 |
| A |
| ABANDONMENT |
The surrender, relinquishment, disclaimer, or cession of property or of rights to property. |
| ABATEMENT |
To put an end to. |
| ABSTRACT |
An abridgment as applied to a record, as an abbreviated form or a summary of that record. |
| ABSTRACT OF JUDGMENT |
A brief transcript of the essentials of a judgment. |
| 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. |
| ABUTTING |
Touching or bordering upon. No intervening land. |
| ACCELERATION CLAUSE |
Promissory and security interest clause which specifies conditions under which the lender may advance the time when the entire debt, plus accrued interest, is due and payable. |
| ACCEPTANCE |
The act of agreeing or consenting to the terms of an offer thereby establishing "the meeting of the minds" that is an essential element of a contract. |
| ACCOMMODATION RECORDING |
The recordation of an instrument without consideration and without assumption of responsibility for correctness or validity. |
| ACKNOWLEDGMENT |
A formal declaration made before an authorized person, e.g., a notary public, by a person who has executed an instrument stating that the execution was his/her act. Authenticates the identity of the signor. |
| ACRE |
A tract of land totaling 43,560 square feet, 160 square rods, 4,840 square yards, or about 208.71 feet square. |
| 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. |
| ACTION IN PERSONAM |
An action in which judgment is sought against a person. |
| ACTION IN REM |
An action in which judgment is sought against property to determine its status. |
| ACTUAL NOTICE |
Notice in fact or in reality to or by a party directly and personally. |
| AD VALOREM |
According to value. |
| ADJOINING OWNERS |
Two or more owners whose parcels of land are contiguous |
| ADJUSTABLE RATE MORTGAGE (ARM) |
A loan which bears interest at a rate subject to change during the term of the loan. |
| ADMIN |
Administrative Code |
| ADMINISTRATOR |
A person appointed by a probate court to settle the affairs of an individual dying without a will. |
| ADMINISTRATRIX |
A woman administrator |
| ADVANCE |
Transfer of funds from a lender to a borrower in advance on a loan |
| ADVERSE POSSESSION |
A
method of acquiring title to real property through possession of the
property for a statutory period under certain conditions by a person
other than the owner of record. |
| AFFIANT |
A person who has made an affidavit. |
| AFFIDAVIT |
A
written statement or declaration sworn to or affirmed before some
officer who has authority to administer an oath or affirmation. May
alternately be signed under penalty of perjury stating that the
contents are true and correct. |
| AFFIRMATION |
A declaration in writing under penalty of perjury. |
| AGENT |
One who acts on behalf of another. |
| AKA |
Also known as. |
| ALIENATION CLAUSE |
Provision
in a security instrument calling for automatic maturity in the event of
a sale or other conveyance of title by borrower or subsequent owner. |
| ALL INCLUSIVE DEED OF TRUST |
A
deed of trust securing payment of obligation(s) owing under prior
deed(s) of trust in addition to the amount of money borrowed from or
owed to beneficiary |
| ALTA TITLE POLICY |
(American Land Title Association) A type of title insurance policy
issued by title insurance companies. Usually issued to mortgage
lenders. Insures against additional risks not covered by an Owner's
Title
Policy. |
| AMORTIZATION |
The liquidation of a financial obligation on an installment basis also recovery of cost over a period of time. |
| ANNEXATION |
To incorporate within the boundaries of a city, county or district. |
| ANTENUPTIAL |
Before marriage. |
| APOSTILLE |
An authentication of a notary used by countries who are parties to the Hague Convention. |
| APPELLANT |
A party appealing a court decision or ruling. |
| APPRAISER |
One qualified by education, training and experience who is hired to estimate the value of real and personal property. |
| APPURTENANCE |
Anything incidental to or belonging to land considered a party of the real property. |
| APPURTENANT |
Belonging to. |
| ARBITRARY MAP |
A map made by a title company for its own convenience in identifying parcels of real property. |
| ASSESSED VALUE |
Value of property for taxation purposes. |
| ASSESSMENT |
The imposition of a tax, charge, or levy, usually according to established rates. |
| ASSESSMENT MAPS |
Maps designating the boundaries of an assessment district |
| ASSESSOR |
A public official who evaluates property for the purpose of taxation. |
| ASSESSOR'S PARCEL MAP |
Maps
produced by the Assessor. These maps, also called Assessor's Plat Maps
or AP Maps, depict and identify land units within the Assessor's
jurisdiction by Assessor's Parcel Number. |
| ASSESSOR'S PARCEL NUMBER |
A book, page / block and parcel numbering system used by the Assessor's Office to identify property. |
| ASSIGN |
To transfer any or all of an interest. |
| ASSIGNEE |
One to whom a transfer of interest is made as the assignee of a mortgage or contract. |
| ASSIGNOR |
One who makes an assignment as the assignor of a mortgage or contract. |
| ASSUMPTION OF TRUST DEED |
A formal agreement by buyer to assume terms of existing trust deed or mortgage. |
| ATTACHMENT |
Process
of legal seizure of property. Property seized is retained in custody of
the court often to provide security for a debt or until ownership
issues can be determined. |
| ATTORNEY IN FACT |
One who holds a power of attorney from another allowing him to execute legal documents on behalf of another. |
|
| C |
| CAPITA |
Heads; persons. |
| CAPTION |
The heading or title of a document. |
| CAVEAT EMPTOR |
Let the buyer beware. |
| CC |
Civil Code |
| CC&R'S |
Covenants, conditions and restrictions. The basic rules establishing the rights and obligations of owners of real property. |
| CCP |
Code of Civil Procedure |
| CEMETERY MAP |
Map establishing plots within a cemetery. |
| CERTIFICATE OF ACCEPTANCE |
An
attachment to a conveyance certifying that the interest in real
property, conveyed by the deed or grant, is accepted by the legislative
body |
| CERTIFICATE OF CORRECTION |
A document that amends and corrects a map that has already been recorded. |
| CERTIFICATE OF TITLE |
Certified statement as to land ownership based upon examination of record title. |
| CFR |
Code of Federal Regulations |
| CHAIN |
A term of land measurement being 66 feet in length. |
| CHAIN OF TITLE |
A term applied to the past series of transactions and documents affecting the title to a particular parcel of land. |
| CHARTER |
An instrument creating and defining the franchises of a city, educational institution or corporation. |
| CHATTEL |
An item or article of personal property. |
| CHATTEL MORTGAGE |
Obsolete name for mortgage of personal property. |
| CLEAR TITLE |
One which is not encumbered or burdened with defects. |
| CLOSING |
Condition
in description of real property by courses and distances at the
boundary lines where the lines meet to include all the tract of land.
ALSO, process in which all parties to a real estate transaction
conclude the details of a sale or mortgage. It |
| CLOUD ON TITLE |
A claim, encumbrance or condition which impairs title to real property until disproved or eliminated. |
| CODE |
A collection of laws. |
| COLLATERAL |
Marketable
real or personal property which a borrower pledges as security for a
loan. In a trust deed specific land is used as collateral. |
| COMMON LAW |
The unwritten body of English Law founded upon customs, precedents and usage. |
| COMMUNITY PROPERTY |
A
category of property, existing in some states, in which all property
(except property specifically acquired by husband or wife as separate
property) acquired by a husband and wife, or either, during marriage,
is owned in common by the husband and wife. |
| COMPARABLE SALES |
Recent selling prices of properties similarly situated in a similar market. |
| COMPETENT |
Legally qualified; capable of contracting. |
| CONDEMNATION |
Taking private property for public use through court proceedings. |
| CONDITION |
A
qualification or restriction annexed to a conveyance of lands, where it
is provided that upon the happening of a particular event an estate
shall commence, be enlarged, or be defeated. |
| CONDITION PRECEDENT |
A condition that must be fulfilled before a right accrues or an estate vests. |
| CONDITION SUBSEQUENT |
A condition that defeats a previously accrued right or vested estate. |
| CONDITIONAL SALE CONTRACT |
Contract of sale where title remains in seller until conditions of the contract have been fulfilled. |
| CONDOMINIUM - |
A
system of individual fee ownership of units in a multiunit structure,
combined with joint ownership of common areas of the structure and land. |
| CONFESSION OF JUDGMENT |
Entry
of judgment without formality of proceedings upon debtor's admission
and with his consent. |
| CONSENT AND WAIVER |
An agreement by the landlord, owner or lien holder that certain equipment, furnishings, etc., will remain personal property. |
| CONSERVATEE |
A person unable to manage self, property, or self and property and for whom the probate court has appointed a conservator. |
| CONSERVATOR |
A
person appointed by the court to protect and preserve the lands and
property of an individual physically incapacitated or otherwise not
able to handle his own affairs. |
| CONSIDERATION |
The value inducing another person to enter into a contract. |
| CONSTRUCTION DEED OF TRUST |
Used to finance construction on the property. |
| CONSTRUCTION MORTGAGE |
A
loan secured by real property during the construction of a structure on
the property, the collateral of which will include the completed
structure. |
| CONSTRUCTIVE NOTICE |
Notice given by public records. |
| CONTIGUOUS |
In actual contact; touching or adjacent. |
| CONTINGENT |
Dependent upon an uncertain future event. |
| CONTOUR |
Surface configuration of land. |
| CONTRACT |
An agreement between two or more persons which creates an obligation to do or not to do a particular thing. |
| CONVENTIONAL MORTGAGE |
A
mortgage securing a loan made by savings and loans or banks without
governmental underwriting (not FHA or VA guaranteed). Loan amount
usually does not exceed 80% of property value. |
| CONVEY |
The act of deeding or transferring title to another. |
| CONVEYANCE |
An instrument by which title to property is transferred; a deed. |
| COOPERATIVE |
A residential multiunit building owned by and operated for the benefit of persons living within. |
| CORP. |
Corporations Code |
| CORPORATE SEAL |
A seal attached to an instrument executed by a corporation. |
| CORPORATION |
An artificial being created by law and endowed with certain rights, privileges and duties of natural persons. |
| CORPORATION SOLE |
A corporation consisting of a single person and his successor in office. |
| COSIGNER |
A second party who sings a promissory note together with the primary borrower. |
| COTENANCY |
Ownership by two or more persons. |
| COURSES AND DISTANCES |
Description of land by metes and bounds. |
| COVENANT |
An
agreement written into deeds and other instruments promising
performance or non-performance of certain acts or stipulating certain
uses or non-uses of the property. |
| CRLM |
County Recorders' Legal Manual |
| CUL DE SAC |
The terminus of a street or alley. A circular turnaround for automobiles. |
|
| D |
| DBA |
Doing business as. |
| DECEDENT |
Deceased person. |
| DECREE |
A judgment by court. |
| DECREE OF DISTRIBUTION |
A judgment of probate court as to person entitled to the property of a decedent. |
| DEDICATION |
Donation of land by owner to a public use and acceptance for such use by authorized official. |
| DEED |
A written document by which the ownership of land is transferred from one person to another. |
| DEED OF TRUST |
A three party security instrument conveying title to land as security for the performance of an obligation. |
| DEFAULT |
Omission or failure to fulfill a duty, observe a promise, discharge an obligation or perform an agreement. |
| DEFAULT JUDGMENT |
A judgment against a defendant who made no appearance in court. |
| DEFENDANT |
A person against whom legal action is initiated. |
| 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. |
| DELIVERY |
The final and absolute transfer of a deed from seller to buyer in such a manner that it cannot be recalled by the seller. |
| DEMAND |
An escrow term describing the consideration exacted for the relinquishment of an interest in or right to property. |
| DEMISE |
A transfer of an estate for years, for life or at will. Synonym for death. |
| DEPONENT |
A witness; an affiant. |
| DEPOSIT RECEIPT |
A
term used by the real estate industry to describe the written offer to
purchase real property. Becomes a contract upon acceptance by owner. |
| DEVISE |
The disposition of land by will. A term used only for land. |
| DEVISEE |
A person to whom real property is given by will. |
| DICTUM |
An opinion by a judge on a point not essential to the decision on the main issue. |
| DISCOUNT POINTS |
The
amount of money the borrower or seller must pay the lender to get a
mortgage at a stated interest rate. A point equals one percent of the
loan. |
| DIVEST |
To deprive of a right or title to property. |
| DOCUMENTARY TRANSFER TAX |
Tax on recorded transfers of title to real property. |
| DOMICILE |
Fixed and permanent home. |
| DOMINANT TENEMENT |
The land benefited by an appurtenant easement. |
| DONEE |
Person to whom gift is made. |
| DONOR |
Person who makes a gift. |
| DUE ON SALE CLAUSE |
Provision
in a security instrument calling for automatic maturity in the event of
a sale or other conveyance of title by borrower or subsequent owner. |
| DURABLE POWER OF ATTORNEY |
Authorization
for an attorney-in-fact to continue acting for and in the name of
the principal after the principal's inability to contract. |
|
| E |
| EARNEST MONEY |
Advance payment of part of the purchase price to bind a contract for property. |
| EASEMENT |
An
interest in land owned by another that entities its holder to a
specific limited use, such as laying a sewer, putting up electric lines
or crossing the property. |
| EGRESS |
A place or means of exit. |
| EMINENT DOMAIN |
The power of the state to take private property for public use. |
| ENCROACHMENT |
The extension of an improvement onto land of another. |
| ENCUMBRANCE |
A right or interest in land decreasing its value but not hindering its sale or transfer. |
| ENDORSEMENT |
Form used by the insurer at the request of the insured which changes terms or items in an issued policy or commitment. |
| ENFEOFF |
To vest a person with fee title to land. |
| ENTIRETY |
A form of cotenancy in which owners are jointly seized as the whole. |
| EQUITY |
The interest or value which an owner has in real estate over and above the debts against it. |
| ESCHEAT |
A reversion of property to the state in those cases where an individual dies without heirs or devisees and without a will. |
| ESCROW |
A
transaction in which an impartial third party acts as agent for both
buyer and seller or for both borrower and lender, in carrying out
instructions, delivering papers and documents and disbursing funds. |
| ESTATE |
A person's possessions. The degree, quantity, nature and extent of interest which a person has in real property. |
| ESTATE FOR LIFE |
A possessory estate in land held by a person only for the duration of a specific person's life. |
| ESTATE FOR YEARS |
A possessory interest in lands by contract for a specific term. A lease is an estate for years. |
| ESTOPPEL. |
A bar to the assertion of right or a defense in consequence or previous position, act or representation. |
| ET AL |
And others. |
| ET SEQ |
And following. |
| ET UX |
And wife. |
| ET VIR |
And husband. |
| EVICTION |
Dispossession by process of law. |
| EX PARTE |
On one side only. |
| EXAMINATION OF TITLE |
The interpretation of the record title to real property based on the title search or abstract. |
| EXAMINER |
A person who analyzes a chain of title. |
| EXCEPTION |
In
a legal description, that portion of lands to be deleted or excluded.
In a title insurance policy, exclusion of certain risks known to the
insured when the policy was issued. |
| EXECUTOR |
A person appointed by the probate court to carry out the terms of a will. |
| EXECUTOR'S DEED |
To transfer title of property of another's estate by the executor! executrix, etc. |
| EXECUTRIX |
A woman executor. |
| EXEMPTION |
Immunity from a burden or obligation. |
|
| F |
| FACSIMILE |
An exact and precise copy. |
| FAIR MARKET VALUE |
Amount
of money that would be paid for a property offered on the open market
for a reasonable period of time with buyer and seller knowing all the
uses to which the property could be put and with neither party being
under pressure to buy or sell. |
| FBN |
Fictitious business name. |
| FEE SIMPLE INTEREST |
The greatest interest in a parcel of land that it is possible to own; without limitation. |
| FHLMC (Freddie Mac) |
Federal
Home Loan Mortgage Corporation, an affiliate of the Federal Home
Loan Bank; which creates a secondary market in conventional residential
loans and FHA and VA loans by purchasing mortgages from members of the
Federal Reserve System and the Federal |
| FICTITIOUS NAME |
A name adopted for business purposes other than the true name of owner. |
| FIDUCIARY |
One who holds a position of trust and confidence requiring scrupulous good faith and candor. |
| FINAL MAP |
See Subdivision Map. |
| FINANCIAL |
Financial Code |
| FINANCING STATEMENT |
A
document prepared for filing with the appropriate local Recorder or the
Secretary of State indicating that personal property or fixtures are
encumbered with a debt. |
| FIXTURES |
Any item of personal property so attached to real property that it becomes a part of the real property. |
| FNMA (Fannie Mae) |
Federal National Mortgage Association, a federally sponsored private corporation which provides a secondary market for housing. |
| FORECLOSURE SALE |
Process whereby property pledged as security for a debt is sold to pay the debt in event of default in payment of terms. |
| FORECLOSURE |
Enforcement of a lien by sale of property given as security |
| FORFEITURE |
The loss of a right, title or interest in property as consequence of a default under an obligation. |
| FRANCHISE |
A special privilege conferred by government or a contractual right to engage in a business under trade name owned by another. |
| FREEHOLD |
An estate in land of uncertain duration. |
|
| G |
| GC |
Government Code. |
| GENERAL INDEX |
A
title company's or recorder's office record of matters affecting title
to land maintained according to names of individuals and entities
rather than by real property description. |
| GENERAL POWER OF ATTORNEY |
May include any or all types of transactions. |
| GOVT. |
Government Code |
| GRANT |
To
bestow or confer, with or without compensation, a gift or bestowal by
one having control or authority over it as of land or money. |
| GRANT DEED |
A written instrument transferring title to real property. |
| GRANTEE |
A person who acquires an interest in land by deed, grant or other written instrument. |
| GRANTOR |
A person who, by a written instrument, transfers to another an interest in land. |
| GROSS RENT MULTIPLIER |
A number which, times the gross annual income of a property, produces an estimate of value. |
| GUARANTEE OF TITLE |
A form of evidence of title based solely upon public record disclosures. |
| GUARDIAN |
One appointed by the court to administer the affairs of an individual not capable of administering his own affairs. |
|
| H |
| H & S |
Health and Safety Code |
| HEIR |
A person entitled by law to inherit property of a decedent. |
| HEIRS AND ASSIGNS |
Terms
used in deeds and wills to provide that the recipient receives a "fee
simple estate" in lands rather than a lesser interest. |
| HEREDITAMENTS. |
Anything capable of being inherited. |
| HOLDING AGREEMENT |
A form of a trust where trustee holds legal title to real property with no active duty of management or control. |
| HOLOGRAPHIC WILL |
A will entirely written, dated and signed by the testator in his own handwriting. |
| HOMEOWNER'S EXEMPTION |
A credit or reduction in property taxes available to tenant owners. |
| HOMESTEAD |
A personal residence. |
| HOMESTEAD DECLARATION |
A document providing limited statutory protection of real property, used as a hone, from the claims of certain creditors. |
| HOMESTEAD EXEMPTION |
See Homestead Declaration. |
|
| I |
| IDENTITY |
Sameness. |
| IMPROVEMENTS |
Those additions to raw lands tending to increase value such as buildings, streets, sewers, etc. |
| IN PERSONAM |
Against the person. |
| IN PROPRIA PERSONA |
In his own person, himself. Abbreviated to "pro per". |
| IN RE |
In the matter of. |
| IN REM |
Against property. |
| INDEMNITY |
Compensation given for a loss sustained. |
| INDEMNITY AGREEMENT |
An agreement relieving a person of an obligation to compensate for a potential loss. A hold harmless agreement. |
| INDENTURE |
A
deed or other document to which two or more persons are parties and in
which these enter into reciprocal and corresponding grants of
obligations towards each other. |
| INGRESS |
The act, or right of entering. (Access) |
| INHERITANCE TAX |
A tax imposed upon the privilege of succeeding to the title of a decedent. |
| INSTALLMENT LAND SALES CONTRACT |
An
agreement entered into for the sale and purchase of property under
which the purchase price is paid in installments. Title is retained by
seller until contract provisions have been met, AKA Contract of Sale or
Land Contract |
| INSTRUMENT |
A
written paper signed and delivered by one person to another,
transferring the title to or giving a lien on property, or giving a
right to a debt or duty. |
| INTERLOCUTORY DECREE |
A decree made pending final outcome of the cause prior to final hearing on the merits. |
| INTESTATE |
Designates the estate or condition of failing to leave a will at death. "To die intestate". |
| INURE |
To serve to the use or benefit. |
| INVOLUNTARY LIEN |
When affecting real property, a lien created without the consent of or execution by the property owner. |
| IPSO FACTO |
Of itself; by the very fact of. |
|
| J |
| JOINDER |
One or more persons acting in unison; joining together. |
| JOINT PROTECTION POLICY |
A policy insuring more than one interest, that is, the interest of both owner and lender. |
| JOINT TENANCY |
A form of co-ownership by two or more persons in equal shares characterized by the incident of survivorship |
| JOINT VENTURE |
A form of business organization composed of two or more persons to conduct a single enterprise for profit. |
| JUDGMENT |
A final determination in a court of competent jurisdiction of the rights of the parties to an action or proceeding. |
| JUDGMENT LIEN |
A statutory lien created by recording a judgment, or an abstract, ordering the payment of a sum of money. |
| JUNIOR LIEN |
A lien of inferior priority. |
| JURAT |
The portion of a certificate of affidavit stating when, where and before whom it was sworn. |
| JURISDICTION |
The right to adjudicate concerning the subject matter in a given case. |
|
| L |
| L.S. |
Abbreviation for "locus sigilli" meaning the place for a seal. |
| LABOR |
Labor Code |
| LACHES |
Inexcusable delay in asserting a right. |
| LAFCO |
Local Agency Formation Commission. |
| LAND SALES CONTRACT |
See Installment Land Sales Contract |
| LANDOWNER'S ROYALTY |
An
interest in unsevered oil and gas granted to a third person or reserved
by a landowner on occasion of his alienation of an interest in real
property. |
| LANDS. TENEMENTS, HEREDITAMENTS. |
Inheritable lands or interests in them. |
| LATENT |
Concealed. |
| LATERAL SUPPORT |
The support the soil gives to the land of an adjacent owner. |
| LEASE |
A contractual possessory interest in real property for a specific term. |
| LEASEHOLD |
The estate for years created by a lease. |
| LEGACY |
A gift of personal property by will. |
| LEGAL DESCRIPTION |
A
description of real property sufficient to locate it on the ground by
reference to government surveys or approved recorded maps. |
| LESSEE |
One who takes lands upon a lease. |
| LESSOR |
One who grants lands under a lease. |
| LETTERS OF ADMINISTRATION |
Formal written evidence of court appointment of a conservator of the person, or of the estate of an intestate decedent. |
| 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. |
| 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 |
Seizure of property by judicial process. |
| LIEN |
An encumbrance which makes property security for the payment of a debt or discharge of an obligation. |
| LIFE BENEFICIARY |
A person entitled to receive a benefit for life. |
| LIFE ESTATE |
An estate measured in duration by the lifetime of a natural person. |
| LIMITATIONS, STATUTES OF |
Statutes limiting the time within which parties having a cause of action must institute proceedings to enforce the same. |
| LIMITED PARTNERSHIP |
A
partnership consisting of a general partner or partners and limited
partners. The limited partners do not act as managers and their
liability is limited to their invested capital. |
| LINEAL |
In a direct line. |
| LIS PENDENS |
A recorded notice of the pendency of an action. |
| LITE PENDENTE |
While the action is pending. |
| LIVING TRUST |
A trust becoming operative in the lifetime of the person creating it. |
| LOAN POLICY |
A policy of title insurance insuring the interest of a lender. |
| LOAN TO VALUE RATIO |
The percentage of a property's value that a lender can or may loan to a borrower. |
| LOSS PAYABLE CLAUSE |
An
endorsement to an insurance (fire) policy specifying parties (lenders)
entitled to participate in proceeds in the event of loss. |
| LOT SPLIT |
A colloquial term for the division of one parcel into two or more parcels. |
|
| M |
| M & V |
Military and Veterans Code |
| MAJORITY |
The age at which a person is entitled to handle his own affairs. |
| MAP ACT |
The Subdivision Map Act (Government Code 66410 et seq.) regulating the subdivision of land. |
| MARKET VALUE |
See Fair Market Value |
| MARKETABLE TITLE |
A good title about which there is no fair or reasonable doubt in law and fact. |
| MEAN |
Intermediate. |
| MEANDER |
To follow a winding course. |
| MECHANIC'S LIEN |
A
statutory lien in favor of persons contributing labor, material,
supplies, etc., to a work of improvement upon the real property. |
| MERIDIANS |
Imaginary north-south lines which intersect base lines to form a starting point for the measurement of land. |
| METES AND BOUNDS |
The lengths and directions of lines as in the boundaries of a tract of land. |
| MINOR |
A person who has not yet reached the age of legal competence under state law. |
| MONUMENTS |
An object or mark employed by a surveyor to fix or to establish boundaries or land location. |
| MORATORIUM |
A temporary suspension by statute of the enforceability of a debt. |
| MORTGAGE |
An instrument used to encumber land as security for a debt. |
| MORTGAGEE |
A designation for the mortgage lender on lands. |
| MORTGAGOR |
A designation for the mortgage borrower on lands. |
| MUNIMENTS OF TITLE |
Deeds and other original documents comprising a chain of title to a parcel of real property. |
| MUTUAL WATER COMPANY |
A company organized for the purpose of providing water to its members. |
|
| N |
| NON JUDICIAL FORECLOSURE SALE |
Sale of property pursuant to the power of sale provisions contained in a security instrument. |
| NOTARIZE |
To prove execution of a document by means of a notary public's certificate of acknowledgment. |
| NOTARY PUBLIC |
A person authorized by law to take acknowledgments and to administer oaths. |
| NOTE |
A common reference to a promissory note. |
| NOTICE |
Actual notice: express or implied knowledge of a fact. See also Constructive notice. |
| NOTICE OF ACTION |
A lis pendens. |
| NOTICE OF ADVANCE |
To evidence an advance of additional monies under a previously recorded deed of trust. |
| NOTICE OF CESSATION |
A recorded notice shortening the time for filing mechanic's lien where work ceased prior to completion. |
| NOTICE OF COMPLETlON |
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. |
| NOTICE OF DEFAULT |
A
recorded notice of a trustor's failure to perform his obligation under
a deed of trust. The initial step in non judicial foreclosure of a deed
of trust. |
| NOTICE OF NON-RESPONSIBILITY |
A recorded notice by an owner of real property that he will not
be responsible for payment of costs of improvements contracted for
thereon by some other person. |
| NUNC PRO TUNC |
Now for then; a tardy act made retroactive to the time when it should have been done. |
|
| O |
| OMNIBUS CLAUSE |
Provision in a decree of distribution by which any property of a decedent not specifically described is distributed. |
| OPEN END MORTGAGE |
A mortgage or deed of trust written so as to secure and permit advancing funds in addition to the amount originally loaned. |
| OPTION |
A
choice or right, for a consideration, to do an act or force performance
of an act in the future under specific terms and conditions. |
| OPTIONEE |
One who holds an option, i.e., right, for which he has paid a consideration. |
| OPTIONOR |
One who grants an option to another. |
| ORDER CONFIRMING SALE |
A court order confirming sale of estate property by a personal representative, or other fiduciary. |
| ORDINANCE |
A legislative enactment of a city or county. |
| OVERT - Open. |
Open. |
| OWNER'S POLICY |
An insurance policy issued by a title insurer insuring title held by an owner. |
| OWNERSHIP |
The right to possess and use property to the exclusion of others. |
|
| P |
| PARCEL |
Any area of land contained within a single description. |
| PARCEL MAP |
A division of land into four parcels or less. |
| PAROL |
Oral. |
| PARTIAL RECONVEYANCE |
Transfer
of legal title from the trustee to the trustor (borrower or successor
in interest) as to a portion of the property encumbered by a trust deed
after specified conditions have been met. Usually involves payment of a
predetermined principal amount. |
| PARTIAL RELEASE CLAUSE |
Provision,
usually in a security instrument, providing for the conveyance of legal
title or release from encumbrance of a portion of the entire property
held or encumbered upon satisfaction of specified conditions, usually
payment of a specified principal |
| PARTITION |
Division of land, usually by a legal proceeding, among the parties who were formerly co-owners. |
| PARTNERSHIP |
An association of two or more persons to carry on as co-owners of a business for profit. |
| PARTY WALL |
A wall located on a boundary line and used by both owners. |
| PATENT |
A
conveyance of to public land executed by the federal or state
government. |
| PAYMENT BOND |
Bond
issued by a surety guaranteeing payment of a contractor's obligations
for labor and materials related to a construction project. |
| PENAL |
Penal Code |
| PERFORMANCE |
The fulfillment of a duty or obligation to the point where the obligation is deemed to be satisfied. |
| PERFORMANCE BOND |
Bond
issued by a surety that a contractor will perform the physical work
called for by contract in accordance with plans and specifications. |
| PERSONAL PROPERTY |
Movable or harvestable property; property which is not real property. |
| PLAINTIFF |
The party initiating an action. |
| PLAT OR PLOT |
A map representing a piece of land subdivided into lots with streets shown thereon. |
| POLICY OF TITLE INSURANCE |
A contract indemnifying against loss resulting from a defect in title to the interest or lien in real property insured. |
| POWER OF ATTORNEY |
An instrument authorizing another to act on one's behalf as his agent or attorney. |
| PR |
Public Resources Code |
| PREAMBLE |
The introductory portion of a contract or agreement |
| PREEMPTION |
The act of purchasing before or ahead of another person. |
| PREEMPTiON ENTRY |
An entry upon public lands of the United States by a settler giving him a preferred right to acquire title. |
| PREEMPTIVE RIGHT |
A preferential right to purchase on same terms as offered by a third party. |
| PRELIMINARY 20-DAY NOTICE |
Written
notice required when a person furnishes labor, services, equipment or
material to a job site for which any claim of lien is made. NOTE:
Effective July 1, 1988 may be filed but not recorded with County
Recorder. |
| PRELIMINARY CHANGE OF OWNERSHIP REPORT |
A form required by the county assessor to accompany transfers of interest in real property. |
| PREPAYMENT CLAUSE |
Penalty to the mortgagor for payment of the mortgage debt before it becomes due. |
| PRESCRIPTION |
A method of acquiring an easement by adverse use of another's property. |
| PRICE |
The value of anything exposed for sale expressed in money terms. |
| 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. |
| PRIORITY |
The relative superiority of competing liens and encumbrances. |
| PRO RATA |
Proportionately; according to a certain rate, percentage or proportion. |
| PROBATE |
Relating to proof; the proof of validity of a will of a decedent; the proof of ownership. |
| PROBATE |
Probate Code |
| PROBATE COURT |
A division of superior court having jurisdiction over estates of decedents, minors, incompetents and conservatees. |
| PROMISSORY NOTE |
An
unconditional written promise, signed by maker, to pay, absolutely a
sum certain in money, either to the bearer or to person therein
designated or his order. |
| PROPERTY |
The right to possession, enjoyment, and disposition of all things subject to ownership. |
| PUBLIC RECORDS |
Records which by law impart constructive notice of matters relating to real property. |
| PUC |
Public Utility Code |
| PURCHASE MONEY MORTGAGE OR DEED OF TRUST |
A trust deed or mortgage given as part or all of the purchase price of real property. |
|
| Q |
| QUASI |
As; as if; of similar nature. |
| 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. |
| QUIET TITLE ACTION |
The name of an action brought to establish a title to property or to remove a cloud on the title. |
| QUIT CLAIM DEED |
A deed to relinquish any interest in property which the grantor may have, without any warranty of title or interest. |
|
| R |
| R & T |
Revenue and Taxation Code |
| RANGE |
A
strip or column of land six miles wide, determined by a government
survey, running in a north-south direction, lying east or west of a
principal meridian. |
| RANGE LINES |
Government
survey lines running north and south at six mile intervals starting
with the principal meridian and forming the east and west boundaries of
townships. |
| REAL PROPERTY |
Immovable property such as land, buildings, improvements, appurtenances and air space. |
| RECONVEYANCE |
Transfer
of legal title from the trustee to the trustor (borrower or successor
in interest) after a trust deed debt has been paid in full. Result is
that the property is free of the lien of the deed of trust released. |
| RECONVEYANCE |
A document extinguishing the lien of a deed of trust. |
| 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. |
| RECORDING |
The act of filing documents for record in the office of the County Recorder. |
| REDEMPTION |
The
act of buying back property previously sold in judicial
proceedings. |
| REDEMPTION RIGHT |
The
right of a debtor to reacquire title to property formerly owned by him
but sold through judicial process to satisfy his debts. |
| REFORMATION ACTION |
Proceedings instituted for the purpose of correcting mistakes in documents. |
| RELEASE |
A document extinguishing the lien of a mortgage, judgment, mechanic, etc. ALSO, a document absolving another of liability. |
| REQUEST FOR NOTICE |
Recorded
request by anyone desiring written notice of the recording of a notice
of default under a trust deed or of the scheduling of a trustee's sale
thereunder. ALSO, recorded request of anyone desiring notice of the
scheduling of an execution sale fore |
| 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 reconvey the property to the borrower or
successor in interest. |
| RESCISSION |
|
