GLOSSARY
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.
Curtesy-In 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-My encumbrance on a title which is made a part of the public record. Some recorded defects are judgments, mortgages, other liens, easements, etc.
Dower-In 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 title to real estate, such as a judgment, unpaid taxes, other liens, 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 incompetency, 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 18, although in some states the age of majority is still 21.
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 Deed-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.
|
| Home |
Metro East Title Corporation
407 East Lincoln
Belleville, IL 62220
Phone: 618-234-0139
Fax 618-234-0142
Belleville Office: mrsteinke@metroeasttitle.com
|
Metro East Title Corporation
207 North Main St.
Columbia, IL 62236
Phone: 618-281-8668
Fax 618-281-8660
Columbia Office: karen@metroeasttitle.com
|
|
|
