July 5, 2010

Waiver - The voluntary and intentional relinquishment of a known right, claim or privilege. 

Jun 28, 2010 

Trustee - A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another.  The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law.

June 21, 2010

Lock-In - A guarantee, for which you are usually charged a fee, that you will receive a specific rate when you close your mortgage. 

June 13, 2010

Title Defect - (1) Any possible or patent claim or right outstanding in a chain of title that is adverse to the claim of ownership. (2) Any material irregularity in the execution or effect of an instrument in the chain of title. May 24, 2010 Abatement: A reduction or decrease. Usually applies to a decrease of assessed valuation of property for ad valorem taxes.

May 17, 2010

Warranty - A legal, binding, promise, given at the time of a sale, whereby the seller gives the buyer certain assurances as to the condition of the property being sold.

May 10, 2010

Buydown - A payment to the lender from the seller, buyer, third party, or some combination of these, causing the lender to reduce the interest rate during the early years of a loan.  The buydown is usually for the first one to five years of the loan.

May 3, 2010

Back Title Letter - Also called "back title certificate" in some areas, and "starter" in others.  When titles previously have been examined up to a certain date by reliable examiners, title companies sometimes give subsequent examiners of such titles a letter that sets forth the condition of the title at the time of the previous examination and authorizes them to begin their subsequent examination with the terminal date of the previous examination.

April 25, 2010

Mechanic's Lien - A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements.

April 11, 2010

Life Estate - A grant or reservation of the right of use, occupancy and ownership for the life of an individual.

April 4, 2010

Claim - An adverse right or interest asserted by one party against another or against an insurer or indemnitor.  Claims may arise from unpaid debts or taxes, as well as from hidden title defects such as fraud, forgery, missing heirs, etc.

March 29, 2010

Graduated Payment Mortgage - A loan in which monthly payments are relatively small in the beginning and gradually increase in dollar amount over the life of the mortgage.

March 22, 2010

Prescriptive Easement - A right to use another persons property that is not inconsistent with the owner's rights and that is acquired by an open, notorious, adverse and continuous use for the statutory period, for example 20 years.