A condensed history or summary of all transactions affecting a particular tract of land.

The date when both parties, seller and buyer, have agreed to and completed signing and/or initiating the contract.

A mortgage that permits the lender to adjust the mortgage's interest rate periodically on the basis of changes in a specified index. Interest rates may move up or down, as market conditions change.

A loan that is paid in equal installments during its term.

An estimate of real estate value, usually issues to standards of FHA, VA and FHMA. Recent comparable sales in the neighborhood is the most important factor in determining value.

An increase in the value of a property due to changes in market conditions or other causes. The opposite of depreciation.

Purchaser takes ownership to real estate encumbered bean existing mortgage and assumes responsibility as the guarantor for the unpaid balance of the mortgage.

Document used to transfer title (ownership) of PERSONAL property 

A term applied to the past series of transactions and documents affecting the title to a particular parcel of land.

Also known as "escrow" or "settlement." The process of executing legally binding documents, such as deeds and mortgages, most commonly associated with the purchase of real estate and the borrowing of money to assist in the purchase.

Any condition that affects the clear title to real property.

Anything of value to induce another to enter into a contract, i.e., money, services, a promise.

A written instrument, which when properly executed and delivered, conveys title to real property.

An instrument used in many states in place of a mortgage. Property is transferred to a trustee by the truster (borrower), in favor of the beneficiary (lender), and reconvened (satisfied) upon payment in full.

A loan fee charges by a lender of FHA, VA or conventional loans to increase the yield on the investment. One point = 1% of the loan amount.

Advance on payment of part of the purchase price to bind a contract for property.

An interest in land owned by another that entitles its holder to a specific limited use, such as laying sewer, putting up electric power lines or crossing the property.

A trespass or intrusion onto another's property, usually by a structure, wall or fence.

Anything that burdens (limits) the title to property, such as a lien, easement, or restriction of any kind.

The value of real estate over and above the liens against int. It is obtained by subtraction the total liens from the value.

A procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller and buyer, and delivers them upon performance by the parties.

That portion of a mortgagor's monthly payment held in a trust but eh lender to pay for taxes, hazard insurance and other items as they become due.

The investigation and interpretation of the record title to real property based on the title search or abstract

In legal descriptions, that portion of the land to be deleted or excluded. The erm is often used in a different sense to mean an encumbrance on title, excluded from coverage in a title insurance policy.

Nickname for Federal National Mortgage Corporation (FNMA), a tax-paying corporation created by congress to support the secondary mortgages insured by FHA or guaranteed by VA, as well as conventional loans.

An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or contract housing.

A mortgage under which the Federal Housing Administration insures loans made, according to its regulations.

A loan that fixes the interest rate at a prescribed rate for the duration of the loan.

Procedure whereby property is pledged as security for a debt is sold to pay the debt in the event of default.

Nickname for Federal Home Loan Mortgage Corporation (FHLMC), a federally controlled and operated corporation to support the secondary mortgage market. It purchases and sells residential conventional home mortgages.

Any loan where the borrower pays a portion of the interest due each month during the first few years of the loan. The payment increases gradually during the first few years to the amount necessary to fully amortize the loan during its life.

One who might inherit or succeed to an interest in land of an individual who dies without leaving a will (intestate).

An estate where two or more persons hold real estate jointly for life, the survivors to take the entire interest on the death of one of the joint tenants.

A decree of a court. In practice, this is the lien or charge upon the land of a debtor resulting from the court's award of money to a creditor.

Buyer makes a deposit for future purchases of a property with the right to lease property in the interim.

A contract, which gives one the right to lease property at a certain sum with the option to purchase at a future date.

A hold, claim or charge allowed by a creditor upon the land of a debtor. Some examples are mortgage liens, judgement liens and mechanics' liens.

A form of title insurance policy which insures the validity, enforceability and priority of a lender's lien. This form does not provide protection for the owner.

The ratio of the mortgage loan principal (amount borrowed) to the property's appraised value (selling price). Example- on a $100,000 home, with a mortgage loan principal of $80,000 the loan to value ratio is 80%.

A legal document that pledges a property to the lender as security for payment of a debt.

The amount paid by a mortgagor for mortgage insurance. This insurance protects the investor from possible loss in the event of a borrower's default on a loan.

A written promise to pay a certain amount of money.

A fee paid to a lender for services provided when granting a loan, usually a percentage of the face amount of the loan.

A policy of title insurance, which insures a named owner against loss by reason of defects, liens and encumbrances not excepted to in the policy or un-marketability of the title.

An instrument authorizing another to act on one's behalf in legal matters.

see Mortgage Insurance Premium.

To allocate between seller and buyer their proportionate share of an obligation paid or due. For example, a proration of real property taxes or fire insurance premiums.

Also known as a second deed or trust, junior mortgage or junior lien. An additional loan imposed on a property with a first mortgage. Generally, a higher interest rate and a shorter term than a "first" mortgage.

A financial statement rendered to the buyer and seller at the time of transfer of ownership, giving an account of all funds received or expanded.

Ownership by one person only. Sole ownership.

The process of measuring land to determine its size, location and physical description, and the resulting drawing or map.

(i) Ownership of real property, which stands against the right of anyone else to claim the property, (ii) the evidence of right which a person has to the ownership and possession of land.

An insurance policy that protects the insured (buyer or lender) against loss arising from defects in the title.