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Glossary of TermsAbstract (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. |
