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A.L.T.A - American Land Title Association.
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ABANDONMENT - The surrender, relinquishment, disclaimer, or cession
of property or of rights to property.
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ABSTRACT - A brief summary.
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ABSTRACT OF JUDGEMENT - A brief transcript of the essentials of a
judgement.
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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.
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ABUTTING - Touching or bordering a street, highway, or other public
place.
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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.
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ACCESS RIGHT - A landowner’s right to have ingress to and egress
from the property to a public street.
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ACCOMMODATION RECORDING - The recordation of an instrument without
consideration and without assumption of responsibility for correctness or
validity.
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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.
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ACTION - A proceeding in a court of law by which one party sues
another for the enforcement or protection of a right; the redress or
prevention of a wrong; or, the punishment of a public offense.
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ACTUAL NOTICE - Notice in fact or in reality to or by a party
directly and personally.
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ADJOINING OWNERS - Owners of two or more parcels of real property
that are contiguous to each other.
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ADJUDICATION - A judicial determination.
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ADMINISTRATOR - Personal representative of the estate of an
intestate decedent.
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ADVANCES - Money paid before proper time of payment.
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AFFIDAVIT - A written declaration under oath.
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AFFIRMATION - A declaration in writing under penalty of perjury.
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AGENCY - A relationship between two or more persons whereby one is
authorized to act for another.
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AGREEMENT OF SALE - An agreement entered into for the sale and
purchase of property.
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ALL-INCLUSIVE DEED OF TRUST - A deed of trust securing payment of
an obligation owing under a prior deed of trust.
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AMORTIZATION - Payment of principal and interest at stated periods
for a stated time until debt is extinguished.
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APPRAISAL - State of value.
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APPRAISER - A person qualified to determine property value.
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APPURTENANCE - Anything incidental to or belonging to land
considered a part of the real property.
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ASSESSED VALUE - Value of property for taxation purposes.
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ASSESSMENTS - Special taxes imposed to pay for public improvements
beneficial to a limited area.
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ASSESSOR - County official who determines value of property for
taxation purposes.
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ASSIGN - To transfer all of an interest in personal property.
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ASSUMPTION AGREEMENT - An agreement to undertake a debt or
obligation contracted by another.
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ASSUMPTION FEE - The charge made by a lender when a buyer assumes
seller’s existing loan.
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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.
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ATTACHMENT - A judicial process by which a creditor obtains a lien
upon property of a debtor prior to adjudication of the debt.
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ATTORNEY-IN-FACT - An agent authorized to act for another.
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BALLOON PAYMENT - Final installment payment of a promissory note
larger than any single preceding installment payment.
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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.
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BASE LINES - Imaginary east-west lines that intersect meridians to
form a starting point for measurement of land.
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BENCH MARK - Location indicated on a durable marker by a land
surveyor.
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BENEFICIARY - One for whose benefit a trust is created. A lender
secured by a deed of trust.
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BENEFICIARY’S DEMAND - Payment required by a beneficiary under a
deed of trust before authorizing reconveyance.
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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.
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BEQUEATH - To give personal property by will.
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BINDER - Written agreement to issue, within a specified time, a
policy of title insurance. Contract to insure.
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BLANKET MORTGAGE OR DEED OF TRUST - A mortgage or deed of trust on
more than one lot or parcel.
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BONA FIDE - In good faith.
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BONA FIDE PURCHASER - A purchaser in good faith, for fair value and
without notice of any adverse claim or right of third parties.
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BUILDING LINES - Lines established by ordinance or by statute
beyond which building is not permitted.
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CAUSE - An action or a suit.
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CERTIFICATE OF SALE - Evidence of a purchaser’s acquisition of
legal title at a judicial sale, subject to redemption rights, if any.
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CERTIFICATE OF TITLE - Certified statement as to land ownership
based upon examination of record title.
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CHAIN OF TITLE - A chronological list of documents comprising the
record history of title to a specific parcel of real property.
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CIVIL LAW - Law of the Roman Empire, it is distinguished from the
Common Law of England.
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CLASS ACTION - A lawsuit in which plaintiff represents himself or
herself and all other persons similarly situated.
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CLOUD ON TITLE - A semblance or claim of title that is in fact
invalid.
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CO-EXECUTOR - One of two or more executors.
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CO-INSURANCE - Insurance issued by two or more insurers.
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COMMERCIAL ACRE - The portion of an acre of subdivided land
remaining after deducting areas devoted to streets, sidewalks, etc.
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COMMISSIONER’S DEED - Deed executed by a court appointed person
in consummation of a sale ordered by the court.
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COMMITMENT - A pledge, promise, or firm agreement; also, a title
insurer’s contractual obligation to insure title to real property.
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COMMUNITY PROPERTY - Property acquired by a husband and wife, or
either, during marriage, when not acquired as the separate property of
either.
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COMPETENT - Legally qualified, capable of contracting.
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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.
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CONDITIONAL SALE CONTRACT - Contract of sale where title remains in
seller until all conditions of the contract have been fulfilled.
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CONDOMINIUM - The composite of individual ownership and exclusive
possession of a cube of space in a multi-unit building plus a collective
ownership of land and a collective right of possession to facilities
common to all separately owned units.
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CONSERVATOR - A person appointed by a probate court to take care of
the person, property, or person and property of a conservatee.
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CONSIDERATION - The value inducing another person to enter into a
contract.
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CONSTRUCTIVE NOTICE - Notice given by public records as defined by
State law.
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CONTIGUOUS - In actual close contact; touching, adjacent, near.
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CONTINGENT - Dependent upon an uncertain future event.
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CONTRACT OF SALE - An agreement entered into for the sale and
purchase of property.
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CONVEY - To transfer title to property from one person to another.
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CONVEYANCE - A written instrument transferring title to or an
interest in land.
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COVENANT - Agreement or promise.
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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.
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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).
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DECREE OF DISTRIBUTION - A judgement of probate court as to persons
entitled to the property of a decedent. (Now referred to as ‘Order for
Distribution’).
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DEDICATION - Donation of land by owner for public use.
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DEED - Written document transferring title to land from one person
to another.
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DEED IN LIEU OF FORECLOSURE - The deed purchased by the beneficiary
from the trustor in lieu of the foreclosure of the deed of trust. The
trustor grants the title to the property secured by the deed of trust to
the beneficiary (lender) in lieu of lender foreclosing the deed of trust.
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DEED OF SALE - Evidence of a purchaser’s acquisition of legal
title at a judicial sale, subject to redemption rights, if any.
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DEED OF TRUST - A three party security instrument conveying title
to land as security for the performance of an obligation. Also called
"trust deed".
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DEFAULT JUDGMENT - A judgment against a defendant who made no
appearance in court.
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DEMAND - An escrow term describing the consideration exacted of a
conveyance or for the relinquishment of an interest in or a right to
property.
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DEMISE - A transfer of an estate for years, for life, or at will.
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DEPOSITION - Testimony of a witness taken upon interrogatories, not
in open court.
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DOCUMENTARY TRANSFER TAX - A tax on certain recorded transfers of
title to real property.
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DUE-ON-SALE CLAUSE - Provision in a security instrument calling for
automatic maturity in the event of sale or transfer of title by borrower.
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