ACCEPT:
Acceptance of Joint Tenancy
Voluntarily agreeing to the price and terms of an offer. Offer and acceptance create a contract. AFF:
Affidavits
A written statement or declaration, sworn to before an officer who has authority to administer an oath. AFFIX:
Affidavit of Affixture
A document used by motor vehicle to attach a mobile home to the property. The title/registration is surrendered to the motor vehicle department. AGENT:
Substitution of Agent
A document, which is recorded to change the Account servicing agent under certain contract between seller and purchaser. AGMT:
Agreement/Purchase Agreement
A general term usually describing a common view of two or more people regarding the rights and obligations of each with regard to a given subject. Not necessarily a contract, although all contracts are agreements. /An agreement between a buyer and seller of real property, setting forth the price and terms of the sale. AGMT S:
Subordination Agreement
An agreement by which a encumbrance is made subject (junior) to a junior encumbrance. For example: A loan on vacant land is made subject to a subsequent construction loan. AMD:
Amendment
A change, either to correct an error or to alter a part of an agreement without changing the principal idea or essence. ANNEX:
Annexation
Permanently affixing to real property, such as a city adding additional land to increase it’s size. APPT:
Appointment
An elected official or governing body appoints a person or persons to perform the duties of and possess the power attached by law to said office for a specific amount of time. ASG:
Assign/ Assignment
To transfer property, or an interest in property./ A transfer to another of any property, real or personal, or of any rights or estates in said property. Common assignments are of leases, mortgages, deeds of trust, but the general term encompasses all transfers of title. ATTY:
Attorney-In-Fact/ Power of Attorney
One who is appointed to act (as agent) for another (principal) under a power of attorney. The scope of the agent’s authority is limited to that given by the attorney, which may be limited one specific act or may be broader./An authority by which one person (principal) enables another (attorney in fact) to act for him. General power - Authorizes sale, mortgaging, etc. of all property of the principal. Invalid in some jurisdictions. Special power - Specifies property, buyers, price and terms. How specific it must be varies in each state. B CERT:
Birth Certificate
A certificate given upon the birth of a person, generally by the state vital statistics department. BANK:
Bankruptcy
Proceeding under federal bankruptcy statutes to relieve a debtor (bankrupt) from insurmountable debt. The bankrupt’s property is distributed by the court to the creditors as full satisfaction of the debts, in accordance with certain priorities and exemptions. Voluntary bankruptcy is petitioned by the debtor; involuntary by the creditors. BI:
Beneficial Interest
The equitable, rather than legal ownership of property, such as under a land contract. BI A:
Collateral Assignment
An assignment of property as collateral security, and not with the intent to transfer ownership from assignor to assignee. BOND:
Bond of Official/ Performance Bond
(1) An insurance agreement by which one is insured against loss by acts or defaults of a third party. In construction, a performance bond insures that the builder will finish his project. The insured could be a lender, purchaser, or other interested party. (2) A method of financing long-term debt issued by a government or private corporation, which bears interest and has priority over stock in terms of security./ A bond posted by a builder to insure completion of a project. BREACH:
Breach of Contract
Failure to perform a contract, in whole or part, without legal excuse. BS:
Bill of Sale
A document use to transfer personal property. BYLAWS:
By-Laws
Rules and regulations, adopted by an association or corporation, which govern its activities. CERT:
Certificate
A writing, either from a court or other public body, giving assurances of existing conditions or facts, and giving rights or creating obligations. CLAIM:
Mining Claims/Mining Lease
A right to extract (mine) minerals (coal, silver, etc.). D CERT:
Death Certificate
A certificate given upon the death of a person, generally by the state vital statistics department. DECL:
Declaration of Trust
A written acknowledgement by one holding legal title to property that the property is held in trust for the benefit of another. DEED:
Deeds of all types ie:Executor's Deed; Gift Deed; Trust Deed;Trustee's Deed
Actually, any one of many conveyancing or financing instruments, but generally a conveyancing instrument, given a pass fee title to property upon sale. Also, A deed issued by the executor of an estate. Or, A deed for nominal consideration. Also, A deed by a trustee under a deed of trust, issued to a purchaser at auction, pursuant to foreclosure. DEED D:
Disclaimer Deed
A deed generally between husband and wife where one relinquishes claim on property purchased by the spouse. DEED F:
Deed in Lieu of Forclosure/ Forclosure/ Forclosure Sale
A deed given by an owner/borrower to a lender to prevent the lender from bringing foreclosure proceedings. The validity of the deed depends to some degree on “fairness” under the circumstances, and adequacy of consideration will be considered. Also, A proceeding in or out of court, to extinguish all rights, title, and interest, of the owner(s) of property in order to sell the property to satisfy a lien against it.Or, A sale property used as security for a debt, to satisfy said debt. DEED JT:
Joint Tenancy
An undivided interest in property, taken by two or more joint tenants. The interests must be equal, accuring under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased. DEED QC:
Quitclaim Deed
A deed operating as a release; intended to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor. DEED SH:
Sheriff's Deed
Deed given at sheriff’s sale in foreclosure of mortgage. The giving of said deed begins a statutory redemption period. Also given at curt ordered sale, pursuant to the execution of a judgment. DEED W:
Warranty Deed
A deed used in many states to convey fee title to real property. Until the widespread use of title insurance, the warranties by the grantor were very important to the grantee. When title insurance is purchased, the warranties become less important as a practical means of recovery by the grantee for defective title. DISCHG:
Military Discharge
DD-214 Form given from a Branch Of the Military upon separtation from the service. DISCLM:
Disclaimer/ Community Property Disclaimer of Personal Property
For the purpose of clearly showing for the record that the undersigned has and claims not interest in and to said property. DIV:
Divorce
The legal dissolution of a marriage, leaving the parties with the results of the marriage (includes alimony, child support, property settlements, etc.) rather than an annulment which put the parties in the position they were before the marriage. DOT:
Deed of Trust/Mortgage
An document used in many states in place os a Mortgage. Property is transferred to a trustee by the borrower (trustor), in favor of the lender (beneficiary), and reconveyed upon payment in full. DOT C:
Assumption of Deed of Trust/Mortgage
Agreement by a buyer to assume the liability under an existing note secured by a mortgage or deed of trust. The lender usually must approve the new debtor in order to release the existing debtor (usually the seller) from liability. DOT PT:
Partial Reconveyance/Partial Release
A release of a portion of property covered by a mortgage. A subdivider will obtain a partial release as each lot is sold, upon payment of an agreed upon amount. In areas where the subdivider is not usually the builder, it may be necessary to sell groups of lots to obtain a partial release. In areas where deeds of trust are used instead of mortgages. a partial reconveyance is the document used. DOT T:
Deed of Release and Reconveyance /Request for 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. An instrument that release the Deed of Trust or Mortgage on the property. Or, A request by a beneficiary under a deed of trust to the trustee, requesting the trustee to reconvey the property (release the lien) to the trustor, usually upon payment in full. EST:
Decree of Distribution, also an Affidavit of Executor/Heirship
The final determination of the rights of heirs to receive the property of an estate. ESTOP:
Estoppel Affidavit
The prevention of one from asserting a legal right because of proir actions inconsistent with the assertrion. FORF:
Forfeiture
Where the buyer has failed to pay moneys due under a contract and is subject to having their interest in the contract forfeited. FRANCH:
Franchise
A combination of individual ownership and central control. (One may own a franchise, yet use the name of a national company. FS:
Financing Statement
A recorded instrument, taking the place of personal property liens in some states. Used instead of chattel mortgages, inventory liens, pledges, etc. FTL:
Federal Tax Lien
A lien attaching to property for nonpayment of a federal tax (estate, income, etc.). A federal tax lien differs from other liens in that it is not automatically wiped out by foreclosing on a mortgage or trust deed recorded before the tax lien (except by judicial foreclosure). HOME:
Homestead
The dwelling (house and contiguous land) of the head of a family. Some states grant statutory exemptions, protecting homestead property (usually to a set maximum amount) against the rights of creditors. Property tax exemptions (for all or part of the tax) are also available in some states. Statutory requirements to establish a homestead may include a formal declaration to be recorded. HOME T:
Declaration of Homestead
A recorded document, executed by those claiming a homestead exemption, giving up said homestead. Not applicable to all states and procedure must be according to local statutes. INC:
Articles of Incorporation
Documentation filed with the state which sets forth gerneral information about a coprporation. J VNTR:
Joint Venture
A combining of two or more persons of their property, skills, efforts, etc. for aspecific business purpose. JDG:
Judgment
The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant. JDG DF:
Default Judgment
A judgment entered against a party who fails to appear in court at the scheduled time. LABOR:
Affidavit of Labor
Evidence of annual assessment work for mining claims/mining sites must be filed/recorded yearly. LEVY:
Levy
Pursant to a court order a collection, seizure etc. against personal property. LIEN:
Lien, Tax Lien
An encumbrance against property for money, either voluntary or involuntary. All liens are encumbrances but all encumbrances are not liens. (1) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (2) A federal income tax lien. May attach to all property of the one owing the taxes. LIEN M:
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. LIS:
Lis Pendens
A legal notice recorded to show pending litigation relating to real property, and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation. LIST:
List of Creditors
A list of creditors pursuant to the bulk transfer of the assets of a business. LOAN:
Loan
Lending a sum of money to one who promises to repay the sum, plus interest. LS:
Lease, Lease Purchase Agreement
An agreement by which an owner of real property (lessor) gives the right of possession to another (lessee), for a specified period of time (term) and for a specified consideration (rent)./ A lease under which the lessee has the right to purchase the property. The price and terms of the purchase must be set forth for the option to be valid. The option may run for the length of the lease or only for a portion of the lease period. LS A:
Lease
The transfer by a lessee to a third party of the exact interest of said lessee. Differs and should not be confused with sublease. A lease may legally contain certain restrictions of assignment and/or subleasing. LSC:
Agreement for Sale/ Contract of Sale/ Land Contract/ Purchase Agreement/ Sales Contract
Has two separate meanings, depending on area of the country. In some states, it is synonymous with a purchase agreement. In other states, it is synonymous with a land sales contract./In some areas of the country, synonymous with land contract. In other areas synonymous with purchase agreements./An installation contract for the sale of land. The seller (vendor) has legal title until paid in full. The buyer (vendee) has equitable title during the contract term./An agreement between a buyer and seller of real property, setting forth the price and terms of the sale./ Another name for a sales agreement, purchase agreement, etc. Not to be confused with a land contract. M CERT:
Marriage Certificate
A certificate given to a couple after they are married. MAP:
Mining Map
A map that shows the location of a mining claim. MILL:
Millsites
Give the location of an existing or new mill site used for milling purposes. MISC:
Miscellaneous Instruments
A variety of documents that are recorded that do not fit into a specific classification. MTG:
Mortgage
To pledge as security, real property for the payment of a debt. The borrower (mortgagor) retains possession and use of the property. The instrument by which real estate is pledged as security for the repayment of a loan. MTG T:
Satisfaction of Mortgage
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. NAME:
Fictitious Name
Commonly refers to a company name in a business not incorporated. The owner files a certificate of fictitious name. For example: Joe Smith (real name); Joe’s Garage, (fictitious name). Also called a D.B.A. (doing business as). NOTE:
Promissory Note
A promise in writing, and executed by the maker, to pay a specified amount during a limited time, or on demand, or at sight, to a named person, or on order, or to bearer. NOTICE:
Notice of Completion
A notice, recorded to show that a construction job is finished. The length of time in which mechanic’s liens may be filed depends upon when and if a notice of completion is recorded. OATH:
Loyalty Oath
An attestation by a person which binds him or her legally and morally. Usually attesting to the truth of something, as an affidavit, or the validity of one’s signature. A promise to tell the truth. Also, a promise to carry out a duty with high morality (oath of office). An oath has religious connotations and usually involves the word “swear”, and may contain the phrase “so help me God”, or require the one taking the oath to put his or her hand on a bible. An affirmation (which) is still legally binding. OGL:
Oil & Gas Lease
A lease giving the lessee the right to extract oil and gas from land. More like a mining lease than a land lease, in that the lessee has an ownership interest in a portion of the property (the oil and gas) rather than just the use of the property. The lessor is generally paid based on the oil and gas taken. OPTION:
Option
A right, which acts as a continuing offer, given for consideration, to purchase or lease property at an agreed upon price and terms, within a specified time. ORDER:
Court Orders/ Probate
An order give from a Superior Court Judge. /Originally, the proving that a will was valid. Modernly, any action over which probate court has jurisdiction. ORDIN:
Ordinance
A law or statute, the term used to designate the enactments of the legislative body of a municipal corporation (City, Town, etc..) or a county. P CERT:
Physician Certificate
The certificate of a registered & licensed physician. PATENT:
Patent
Instrument of conveyance of title to public (government) land. PERMIT:
Permit
An agreement by a municipal corporation to an applicant for special use. PLAT:
Plat Map (Subdivision Maps)/Recorded Plat/Subdivision Plat
A map dividing a parcel of land into lots, as in a subdivision./ A subdivision map filed as a matter of public record./ A map submitted by a subdivider to the proper governmental body for approval in order to establish a subdivision. When the map is approved and recorded, it becomes the basis for the legal description of the subdivision. PSHIP:
Partnership
As defined by the uniform partnership act, "An association of two. PURCH:
Certificate of Purchase/Sale
Certificate issued to the buyer at a judicial sale (such as a tax sale), which will entitle the buyer to a deed upon confirmation of the sale by the court of if the land is not redeemed with a specified time. RATIF:
Ratification
A document that confirms, consents and approves a previously recorded subdivision map (plat). REDEEM:
Redemption
A document that states the redemption of property for payment. REL:
Release
An instrument releasing property from the lien of the mortgage, judgment, etc. When a trust deed is used, the instrument is called a reconveyance. RELINQ:
Relinquish/Relinquishment
A statement where a person or persons release and forfeit all claims and interest in real property. RENEW:
Renewal
To cause a lease to begin again for another term. RENTS:
Assignments of Rents
Where an assignor sells, transfers and assigns to an assignee all rights, title, and interest of the assignor to the rents, issues, profits, revenues, royalties, rights & benefits of real property. REQ N:
Request for Notice
A recorded written request that a copy of any Notice of Default and of any Notice of Sales will be sent to the requesting party as stated in the request. RESOL:
Resolutions
The formal expression of opinion, will or intent voted by an municipality or county or assembled group. RESTR:
CC&R’S (Covenants, Conditions & Restrictions); Declaration of Restrictions; Restriction
Most commonly used to describe a use or uses prohibited to the owner of land. Restrictions are set forth by former owners in deeds or in the case of subdivision, a declaration of restrictions recorded by the developer. A limitation on use of the property by law (zoning ordinances) may also be termed a restriction. RIDER:
Deed of Trust Rider
Amends and supplements a previously recorded Mortgage, Deed of Trust etc. ROW:
Easement; Right of Way
A right created by grant, reservation, agreement, prescription, or necessary implication, which one has in the land of another. It is either for the benefit of land (appurtenant), such as right to cross A to get to B, or “in gross”, such as a public utility easement. Also, A strip of land which is used as a roadbed, either for a street or railway. The land is set aside as an easement of in fee, either by agreement or condemnation. May also be used to describe the right itself to pass over the land of another. SA:
Security Agreement
A “catch all” term used to describe many different types of debtor-creditor relationships, such as a chattel mortgage, trust receipt, inventory liens, etc. SALE:
Notice of Trustee’s Sale
A sale at auction by a trustee under a deed of trust, pursuant to foreclosure proceedings. STL:
State Tax Lien
A Notice of lien that states a taxpayer owes the Arizona Department of Revenue such unpaid amounts as are listed on notice and the Dept of Revenue has a lien against all property or rights to property belong to the taxpayer. SUBORD:
Subordination
Generally an agreement by which an encumbrance is made subject to a junior encumbrance. For example: a loan on vacant land is made subject to a subsequent (following in order) construction loan. SURVEY:
Survey, Survey Map
A map showing the boundaries of a specific parcel of land, The measurement of the boundaries of a parcel of land, its area, and sometime its topography. SUSPND:
Summary Suspension of Approval
Arizona Dept of Real Estate issues a summary suspension to sell or lease lots, shares, memberships in a Cooperative or subdivision or other real estate. TAKING:
Declaration of Taking
Interest in lands are taken for the use of the United States by judicial proceedings as authorized by the Acts of Congress 1888. TREE:
Substitution of Trustee
A document, which is recorded to change the trustee under a deed of trust. A simple procedure in some states; more regulated in others. TRUST:
Trust
A fiduciary relationship under which one holds property (real or personal) for the benefit of another. The party creating the trust is called the settler; the party holding the property is the trustee, and the party whose benefit the property is held is called the beneficiary. TX WVR:
Estate Tax Waiver
Arizona Dept of Revenue waives on behalf of the State of Arizona the imposition of an estate tax upon said property of the named deceased estate. VEMUR:
Voluntary Environmental Mitigation Use Restriction
Owner voluntarily agrees to limit and restrict use of remedeated portion of the property to non-residential use. WAIVER:
Waiver
Whereby the signer waivers, releases, remise and relinquishes any and all rights as pertaining to the specifications of the document. WATER:
Certificate of Grand fathered Groundwater Rights
Groundwater under this right shall be in accordance with the laws of the State of Arizona and restrictions placed on use by the Director of the Department of Water Resources. WILL:
Las Will & Testament
A written expression of the desired of a person as to the disposition of that person’s property after death. Must follow certain procedures to be valid. WRIT:
Writ of Attachment/Writ of Special Execution
A writ to carry out the judgment or decree of a court. X REC:
Erroneous Recording
A notice to declare that a previously recorded document was recorded in error (with explanation) and is void. ZONING:
Affidavit Claiming Zoning Exemption
The owner Claim exception from the zoning regulations in regards to real property and swears that 50% or more of the income derived from the use of rental of property…as defined by Pinal County Zoning regulations. |