Asignor
One who makes an assignment. Beneficiary
(1) One for whose benefit a trust in created. (2) In states which deeds of trust are commonly used instead of mortgages, the lender (mortgagee) is called the beneficiary. Blanket Deed of Trust
(1) A deed of trust or mortgage covering more than one property of the mortgagor, such as a mortgage covering all the lots of a builder in a subdivision. (2) A deed of trust or mortgage covering all real property of the mortgagor, both present and future. When used in this meaning, it is also called a general mortgage. Certified Copy
A true copy, attested to be true by the officer holding the original. Claim
An assertion of some right or demand. Community Property
Property owned in common by a husband and wife, which was not acquired as separate property. A classification of property peculiar to certain states. Consideration
Anything, which is, legally, of value, and induces one to enter into a contract. Conveyance
Transfer of title to land. Includes most instruments by which an interest in real estate is created, mortgaged, or assigned. County
A political division within a state, usually encompassing one or more cities or towns. There are exceptions such as New York City, which contains more than one county. Louisiana uses the word parrish instead of county; New York uses borough and county, as in Kings County (the borough of Brooklyn). County Records
Public recorded documents (instruments) by which notice is given of changes of title, liens, and other mattes affecting real estate. DBA
(Doing Business As) An identification of the owner or owners of a business and the business name. Not a partnership or corporation. Debtor
One who owes a debt. Deed Restrictions
Limitations on the use of property placed in the conveyancing deed by the grantor, which bind all future owners. Fixtures
Personal property, which is attached to real property, and is legally treated as real property while it is so attached. Fixtures, not specifically expected from an accepted offer to purchase, pass with the real estate. Forfeiture
The taking of an individual’s property by a government, because the individual has committed a crime. In the United States, private property cannot be taken, except by eminent domain upon payment of just compensation, or for nonpayment of taxes. Grantee
One to whom a grant is made. Generally, the buyer. Grantor
One who grants property or property rights. Grantor-Grantee Index
The record of the passing of title to all the properties in a county as kept by the county recorder’s office. Property is checked by tracing the names of the sellers and buyers. (Title companies usually have a more efficient method by keeping records according to property description, rather than people’s names). Judgment Lien
A lien against the property of a judgment debtor. Materialman
One who supplies construction materials. Mortgage
(1) A deed of trust or mortgage covering more than one property of the mortgagor, such as a mortgage covering all the lots of a builder in a subdivision. (2) A deed of trust or mortgage covering all real property of the mortgagor, both present and future. When used in this meaning, it is also called a general mortgage. Mortgagee
The party lending the money and receiving the mortgage. Some states treat the mortgagee as the legal owner, entitled to rents from the property. Other states treat the mortgagee as a secured creditor, the mortgagor being the owner. The latter is the more modern and accepted view. Mortgagor
The party who borrows the money and gives the mortgage. Nominal Consideration
Consideration in name only, and not related to the market value of the property. Still considered valuable consideration and the purchaser is considered a purchaser of value. Notary Public
One who is authorized by the state or federal government, to administer oaths, and to attest to the authenticity of signatures. A federal authorization may extend the authority to attest to the authenticity of certain documents, and to act as a notary in foreign countries. Obligee
One to whom an obligation (promise) is owned. Obligor
One who legally binds (obligates) oneself, such as the maker of a promissory note. Ordinance
A law or statute. The term used to designate the enactment of the legislative body of a municipal corporation or a county. Parcel
A general term meaning any part or portion of land. Payoff
The payment in full of an existing loan or other lien. Reconveyance
An instrument used to transfer title from a trustee to the equitable owner of real estate, when title is held as collateral security for a debt. Most commonly used upon payment in full of a trust deed. Also called a deed of reconveyance or release. Recordation
Filing instruments for public record (and notice) with a recorder (usually a county official). Recorder's Office
The county office where instruments are recorded, giving public notice. Recording
Filing documents affecting real property as a matter of public record, giving notice to future purchasers, creditors, or other interested parties. Recording is controlled by statute and usually requires the witnessing and notarizing of an instrument t be recorded. Recording Fee
The amount paid to the recorder’s office in order to make a document a matter of public record. Reinstatement
Payment of a note, mortgage, deed of trust, etc., to bring it from default to good standing. Right of Survivorship
The right of a survivor of a deceased person to the property of said deceased. Satisfaction
Discharge of an obligation by payment of the amount due, as on a mortgage, deed of trust, or contract; or payment of a debt awarded, such as satisfaction of a judgment. The recorded instrument stating said payment has been made. Secured Party
Mortgagee, beneficiary (under a deed of trust), pledgee, or other party having a security interest. Subdivision
Commonly, a division of a single parcel of land into smaller parcels (lots) by filing a map describing the division, and obtaining approval by a governmental commission (city or county). The exception is a condominium, which is sometimes called a “one lot subdivision”. Survivorship
Gaining an interest in property by outliving (surviving) another who had the interest. Tenancy in Common
An undivided ownership in real estate by two or more persons. The interests need not be equal, and, in the event of the death of one of the owner, no right of survivorship in the other owners exists. Title
The evidence one has of right to possession of land. Title Company
A company acting as agent for a Title Insurance Company ( a company which issues insurance regarding title to real property. Township
A territorial division of land established by federal survey, being six miles square and containing thirty-six sections, each one-mile square. Trustee
(1) One who is appointed, or required by law, to execute a trust. (2) One who holds title to real property under the terms of a deed of trust. Trustor
The borrower under a deed of trust. One who deeds his property to a trustee as security for the repayment of a loan. Uniform Commercial Code
A code (laws) which regulates the transfer of personal property; it took the place of the various state statutes covering chattel mortgages, conditional sales, trust receipts, etc. |