Real Estate Terms

The real estate terms provided below are designed to familiarize you with the various aspects of a real estate transaction.  (Source:  CATIC)

Adverse Possession

Adverse Possession is possession that is inconsistent with the right of the record owner.

Deed

A Deed is a written instrument duly executed and delivered for the purpose of conveying title to real estate.

Easement

An Easement is the privilege or right of use which one person may have in the land of another; for example, a right-of-way for utility lines or a joint driveway.

Encroachment

An Encroachment is the presence of a structure or any improvements partly or entirely upon the property of another.

Encumbrance

An Encumbrance is 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, or easements.

Equity

Equity is the interest or value which an owner has in real estate over and above the debts against it.

Grantee & Grantor

A Grantee is the buyer of real estate; a Grantor is the seller of real estate.

Lien

A Lien is a hold or claim which one person has upon the property of another as a security for some debt or charge.

Mortgagee & Mortgagor

A Mortgagee is the lender under a mortgage; a Mortgagor is the borrower under a mortgage.

Restriction

A Restriction is a limitation placed upon the use of real estate.  Some common restrictions are setback lines prohibiting the erection of any part of a building less than a specified number of feet from the street line.

Title

A Title is the sum of all the facts on which ownership is founded, or by which ownership is proven.

Title Defect

A Title Defect is any circumstance that adversely affects or restricts the title or marketability of a property.

Title Failure

Title Failure is any circumstance that defeats the ownership right of property by the owner of record.

Title Search

A Title Search is the examination of records comprising a history of the title to real estate.

Warranty Deed

A Warranty Deed is a deed containing a covenant whereby the Grantor agrees to protect the Grantee against any claimant not recited in the Deed.

 

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