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Abstract (of title)-A condensed
history of a title to real estate consisting of a summary of the various links
in the chain of title, together with a statement of all liens, judgments, taxes
or encumbrances affecting the property.
Adverse possession-Possession
inconsistent with the right of the true owner.
Curtsey- An most states, an
estate for life which a husband takes at the death of his wife in one-third of
those properties which she owned at the time she died.
Deed-A written instrument duly
executed and delivered for the purpose of conveying title to real estate.
Defect of record-Any encumbrance on a title which is made a part of
the public record. Some recorded
defects are judgments, mortgages, other liens, easements, etc.
Dower--An
most states, an estate for life which a wife takes at the death of her husband
in one-third of those properties which he owned at the time he died.
Easement-A Privilege or right
of use or enjoyment which one person may have in the lands of another; for
example, a right-of-way for utility lines, a Joint driveway, etc.
Encroachment-Trespass;
the building of a structure or any improvements partly or entirely intruding
upon the property of another.
Encumbrance-Any right to or
interest in land which may be held by third parties to the lessening of the
value of the '@tle to real estate, such as a judgment, unpaid taxes, other
easements, etc.
Equity-The interest or value
which an owner has in real estate over and above the debts against it.
General Warranty Deed- A deed containing a covenant whereby the grantor
agrees to protect the grantee against
any claimant.
Grantee-The
buyer of real estate.
Grantor-The seller of real
estate.
Hidden defect-Any encumbrance on a title that is not apparent in the public records; for example, unknown
heirs, secret marriages, forged instruments, mental in competency, infancy of a
grantor, etc.
Infancy-That state of being wherein a person has not yet
reached the age of legal majority- in most states an infant is a person who has
not yet reached the age of a18, although in some states the age of majority is still .
Lien-A hold or claim which one
person has upon the property of another as a security for some debt or charge.
Mortgagee-The lender under a mortgage.
Mortgagor- The borrower
under a mortgage.
Partial interest-Any
interest less than a whole; for example, a wife's dower interest, an heir overlooked in
the distribution of an estate (partial interests in properties may get down to
very small fractions).
Perfecting title-The elimination of all claims made against a title to real estate.
Restriction-A limitation placed upon the use of real estate. Some
common restrictions are set-back lines prohibiting the erection of any part of a
building less than a specified number of feet from the street line; an ordinance
restricting land to residential use, etc.
Special Warranty Dead --A deed containing a covenant whereby the grantor agrees to protect the
grantee against any claims created by the grantor.
Title-The sum of all the facts on which ownership is founded or
by which ownership is proved. Possession, the right of possession and the right of property form a complete title.
Title
defect-Any circumstance that adversely affects the
right of the whole ownership of property by the owner of record.
Title
failure-Any circumstance that defeats the right of
whole ownership of property by the owner of record.
Title
search-The examination of all the records comprising a
history of the title to real estate (see "abstract of title").
Title
search fee-The charge made by an attorney or
abstracter for performing a title search.
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