gift.

diamond gif Dower: The common law interest of a wife in estate of deceased husband.

diamond gif Dragnet Clause: Provision in a security instrument making the security instrument applicable to all past and present obligations between debtor and creditor.

diamond gif Due-on-Sale Clause: Provision in a security instrument calling for automatic maturity in the event of sale or transfer of title by borrower.

E [Top]

diamond gif Earnest Money: Something given as a part of the purchase price to bind a bargain.

diamond gif Easement: A limited right or interest in the land of another entitling the holder to some use, privilege, or benefit.

diamond gif Easement Appurtenant: An easement created for the benefit of and attaching to a parcel of land.

diamond gif Easement in Gross: An easement created for the benefit of a person rather than for a parcel of land.

diamond gif Ejectment: Legal action for return of right to possession of land and for damages.

diamond gif Eleemosynary: Charitable.

diamond gif Eminent Domain: The right to take private property for public use.

diamond gif Emptor: A buyer.

diamond gif Encroachment:

diamond gif Encumbrance: A right or interest in land decreasing its value but not hindering its sale or transfer.

diamond gif Endorsement: The act of signing a name on the back of a check or promissory note to evidence its transfer; also, a written document attached to an insurance policy expanding or limiting coverage.

diamond gif Enfeoff: To vest a person with fee title to land.

diamond gif Entirety: A form of cotenancy in which owners are jointly seized of the whole.

diamond gif Equitable Lien: A lien recognized in a court of equity.

diamond gif Equitable Title: The right to acquire legal title.

diamond gif Equity: Natural right or justice based upon ethics and morals.

diamond gif Equity in Property: The value of a person's interest in property over and above total liens and charges.

diamond gif Equity of Redemption: The right to redeem property after a judicial sale.

diamond gif Erosion: The gradual eating away of soil by natural forces.

diamond gif Escalator Clause: Provision for upward or downward adjustment of costs, expenses, rents, etc.

diamond gif Escheat: A forfeiture of title to the state.

diamond gif Escrow: A transaction in which an impartial third party acts upon instructions for both seller and buyer, or for both borrower and lender, in carrying out instructions, delivering papers and documents and, disbursing funds.

diamond gif Estate: The degree, quantity, nature, and extent of a person's interest in real property.

diamond gif Estate at Will: Possessory right of a tenant for an indefinite period terminable by either landlord or tenant upon notice.

diamond gif Estate for Life: Estate measured in time by the uncertain duration of a person's lifetime.

diamond gif Estate for Years: Estate measured for a certain, definite, or fixed period of time.

diamond gif Estate of Inheritance: An estate extending beyond the owner's lifetime which is succeeded to by heirs or by devisees.

diamond gif Estate Tax: A tax upon the privilege of transmitting title to property of a decedent.

diamond gif Estoppel: A bar to the assertion of a right or a defense in consequence of previous position, act, or representation.

diamond gif et Al.: And others.

diamond gif et Con.: And husband.

diamond gif et Seq.: And following.

diamond gif et Ux.: And wife.

diamond gif Ex Parte: A judicial proceeding, order, injunction is said to be ex parte when it is taken or granted at the request and for the benefit of one party only, and without notice to any person.

diamond gif Ex Post Facto: After the event.

diamond gif Examination: The process of determining the vesting of title, and encumbrances burdening land.

diamond gif Examiner: A person who analyzes a chain of title to land and expresses an opinion thereon.

diamond gif Exception: A deduction, subtraction, or exclusion.

diamond gif Exculpatory Clause: Provision designed to absolve a party from liability.

diamond gif Execution Proceedings: Judicial enforcement of a money judgment consummating in seizure and sale of debtor's property.

diamond gif Executor: A male representative of the estate of a testate decedent.

diamond gif Executory: An agreement or contract not yet performed.

diamond gif Executrix: A female representative of the estate of a testate decedent.

diamond gif Exemption: Immunity from a burden or obligation.

diamond gif Expediente: Spanish or Mexican land grant file.

diamond gif Extension Agreement: Agreement granting additional time for performance.

F [Top]

diamond gif Facsimile: An exact and precise copy.

diamond gif False Personation: Assuming, without authority, the identity of another person for fraudulent purposes.

diamond gif Fee: An estate of inheritance in real property.

diamond gif Fee Simple: Absolute ownership; a fee without limitation.

diamond gif Fee Simple Absolute: The largest recognized estate in land; a title without limitation or end.

diamond gif Fee Simple Defeasible: A fee simple estate subject to being defeated, annulled, or revoked.

diamond gif Feme Sole: An unmarried woman.

diamond gif Feme Covert: A married woman.

diamond gif Fictitious: False, feigned, pretended.

diamond gif Fictitious Deed of Trust: A recorded deed of trust containing general terms and provisions but naming no parties and

diamond gif Fictitious Name: A name adopted for business purposes other than the true name of owner.

diamond gif Fiduciary: One who holds a position of trust and confidence requiring scrupulous good faith and candor. For example, a trustee of a trust is a fiduciary.

diamond gif Final Decree: A judicial decision finally disposing of a matter or cause.

diamond gif Financing Statement: A personal property security instrument replacing a chattel mortgage upon adoption of Uniform Commercial Code.

diamond gif Fissionable Material: Material capable of division into parts.

diamond gif Fixture: Property originally personal in character but intended to be a part of the real property to which affixed.

diamond gif Foreclosure: Enforcement of a lien by sale of property given as security.

diamond gif Foreclosure Sale: The sale of property given as security to secure performance of an obligation.

diamond gif Forfeiture: The loss of a right, title, or interest in property as consequence of a default under an obligation.

diamond gif Franchise: A special privilege conferred by government or, a contractual right to engage in a business under trade name owned by another.

diamond gif Freehold: An estate in land of uncertain duration. For example, a fee simple absolute or a life estate.

diamond gif Future Advance Clause: Provision for lender's future disbursements to be also secured by a security instrument previously executed.

diamond gif Future Interest: An estate in real property entitling owner to possession and enjoyment on a future date. For example, a remainder is a future interest.

G [Top]

diamond gif Garnishment: Attachment of personal property of a debtor in the possession of a third person.

diamond gif General Index: A title company's record of matters affecting title to land maintained according to names of individuals and entities rather than by real property description.

diamond gif General Law City: Generally, a city organized under the general law. (Compare "Charter City," supra.)

diamond gif General Plan Restrictions: Restrictions on use of real property imposed for the benefit of all lots within a subdivision.

diamond gif Gift: A voluntary conveyance or transfer of property without a valuable consideration.

diamond gif Gore: A small triangular piece of land.

diamond gif Gov. Code: Government Code.

diamond gif Graduated Lease: A lease providing for varying rental rates.

diamond gif Grant: A transfer of real property by deed.

diamond gif Grant Deed: A written instrument transferring title to real property.

diamond gif Grantee: The person acquiring title to real property by a deed.

diamond gif Grantor: The person transferring title to real property by a deed.

diamond gif Groin: A structure intended to impede or resist movements of sand adjacent to seas or lakes.

diamond gif Ground Lease: A lease of land only and not of improvements to be made by lessee.

diamond gif Ground Rent: Earnings of improved property credited to land separate from its improvements.

diamond gif Guarantee of Title: A form of title insurance based solely upon public record disclosures.

diamond gif Guardian: A person appointed by the probate court to care for the person, the property, or the person and property of a minor or an incompetent person.

H [Top]

diamond gif Habendum Clause: The provision in a deed, usually following the description, reciting: "to have and to hold, etc."

diamond gif Habendum and Tenendum: To have and to hold.

diamond gif Hand: A lineal measure of four inches.

diamond gif Heir: A person entitled by law to inherit property of a decedent.

diamond gif Hereditaments: Anything capable of being inherited.

diamond gif Holding Agreement: A form of a trust where trustee holds legal title to real property with no active duty of management or control.

diamond gif Holographic Will: A will entirely written, dated, and signed by the testator in his or her own handwriting.

diamond gif Homestead: The dwelling in which an owner or head of a family resides protected to a limited extent from forced sale by a recorded declaration of homestead.

diamond gif Hypothecate: To pledge without delivery of title or possession. (Principally an admiralty term that has found its way into real property finance).

I [Top]

diamond gif I/C: Individual/Corporation. An in-plant index of matters affecting persons or companies which cannot be entered on Lot Books because no specific properties are mentioned.

diamond gif Idem Sonans: The doctrine that if two names may be sounded alike any variance in spelling is immaterial.

diamond gif Id Est.: That is commonly abbreviated "i.e."

diamond gif In Essee: Alive; in being.

diamond gif Improved Real Estate: Land upon which buildings have been erected.

diamond gif In Personam: Against the person.

diamond gif In Propria Persona: In his/her own person; himself, herself. Abbreviated to "pro per."

diamond gif In Re: In the matter of.

diamond gif In Rem: Against property.

diamond gif Inchoate: Incomplete; not perfected.

diamond gif Incompetent: A person deemed by law incapable of managing his/her property.

diamond gif Incorporeal: Intangible; without physical existence.

diamond gif Indemnity: Compensation given for a loss sustained.

diamond gif Indemnity Agreement: An agreement relieving a person of an obligation to compensate for a potential loss. A hold harmless agreement.

diamond gif Indenture: A deed or other document executed by both parties.

diamond gif Inheritance Tax: A tax imposed upon the privilege of succeeding to the title of a decedent.

diamond gif Installment Land Sales Contract: An agreement entered into for the sale and purchase of property under which purchase price is paid in installments.

diamond gif Instrument: A formal, legal, written document.

diamond gif Insurable Interest: A sufficient interest in property that loss of it or damage to it would entail financial loss to the owner.

diamond gif Intangible: Incorporeal; not of material or physical existence.

diamond gif Inter Alia: Among other things.

diamond gif Interest: A share of, or a right to, or a concern in something of Value; also, a premium paid for the use of money.

diamond gif Interim Loan: A short term loan under circumstances anticipating a subsequent long term loan.

diamond gif Interlocutory Decree: A decree made pending final outcome of the cause prior to final hearing on the merits.

diamond gif Intestate: Without a will; also, a decedent who left no will.

diamond gif Intra: Within.

diamond gif Inure: To serve to the use or benefit.

diamond gif Involuntary Lien: A lien created by operation of law.

diamond gif Ipso Facto: Of itself; by the very fact.

J [Top]

diamond gif Joinder: One or more person acting in unison joining together.

diamond gif Joint Protection Policy: A policy insuring more than one interest. I.E., the interest of both owner and lender.

diamond gif Joint Tenancy: A form of co-ownership by two or more persons in equal shares characterized by the incident of survivorship.

diamond gif Joint Venture: A form of business organization composed of two or more persons to conduct a single enterprise for profit.

diamond gif Judgment: A final determination in a court of competent jurisdiction of the rights of the parties to an action or proceeding.

diamond gif Judgment Lien: A statutory lien created by recording a judgment, or an abstract, ordering the payment of a sum of money.

diamond gif Junior Lien: A lien of inferior priority.

diamond gif Jurat: The portion of a certificate or affidavit stating when, where, and before whom it was sworn.

diamond gif Jurisdiction: The power to adjudicate concerning the subject matter in a given case.

K [Top]

L [Top]

diamond gif Laches: Inexcusable delay in asserting a right.

diamond gif Landowner's Royalty: An interest in unsevered oil and gas granted to a third person or reserved by a landowner on occasion of his/her alienation of an interest in real property.

diamond gif Land Contract: An agreement entered into for the sale and purchase of land.

diamond gif Lands, Tenements, Hereditaments: Inheritable lands or interests in them.

diamond gif Latent: Concealed.

diamond gif Lateral Support: The support the soil gives to the land of an adjacent owner.

diamond gif Lease: A writing constituting a conveyance of real property form a term of years and a contract for its possession during that term.

diamond gif Leasehold: The estate for years created by a lease.

diamond gif Legacy: A gift of personal property by will.

diamond gif Legal Description: A description of real property sufficient to locate it on the ground by reference to government surveys or approved recorded maps.

diamond gif Legatee: A person to whom personal property is given by will.

diamond gif Lessee: The person acquiring an estate for years in a lease.

diamond gif Lessor: The person transferring an estate for years in a lease.

diamond gif Letters of Administration: Formal written evidence of court appointment of a personal representative of the estate of an intestate decedent.

diamond gif Letters of Conservatorship: Formal written evidence of court appointment of a conservator of the person, or of the estate, or of the person and estate of a conservatee.

diamond gif 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.

diamond gif Letters of Testamentary: Formal written evidence of court appointment of a personal representative of the estate of a testate decedent.

diamond gif Levy: Seizure of property by judicial process.

diamond gif Lien: A charge upon property for the purpose of securing the payment or discharge of a debt or obligation.

diamond gif Life Beneficiary: A person entitled to receive a benefit for life.

diamond gif Life Estate: An estate measured in duration by the lifetime of a natural person.

diamond gif Limitations, Statutes of: Statutes limiting the time within which parties having a cause of action must institute proceedings to enforce the same.

diamond gif Lineal: In a direct line.

diamond gif Lis Pendens: A recorded notice of the pendency of an action.

diamond gif Lite Pendente: While the action is pending.

diamond gif Littoral: Pertaining to the shore.

diamond gif Living Trust: A trust becoming operative in the lifetime of the person creating it.

diamond gif Loan Policy: A policy of title insurance insuring the interest of a lender.

diamond gif Lock-In-Clause: A loan provision specifying a period during which no repayment is permitted.

diamond gif Loss Payable Clause: An endorsement to an insurance (fire) policy specifying parties (lenders) entitled to participate in proceeds in the event of loss.

diamond gif L.S.: Abbreviation for "locus sigilli" meaning the place for a seal.

diamond gif Lot Split: Ordinarily, sale of a portion of a parcel of land.

M [Top]

diamond gif Map Act: The Subdivision Map Act (Gov. Code, Section 66410 et seq.) regulating the subdivision of land.

diamond gif Marshaling: The ranking of several parcels of land for the satisfaction of a debt for which all parcels serve as security. Marshaling is an equitable principle.

diamond gif Mean: Intermediate.

diamond gif Mean High Tide Line: The average height of certain high waters.

diamond gif Meander: To follow a winding course.

diamond gif Mechanic's Lien: A statutory lien in favor of persons contributing labor, material, supplies, etc. to a work of improvement upon real property.

diamond gif Memorial: A short note, abstract, or memorandum.

diamond gif Merger of Title: The absorption of a lesser estate into a larger estate.

diamond gif Meridians: Imaginary north-south lines intersecting base lines to form a starting point for measurement of land.

diamond gif Mesne: Intermediate, intervening.

diamond gif Metes and Bounds: Measurements and boundaries.

diamond gif Military Reservist Relief Act of 1991: California statutory law to protect military reservists called to serve during the Gulf War from loss of property in satisfaction of obligations incurred before being called to serve.

diamond gif Monument: An object or mark employed by a surveyor to fix or to establish boundaries or land location.

diamond gif Moratorium: A temporary suspension by statute of the enforceability of a debt.

diamond gif Mortgage: A two party security instrument pledging land as security for the performance of an obligation.

diamond gif Mortgagee: The party entitled to performance by a mortgagor.

diamond gif Mortgagor: The party executing a mortgage.

diamond gif Muniments of Title: Deeds and other original documents comprising a chain of title to a parcel of real property.

diamond gif Mutual Water Company: A company organized for the purpose of providing water to its members.

N [Top]

diamond gif Naturalization: The conferring of rights of citizenship to a person who has been an alien.

diamond gif Naturalized Citizen: A person made a citizen of the United States by act of congress.

diamond gif Neap Tides: Tides occurring between the full moon and the change of the moon, twice every twenty-four hours.

diamond gif Negotiable: Capable of transfer by endorsement in the ordinary course of business.

diamond gif Negotiable Instrument: Instruments with special legal incidents permitting free circulation in commerce.

diamond gif Nominee: A person designated to act in the place and stead of another.

diamond gif Nonjudicial Foreclosure Sale: Sale of property pursuant to the power of sale provisions contained in a security instrument.

diamond gif Notarize: To prove execution of a document by means of a notary public's certificate of acknowledgment.

diamond gif Notary Public: A person authorized by law to take acknowledgments and to administer oaths.

diamond gif Note: A common reference to a promissory note.

diamond gif Note of Action: A lis pendens.

diamond gif Notice of Cessation: A recorded notice shortening the time for filing mechanics' liens if work ceases prior to completion.

diamond gif Notice of Completion: A notice recorded within ten days of completion of a work of improvement signaling commencement of the time period within which claims of mechanics' liens must be recorded.

diamond gif Notice of Default: A recorded notice of a trustor's failure to perform his/her obligation under a deed of trust. The beginning step in nonjudicial foreclosure of a deed of trust.

diamond gif Notice of Non-Responsibility: A recorded notice by an owner of real property that he/she will not be responsible for payment of costs of improvements contracted for thereon by some other person.

diamond gif Notice to Quit: Notice given by landlord to a tenant to pay rent within three or five days or vacate premises, (Number of days depends on actual state law where applicable).

diamond gif Novation: The substitution of a new obligation for an old one.

diamond gif Nuncupative Will: An oral will.

diamond gif Nunc Pro Tune: Now for then; a tardy act made retroactive to the time when the act should have been done.

O [Top]

diamond gif Obiter Dictum: That said in passing.

diamond gif Office Information: Special information of title significance concerning persons or property maintained by a title company, but not necessarily a matter of public record.

diamond gif Offset Statement: Statement customarily furnished an escrow holder as to the current status of rental accounts, security deposits, and balance due on liens and encumbrances.

diamond gif Omnibus Clause: Provision in an order for distribution by which any property of a decedent not specifically described is distributed.

diamond gif Open-End Mortgage: Provision in a mortgage (or deed of trust) by which additional advances of money made by lender to borrower after execution of the security instrument are also secured by it.

diamond gif Operative Property: Property reasonably necessary to the operation and conduct of a particular business.

diamond gif Option: A choice; a right, for a consideration, to do or not to do an act in the future, or to require or not require performance of a future act by another.

diamond gif Order Confirming Sale: A court order confirming sale of estate property by a personal representative, or other fiduciary.

diamond gif Ordinance: A legislative enactment of a city or county.

diamond gif Ostensible: That which is apparent or that which seems to be.

diamond gif Outlawed: A claim, right, or cause of action unenforceable due to lapse of time.

diamond gif Overriding Royalty: That interest in unsevered oil and gas retained by a lessee upon occasion of his or her execution of a sublease or assignment.

diamond gif Overt: Open.

diamond gif Owner's Policy: A policy of title insurance insuring the title of an owner.

diamond gif Ownership: The right to use and enjoy property to the exclusion of others.

P [Top]

diamond gif Parcel: Any area of land contained within a single description.

diamond gif Parol: Oral.

diamond gif Participating Per Cent: Any interest in unsevered oil and gas which an owner, lessee, sublessee, or assignee disposes of to investors to finance production whereby the investor shares proportionately in the income from the enterprise.

diamond gif Partial Reconveyance: An instrument extinguishing the lien of a deed of trust from a portion of the property.

diamond gif Partial Release Clause: Provision in a land contract, deed of trust or mortgage for a conveyance of a portion of the property to buyer upon satisfaction of specified conditions.

diamond gif Partition Action: Judicial proceedings instituted by a co-owner or co-owners to sever their co-ownership either by a physical division into separate parcels or by sale of entire parcel and division of proceeds.

diamond gif Partnership: An association of two or more persons to carry on as co-owners a business for profit.

diamond gif Party Wall: A wall located on a boundary line and used by both owners.

diamond gif Patent: A conveyance of title to public land executed by the federal or state government.

diamond gif Pendente Lite: Pending litigation.

diamond gif Per Autre Vie: During the life of another.

diamond gif Per Capita: By the head; by the number of individuals.

diamond gif Per Stirpes: According to the roots; by right of representation.

diamond gif Per Se: By itself; as such.

diamond gif Percentage Lease: A lease under which rental is determined, in whole or in part, from the volume of business done.

diamond gif Periodic Tenancy: Tenancy for successive periods of equal duration.

diamond gif Personal Property: Movable property; property which is not real property.

diamond gif Plaintiff: The party initiating an action.

diamond gif Plat: A plot, map, or chart.

diamond gif Pleadings: The formal writing filed in court containing the various claims and defenses of plaintiff and of defendant.

diamond gif Pledge: Delivery of personal property as security for the performance of an obligation.

diamond gif Policy of Title Insurance: A contract indemnifying against loss resulting from a defect in title to the interest or lien in real property insured.

diamond gif Post: After; afterward.

diamond gif Powers of Attorney: A written delegation from a principal authorizing another person, as agent of principal, to act for him or her in his/her name in a designated transaction or transactions.

diamond gif Preamble: The introductory portion.

diamond gif Preemption: The act of purchasing before or ahead of another person.

diamond gif Preemption Entry: An entry upon public lands of the United States by a settler giving the settler a preferred right to acquire title.

diamond gif Preemptive Right: A preferential right to purchase on same terms as offered by a third party.

diamond gif Pre-Payment Clause: Provision permitting payment of a debt prior to due date.

diamond gif Pre-Payment Penalty: Charge imposed by a lender for payment of a debt before due date.

diamond gif Prescription: A method of acquiring an easement by adverse use of another's property.

diamond gif Press Copy: A title company's copy of title insurance or information it has issued.

diamond gif Presumption: That which may be assumed without proof.

diamond gif Pretermit: To omit; to pass by.

diamond gif Prima Facie: Assumed correct until overcome by further proof.

diamond gif Principal: A party represented by an agent or the chief or foremost party in a particular transaction or the amount of a loan to be repaid exclusive of interest or the assets constituting a trust estate.

diamond gif Priority: The relative superiority of competing liens and encumbrances.

diamond gif Privity: Closeness; mutuality of relationship.

diamond gif Probate: Relating to proof; the proof of validity of a will of a decedent; the proof of ownership.

diamond gif Probate Court: A division of superior court having jurisdiction over estates of decedents, minors, incompetents, and conservatees.

diamond gif Profit Prendre: A right to take a part of the soil or produce of land.

diamond gif Promissory Note: An unconditional written promise, signed by maker, to pay, absolutely, a sum certain in money, either to the bearer or to a person therein designated or his/her order.

diamond gif Pro-Rata: Proportionately; according to a certain rate, percentage, or proportion.

diamond gif Public Lands: All unoccupied land belonging to the federal government subject to disposition under general land laws.

diamond gif Public Report: A report issued by California Real Estate Commissioner containing information of interest to a prospective buyer of subdivided property.

diamond gif Purchase Money Mortgage: A mortgage securing payment of all or a portion of the purchase price of real property. A purchase money mortgage can be a mortgage with 'first priority', 'second priority', 'third priority', etc.

Q [Top]

diamond gif Quasi: As; as if; of similar nature.

diamond gif Quasi-Community Property: Property acquired by a married person while domiciled outside California which would have been community property if the acquiring spouse had been domiciled in California.

diamond gif Quasi-Contract: A contract implied by law; based on conduct.

diamond gif Quiet Title Action: The name of an action brought to establish a title to property or to remove a cloud on the title.

diamond gif Quitclaim Deed: A form of deed containing no warranties and conveying the current right, title and interest of the grantor, if any, to real property.

R [Top]

diamond gif Ratable:

diamond gif Range: A column of townships running north and south in a row parallel to, and east or west of a principal meridian.

diamond gif Ratification: The adoption or approval of a previous unauthorized act.

diamond gif Real Property: Immovable property such as land, buildings, improvements, appurtenances, and air space.

diamond gif Rebuttable Presumption: A presumption that is not conclusive one which may be contradicted by evidence.

diamond gif Rescission:

diamond gif Reconveyance: A document extinguishing the lien of a deed of trust and reconveying the title to the real property encumbered by the deed of trust to the trustor.

diamond gif Record: To incorporate into the public records of the County Recorder; also, the system of public records imparting constructive notice of title to claims, or interests, in real property.

diamond gif Recording: The act of filing documents for record in the office of the County Recorder.

diamond gif Redemption: The act of buying back property previously sold in judicial proceedings.

diamond gif Redemption Right: The right of a debtor to reacquire title to property formerly owned by him or her but sold through judicial process to satisfy his/her debts.

diamond gif Reformation Action: Proceedings instituted for the purpose of correcting mistakes in documents.

diamond gif Reinstatement: Restoring to the status occupied before a forfeiture.

diamond gif Release: A document extinguishing the lien of a mortgage, judgment, mechanic's lien, etc.; also, a document absolving another of liability.

diamond gif Release Clause: Provision in a mortgage or deed of trust for the release of the lien from portions of the property.

diamond gif Reliction: The gradual recession of water from the usual watermark exposing dry land.

diamond gif Remainder:

diamond gif Remainderman: The person who owns an estate in remainder.

diamond gif Remittitur: An appellate court's instruction and direction to the lower court in disposing of a matter appealed.

diamond gif Replevin: A form of action for the recovery of personal property.

diamond gif Request for Notice: Recorded request by anyone desiring written notice of the recording of a notice of default under a deed of trust or of the scheduling of a trustee's sale thereunder; also, recorded trust request of anyone desiring notice of the scheduling of an execution sale foreclosing the lien of a judgment; also, a request filed in probate proceedings by anyone desiring special notice of proceedings taken therein.

diamond gif Request for Reconveyance: Written instruction of a beneficiary under a deed of trust addressed to the trustee, acknowledging satisfaction of the secured obligation, and directing the trustee to extinguish the lien of the deed of trust and reconvey the property encumbered by the deed of trust.

diamond gif Reservation: A right or an interest retained by a grantor in a conveyance.

diamond gif Residuary Clause: The "catch all" or omnibus clause of a will directing distribution of any property not specifically bequeathed or devised.

diamond gif Residue: That portion of a decedent's estate remaining after payment of debts, taxes, and distribution of specific bequests and devises.

diamond gif Restraint on Transfer: An impediment or limitation on an owner's right to transfer title to property.

diamond gif Restrictions: Impediments, limitations, or prohibitions respecting use of real property imposed in deeds or in a declaration.

diamond gif Resulting Trust: A trust implied by law to prevent injustice.

diamond gif Revenue Stamps: Stamps affixed to documents evidencing payment of federal tax formerly imposed.

diamond gif Reversion: A presently vested future estate in the grantor or grantor's heirs the possession of which is deferred.

diamond gif Rider: A supplement to; an addition to; an endorsement to a document.

diamond gif Right of Survivorship: The right to succeed to the interest of a decedent.

diamond gif Right of Way: A right to pass over or to cross a parcel of land.

diamond gif Riparian: Pertaining to the bank of a river or stream.

diamond gif Riparian Rights: The rights of an owner to water bordering his or her land.

diamond gif Rood of Land: The fourth part of an acre in square measure, or one thousand two hundred and ten square yards.

diamond gif Rule Against Perpetuities: At Common Law, a principle which provides that no interest in real or personal property shall be good unless it must vest, if at all, not later than twenty-one years after some life in being at the creation of the interest. Some states have adopted a statutory modification of the rule.

S [Top]

diamond gif Sale and Leaseback: A transaction in which a grantee in a deed leases the same property back to the grantor without a change in its possession.

diamond gif Sales Contract: An agreement entered into for the sale and purchase of property.

diamond gif Sans: Without.

diamond gif Satisfaction: The performance of the terms of an obligation.

diamond gif Scilicet: To-wit, that is to say; namely, abbreviated as "ss".

diamond gif Seal: An impression on a document lending authenticity to its execution.

diamond gif Searcher: A title company employee who assembles the links required to complete a chain of title to real property.

diamond gif Section: A measure of land one square mile containing 640 acres.

diamond gif Security: Collateral; property pledged or hypothecated to secure performance of an obligation.

diamond gif Security Deposit: Deposit of money made to assure performance of an obligation.

diamond gif Seisin: The possession of land under a claim of freehold.

diamond gif Seriatim: In succession.

diamond gif Servient Tenement: The estate burdened by an easement.

diamond gif Servitude: A right in another's property in the nature of an easement.

diamond gif Settlor: One who creates a trust.

diamond gif Severalty Ownership: Ownership of property by one person sole ownership.

diamond gif Sheriff's Deed: Conveyance of title to a debtor's property as a consequence of an execution sale.

diamond gif Sine Qua Non: Without which not. An indispensable requisite.

diamond gif Situs: The location of property.

diamond gif Slander of Title: False unjustified statements regarding another person's title to property.

diamond gif Soldiers' and Sailors' Civil Relief Act: Federal law designed to protect members of the armed forces from loss of property in satisfaction of obligations incurred before entry into the service. [See also California's Military Reservist Relief Act of 1991].

diamond gif Special Assessments: Charges imposed upon real property especially benefitted by a local public improvement.

diamond gif Specific Performance Action: A form of action seeking the execution of documentation relating to real property.

diamond gif Stare Decisis: The legal doctrine that past decisions of courts stand as precedents for future decisions.

diamond gif Statement of Information: A brief statement of facts relied on by title insurers to assist in the proper identification of persons.

diamond gif Status: The legal position of an individual; i.e., adult, minor, etc.

diamond gif Statute of Frauds: A series of statutes designed for the purpose of preventing fraud. For example, in order to be enforceable, an agreement for sale of real property must be in writing.

diamond gif Statute of Limitations: A series of statutes designed to render unenforceable stale claims and rights.

diamond gif Stirps: Stock, race, family. The person from whom a family descends.

diamond gif Stop Notice: A notice given a construction lender by an unpaid contributor to a work of improvement for the purpose of intercepting loan funds.

diamond gif Straight Note: A promissory note calling for payment of principal in one sum rather than in installments.

diamond gif Subdivision: The division of a tract of land into separate parcels.

diamond gif Subject To: The recognition of an existing lien or encumbrance, but not assuming personal liability therefor.

diamond gif Sublease: A lease executed by a tenant for a term less than the leasehold.

diamond gif Subordinate: To make inferior in priority.

diamond gif Subordination Agreement: An agreement changing the priority of interests.

diamond gif Subrogate: To substitute one person in place of another with reference to an obligation.

diamond gif Substitution: The appointment of a person to act in the place and stead of another.

diamond gif Summons: A court's direction to the sheriff to inform a defendant that an action has been filed against him/her.

diamond gif Surety: One who guarantees the performance of an obligation by another.

diamond gif Survey: A process of measuring a parcel of land and ascertaining its area and boundaries.

diamond gif Syndicate: A pooling arrangement or association of persons investing in real property by buying shares in an organization.

T [Top]

diamond gif Takeout Loan: A long term loan replacing a short term interim construction loan.

diamond gif Tax Deed: A deed issued to a purchaser following a sale necessitated by the non-payment of real property taxes.

diamond gif Tax Sale: Sale conducted for the purpose of collecting delinquent taxes assessed to a parcel of real property.

diamond gif Tax Search: An examination of the public records of taxing authorities to determine the tax status of a parcel of real property.

diamond gif Tenancy by the Entirety: A form of co-ownership by husband and wife, characterized by the inability of one spouse alone to convey or encumber and by the incident of survivorship.

diamond gif Tenancy in Common: A form of co-ownership of property by two or more persons in undivided interests.

diamond gif Tender: An unconditional offer to pay a debt or to perform an obligation.

diamond gif Tenements: All rights in land passing with a conveyance thereof.

diamond gif Tentative Map: A proposed subdivision map required to be submitted to and approved by the local government agency before approval of a final subdivision map.

diamond gif Tenure: The mode or manner in which a title to land is held.

diamond gif Term: The time duration of a lease or of a loan also, any provision of a contract or lease.

diamond gif Terminable Interests: Interests enduring for a limited period of time.

diamond gif Termite Report: A report of an inspection for wood-destroying pests by a person licensed by the state.

diamond gif Testament: True declaration of a person's last will.

diamond gif Testamentary Trust: A trust created by the last will and testament of a decedent.

diamond gif Testator: One who died leaving a will.

diamond gif Testimonium Clause: The concluding clause of an instrument beginning with the words: "In witness where-of...".

diamond gif Tie: A survey connection from a point of known position to a point whose position is desired. A tie is made to determine the position of a supplementary point whose position is desired for mapping or reference purposes, or to close a survey on a previously determined point. To "tie in" is to make such a connection. The point to which the connection is made is termed a tie point.

diamond gif Tie Point: Point of closure of a survey either on itself or on another survey.

diamond gif Tied: As used in surveying, monuments are tied together by measurements. A property corner is tied to offset monuments or to other property corners.

diamond gif Tier: A row of townships running east and west parallel to and north or south of a designated base line.

diamond gif Time Is Of The Essence: Clause in a contract indicating punctual compliance is required.

diamond gif Title: The sum total of a person's right or the extent of his/her interest in real property.

diamond gif Title Insurance: Assurance of indemnification for loss occasioned by defects in the title to real property or to an interest therein which is insured.

diamond gif Title Plant: The records of a title company assembled and maintained for the purpose of issuing title insurance on real property.

diamond gif Title Policy: A contract indemnifying against loss resulting from a defect in the title to the interest or lien in real property insured.

diamond gif Title Search: The assembled links required to complete a chain of title to a parcel of real property.

diamond gif Toll: To bar; to defeat.

diamond gif Toll the Statute: To stop or interrupt the running of a statute of limitation.

diamond gif Topography:

diamond gif Torrens: A system of registration of land title no longer lawful in California, but utilized in some other states.

diamond gif Township: A normally square shaped subdivision of public lands containing 36 sections uniformly numbered starting with the northeast section.

diamond gif Tract: A parcel of land divided into smaller parcels called lots.

diamond gif Trade Fixtures: Articles of personal property, fastened to real property necessary to carry on a trade or business.

diamond gif Trade Name: The name under which an organization does business.

diamond gif Transfer Tax: A tax imposed upon transfers of title to real property.

diamond gif Trust: A fiduciary relationship in which a trustee holds title to property for the benefit of a beneficiary.

diamond gif Trust Deed: Same as a deed of trust; a three party security instrument conveying title to land as security for the performance of an obligation.

diamond gif Trustee: The fiduciary holding title to property for the benefit of another.

diamond gif Trustee's Deed: The deed given by the trustee under a deed of trust when the secured property is sold under power of sale.

diamond gif Trustee's Sale: Foreclosure sale conducted by the trustee in the exercise of a power of sale.

diamond gif Trustor: The person conveying property in trust.

U [Top]

diamond gif Ultra Vires: Beyond their powers.

diamond gif Undivided Interests: Unsegregated interests of co-owners in the entire property owned by them as tenants in common.

diamond gif UCC: Uniform Commercial Code. (Com. Code, Section 1101 et seq.)

diamond gif Unities: The essential elements of a common law joint tenancy. i.e., unities of time, title, interest, and possession.

diamond gif Unjust Enrichment: Mistake or misfortune of one person unfairly benefitting another.

diamond gif Unlawful Detainer: An action brought for recovery of possession of real property.

diamond gif Usury: The exaction of a greater payment or return for the loan of money than is permitted by law.

V [Top]

diamond gif Valid: Sufficient in law; effective.

diamond gif Vara: A Mexican measure of length; approximately 33 inches.

diamond gif Variable Interest: Interest rates fluctuating up or down according to current cost of money.

diamond gif Vendee: A buyer or purchaser.

diamond gif Vendor: A seller.

diamond gif Venue: The county in which an action is brought; also the place where an acknowledgment is taken.

diamond gif Verification: A sworn statement before a qualified officer (notary public) that the contents of a writing are true.

diamond gif Vest: To give an immediate fixed right to property.

diamond gif Vestee: Present record owner.

diamond gif Vested Interest: A property interest that is fixed or determined.

diamond gif Vide: See.

diamond gif Videlicet: To wit, that is to say; abbreviated as "viz".

diamond gif Viz.: Abbreviation for videlicet.

diamond gif Voidable: Subject to being declared void.

diamond gif Voluntary Lien: A lien intentionally created or entered into by a debtor.

W [Top]

diamond gif Waive: To release or abandon a right or a privilege.

diamond gif Waiver: The act of releasing or abandoning a right or a privilege.

diamond gif Warranty Deed:

diamond gif Waste: Destruction or injury to real property.

diamond gif Water Right: The right of an owner of land to use water adjacent to or below the surface of the land.

diamond gif Wrap-Around Mortgage: Same as an "all inclusive mortgage": One incorporating the balance due under a prior mortgage.

X [Top]

Y [Top]

Z [Top]

diamond gif Zone: Area in a community designated for specified use and purpose.

diamond gif Zoning: Governmental regulation of the use of real property.


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