A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
-A-
A.B.A. (American Bar
Association): A national organization
composed of member state and local bar associations,
which control the licensing of attorneys.
Abstract:
A history of all transactions shown in the public
records affecting a particular tract of land.
Abstract
Plant: See Title Plant.
Abut:
To touch, border on, or be contiguous
to.
Accrued Interest:
Interest on a note, bond, etc. which has been earned
but not yet paid. Since interest is usually paid in
arrears, accrued interest does not necessarily
indicate a delinquency in payment.
Acknowledgment:
A written declaration by a person executing an
instrument, given before an officer authorized to
give an oath (usually a notary public), stating that
the execution is of his own volition.
Acre:
A quantity of land containing 160 square rods, 4,840
square yards, or 43,560 square feet of real property
(land), in whatever shape.
Acreage:
Any parcel of land which may be measured in terms of
acres. Usually qualified by its zoning or usage, such
as residential acreage, industrial acreage, etc.
Addendum:
Something added. A list or other material added to a
document, letter, contractual agreement, escrow
instructions, etc. (See also Amendment).
Ad hoc:
Latin meaning "for this". For a single
purpose only.
Adjacent:
Close to. May or may not be contiguous (touching).
Adjoining:
Touching or contiguous to.
Adjustable
Rate Mortgage (ARM):
Mortgage loans under which the interest rate is
periodically adjusted, in accordance with some market
indicator, to more closely coincide with the current
rates. The extent and number of these adjustments are
agreed to at the inception of the loan.
Adverse
Possession: The
possession, by one person, of land belonging to
another in a manner deemed adverse to the interest of
the owner. In most states, by operation of law, title
to the land becomes vested in such person after a
fixed number of years if the owner fails to assert
his or her rights.
Affiant:
One who makes an affidavit.
Affidavit:
A written statement made under oath before a notary
public or other judicial officer.
Agreement:
A legally binding contract made between two or more
persons.
ALTA
(American Land Title Association):
The trade association of the title insurance
industry, which has adopted certain insurance policy
forms to standardize coverage on a national basis.
Amendment: A
change, either to correct an error or to alter a part
of an agreement without changing the principal idea
or essence.
Amortization:
Payment to reduce the principal of a debt in regular,
periodic installments.
Ancillary:
Subordinate, aiding.
Appraisal:
A report from an independent third party detailing
the estimated value of real estate on ones property.
Appurtenance:
A right or privilege that is a part of the ownership
of property, such as a right of way to a highway
across the land of another. Water rights are also an
example.
Arrears: (1)
Payment made after it is due is in arrears. (2)
Interest is said to be paid in arrears since it is
paid to the date of the payment rather than in
advance, as is rent.
Assessment:
(1) The valuation of real estate for purposes of
taxes or special improvement charges. (2) The amount
of taxes or special improvement charges. Special
improvement charges are usually for the costs of
streets, sidewalks, sewers, etc.
Assignment:
(1) The act of transferring an interest, such as a
loan secured by a mortgage, from one person to
another. (2) The instrument or paper by which one
person transfers such ownership to another.
Attorney at Law:
An advocate, counsel, or official agent employed in
preparing, managing, and trying cases in court. Must
be licensed by the state.
Attorney-in-Fact:
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 power of
attorney, which may be limited to one specific act or
may be broader.
Attorney's
Opinion: A statement
by an attorney as to the validity of a title, arrived
at after investigation of the history of the title as
recorded in the public records.
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Letter Index
-B-
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 sometime 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.
Balloon
Note: A form of
promissory note that calls for the minimum payment of
principal and the payment of interest at regular
intervals. This type of note requires a substantial
final payment, which represents all the principal.
Bankruptcy:
A proceeding in U.S. District Court wherein assets of
an insolvent debtor are protected and distributed in
an equitable manner.
Binder:
Sometimes called "preliminary certificate"
or "commitment." (1) A preliminary report
as to the condition of a title and a commitment to
issue a title insurance policy in a certain manner
when certain conditions are met. (2) A deposit in
escrow of a small part of the purchase price of real
estate as evidence of good faith and to bind an
agreement to purchase.
Building
Restrictions: Prohibition by a
governmental body (zoning restriction) or a private
party (a former owner) against construction of
certain structures on a property.
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Letter Index
-C-
Cashier's Check:
A check drawn by a bank on itself rather than on an
account of a depositor. A cashier's check is
generally acceptable to close a sale without waiting
for the check to clear.
Certificate of Occupancy:
A certificate issued by a local building department
to a builder or renovator, stating that the building
is in proper condition to be occupied.
Certificate
of Title: A
certificate issued by a title examiner stating the
condition of a title.
Chain:
In real estate measurements (surveying), a chain is
66 feet long or 100 links, each link being 7.92
inches. The measurement may change when used in
fields other than surveying.
Chain
of Title: The
successive ownerships or transfers in the history of
title to a tract of land.
Chattel:
Personal property.
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.
Clear
Title: Real property
ownership free of liens, defects, encumbrances or
claims.
Closing:
Also called "settlement." A meeting of all
parties involved in a real property transaction
during which the transaction is consummated.
Closing
Statement: The statement which lists
the financial settlement between buyer and seller,
and also the costs each must pay. A separate
statement for buyer and seller is sometimes prepared.
Clouded
Title: An
irregularity, possible claim or encumbrance that, if
valid, would adversely affect or impair the title.
Codicil: An
addition to a will, which modifies the will by adding
to it, subtracting from it, or clarifying it.
Coinsurance:
Two or more policies of title insurance issued by
different insurers, each covering a portion of the
same risk, which together provide total coverage of
the risk.
Commitment:
Also called "binder." A document issued by
a title insurance company that contains the
conditions under which a policy of title insurance
will be issued.
Condemnation:
(1) The taking of private property for a public
purpose, with compensation to the owner under the
right of eminent domain. Governmental units,
railroads and utility companies have the right to
condemn and take private property. (2) The
destruction by government of private property that
imperils the life, health or safety of the public.
Construction Loan:
Short term financing of real estate construction.
Generally followed by long term financing called a
"take out" loan, issued upon completion of
improvements.
Contract:
An agreement between two or more persons or entities
which creates or modifies a legal relationship.
Generally based upon offer and acceptance.
Conventional
Loan: A loan secured
by a mortgage or deed of trust for which the loan-to-value
ratio is within an acceptable range for a particular
lending institution.
Conveyance:
The transfer of title to real property from one
person to another.
Covenant:
A formal agreement or contract between two parties in
which one party gives the other certain promises and
assurances, such as covenants of warranty in a
warranty deed.
Curtesy:
A right that a husband has in his wife's property at
her death. It does not exist in all states.
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Letter Index
-D-
Decedent:
Originally, one who was dying. Modernly, one who is
dead.
Declaration of
Restrictions: A set of restrictions
filed by a subdivider to cover an entire tract or
subdivision.
Dedication:
The setting aside of certain land by the owner and
declaring it to be for public use. Examples: streets,
sidewalks and parks.
Deed:
A document through which a conveyance of property is
effected.
Deed
Restriction: A
covenant contained in a deed imposing limits on the
use or occupancy of the real estate or the type,
size, purpose or location of improvements to be
constructed on it.
Defect:
A blemish, imperfection or deficiency. A defective
title is one that is irregular and faulty.
Depreciation:
Loss in value occasioned by ordinary wear and tear,
destructive action of the elements, or functional or
economic obsolescence.
Devise:
A gift of real estate made by a will.
Disbursements:
Payments made during the course of an escrow or at
closing.
Documentary Tax Stamps:
Stamps, similar to postage stamps, affixed to a deed,
showing the amount of transfer tax paid. Most states
now "stamp" the deed rather than actually
affixing a stamp.
Dominant
Estate: The property
for the benefit of which a right-of-way easement
exists across another's adjoining piece of land.
Dower:
A right that a wife has in her husband's property at
the time of his death. Does not exist in all states.
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Letter Index
-E-
Earnest
Money: A deposit of
funds by the purchaser of a piece of real estate as
evidence of good faith.
Easement:
A right to use all or part of the land owned by
another for a specific purpose. An easement may, for
example, entitle its holder to install and maintain
sewer or utility lines.
Egress: A
term concerning a right to come and go across the
land (public or private) of another. Usually part of
the term ingress and egress.
Eminent
Domain: The right of a
government to take privately owned property for
public purposes under condemnation proceedings
subject to payment of its fair market value.
Encroachment:
Any building, improvement or structure located on one
property (such as a wall, fence or driveway) that
intrudes upon the property of another.
Encumbrance:
Any interest, right, lien or liability attached to a
parcel of land (such as unpaid taxes or an
unsatisfied mortgage) that constitutes or represents
a burden or charge upon the property.
Equity:
The market value of real property, less the amount of
existing liens.
Escheat:
The reversion of property to the state when an owner
dies leaving no legal heirs, devises or claimants.
Escrow:
A method of closing a real estate transaction in
which all required documents and funds are placed
with a third party for processing and disbursement.
Estoppel:
A legal restraint that stops or prevents a person
from contradicting or reneging on his previous
position or previous assertions or commitments.
Examination:
The study of the instruments and muniments incident
to a chain of title to determine their effect and
condition in order to reach a conclusion as to the
status of the title.
Exception:
A provision in a title insurance binder or policy
that excludes liability for a specific title defect
or an outstanding lien or encumbrance.
Execute:
To sign a legal instrument. A deed is said to be
executed when it is signed, sealed, witnessed and
delivered.
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Letter Index
-F-
Fannie
Mae: Federal National
Mortgage Association (FNMA). A private corporation
dealing in the purchase of first mortgages.
Fee
Simple Deed: The
absolute ownership of a parcel of land. The highest
degree of ownership that a person can have in real
estate, which gives the owner unqualified ownership
and full power of disposition.
FHA
(Federal Housing Administration):
A federal agency that insures first mortgages,
enabling lenders to lend a very high percentage of
the sale price.
Financing Statement:
A recorded instrument, taking the place of personal
property liens in some states. Used instead of
chattel mortgages, inventory liens, pledges, etc.
Fixed
Rate Mortgage: A
mortgage having a rate of interest that remains the
same for the life of the mortgage.
Fixtures:
Personal property that is attached to real property
and is legally treated as real property while it is
so attached. Examples: medicine cabinets, window
blinds and chandeliers.
Foreclosure:
A legal proceeding in which real estate secured by a
mortgage or deed of trust is sold to satisfy the
underlying debt.
Forgery:
The fraudulent signing of another's name to an
instrument such as a deed, mortgage or check.
Freddie
Mac: Federal Home Loan
Mortgage Corporation (FHLMC). A federal agency that
purchases both conventional and federally insured
first mortgages from members of the Federal Reserve
System and the Federal Home Loan Bank System.
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Letter Index
-G-
Gift
Letter: A letter to HUD from the donor
(giver) stating that a gift of money has been made to
the buyer in order to purchase specific property. The
relationship of the donor and donee is stated, as
well as the amount of the gift.
Ginnie
Mae: Government
National Mortgage Association (GNMA). A federal
association working with the FHA that offers special
assistance in obtaining mortgages and purchases
mortgages in the secondary market.
Grant:
To bestow or confer, with or without compensation, a
gift such as land or money by one having control or
authority over the gift.
Grantee:
One to whom a grant is made.
Grantor:
One who makes a grant.
-H-
Hereditaments:
Any and all kinds of estates, interest and rights in
real estate that can be inherited.
Hold Harmless Agreement:
An agreement by which one party agrees to repay
another for any loss or damage the latter may suffer.
Home Owner's Association:
(1) An association of people who own homes in a given
area, formed for the purpose of improving or
maintaining the quality of the area. (2) An
association formed by the builder of condominiums or
planned developments, and required by statute in some
states. The builder's participation as well as the
duties of the association are controlled by statute.
Homeowners
Insurance: Real estate
insurance (also known as "Hazard Insurance")
protecting against loss caused by fire, some natural
causes, vandalism, etc., depending on the terms of
the policy. Also includes coverage such as personal
liability and theft away from home.
Homestead:
The dwelling house and adjoining land which is
considered your primary residence. However, the
homestead is limited in size to either 1/2 of a
contiguous acre if within a municipality, or up to
160 contiguous acres if outside a municipality. You
can only have one homestead in Florida and the
exemption, should you qualify, is $25,000.
HUD
(Department of Housing and Urban Development):
The federal department responsible for the major
housing programs in the United States.
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Letter Index
-I-
Improvements:
Generally, buildings, but may include any permanent
structure or other development, such as a street,
utilities, etc.
Index:
(1) An alphabetical listing in the public records of
the names of parties to recorded real estate
instruments together with the book and page number of
the record. (2) The listing in abstract and title
plants of recorded real estate instruments in groups
according to land descriptions, known as a geographic
index. (3) The alphabetical listing in abstract and
title plants, by names of the parties, of all
recorded instruments that affect but do not describe
particular real estate, such as judgments, powers of
attorney, wills and probate proceedings. Such indexes
are known by various names, such as "general
index," "judgment index" and "name
index."
Ingress and Egress:
A right to enter upon and pass through land.
Inheritance:
In a legal meaning, real property obtained by law
rather than by will; generally misused to mean
anything which comes from a deceased person.
Instrument:
Any written document having a legal effect.
Intestate:
Without leaving a will, or leaving an invalid will so
that the property of the estate passes by the laws of
succession rather than by direction of the deceased.
Irrevocable:
That which cannot be revoked or recalled, such as
certain trusts, contracts, and other legal
relationships.
-J-
Joint Tenancy with Right
of Survivorship: An undivided interest
in property, taken by two or more joint tenants. The
interests must be equal, occurring 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.
Judgment:
The determination of a court regarding the rights of
parties in an action. A judgment of debt on a
property owner can create a lien on all of that
owner's land within a certain jurisdiction.
Junior
Mortgage: A mortgage
lower in lien priority than another.
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Letter Index
-L-
Leasehold:
The right to possession and use of land for a fixed
period of time. The lease is the agreement that
creates the right.
Legal
Description: A method of geographically
identifying a parcel of land, which is acceptable in
a court of law.
Lessee:
A tenant holding a leasehold.
Lessor:
A landlord; one who gives a leasehold to a lessee.
License:
Permission to go upon or use the land of another, the
permission being a personal privilege and not
constituting an interest in the land.
Lien:
A monetary charge imposed on a property, usually
arising from some debt or obligation.
Lien
Waiver: Also called
"waiver of liens." A waiver of mechanics'
lien rights, signed by contractors or subcontractors.
Line
of Credit: An amount of money a
borrower may obtain from a bank without a special
credit check. The money is generally for business
purposes and the amount would not include the
borrower's own home loan and other personal secured
loans.
Link:
In surveying, a length of 7.92 inches.
Lis
Pendens: A legal
notice intending to bind third parties of litigation
claiming an interest in real estate.
Living
Trust: A trust which is in effect
during the life of the settlor, rather than upon his
death (testamentary trust).
Loan
Origination Fee: A one time set up fee
charged by the lender.
Loan
Policy: Also called
"mortgagee policy." A title insurance
policy insuring a mortgagee, or beneficiary under a
deed of trust, against loss caused by invalidity or
unenforceability of a lien, or loss of priority of
the mortgage or deed of trust.
Lot:
Generally, any portion or parcel of real property.
Usually refers to a portion of a subdivision.
Lot
Line: The boundary line of a lot in a
subdivision.
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Letter Index
-M-
Market
Value: The average of
the highest price that a buyer, willing but not
compelled to buy, would pay and the lowest price a
seller, willing but not compelled to sell, would
accept.
Mechanic's
Lien: A lien on a real
estate, created by operation of law, that secures the
payment of debts due to persons who perform labor or
services or furnish materials incident to the
construction of buildings and improvements on the
real estate.
Metes
and Bounds: A land
description in which boundaries are described by
courses, directions, distances and monuments.
Mortgage:
A conditional pledge of property to a creditor as
security for the payment of a debt.
Mortgage
Insurance: Insurance
written by an independent mortgage insurance company
protecting the mortgage lender against loss incurred
by a mortgage default, thus enabling the lender to
lend a higher percentage of the sale price.
Mortgagee:
The holder of a mortgage. The party to whom a
mortgage is made, generally the lender.
Mortgagee
Policy: See Loan
Policy.
Mortgagor:
A person who mortgages property. A person who
executes a mortgage, generally the property owner.
Multiple
Listing: The pooling
in a central bureau of listings of properties for
sale. These listings are held individually by members
of a group of real estate brokers, with the agreement
that any member of the group may sell the properties
and, in the case of a sale, the commission will be
divided between the broker making the sale and the
broker who filed the listing.
Muniments
of Title: Written
evidence (documents) that an owner possesses to prove
his or her title to property.
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Letter Index
-N-
Note:
Also called a "promissory note." A written
promise to pay a sum of money, usually at a specified
interest rate, at a stated time to a named payee.
-O-
Origination
Fee: A fee made by a lender for making
a real estate loan. Usually a percentage of the
amount loaned, such as one percent.
Owner's
Policy: A policy of
title insurance insuring an owner of real estate
against loss occasioned by defects in, liens against,
or unmarketability of the owner's title.
-P-
Per
Diem: Daily.
Planned
(Unit) Development: A subdivision of
five or more individually owned lots with one or more
other parcels owned in common or with reciprocal
rights in one or more other parcels. The lots are
generally small, being the exact size of the
improvements, or slightly larger.
Plat:
Also called "plat map." A map dividing a
parcel of land into lots, as in a subdivision. A plat
book contains the plat maps for a given area.
Point:
Also called "commission points" or "discount
points." One percent of the amount of the loan.
Point
of Beginning (POB): A term used in
metes and bounds descriptions. The description will
start with the words "Beginning at a point"
and ends with "to the point of beginning".
Power
of Attorney: An authority by which one
person (principal) enables another (attorney-in-fact)
to act for him. (1) General power - Authorizes sale,
mortgaging, etc. of all property of the principal.
Invalid in some jurisdictions. (2) Special power -
Specifies property, buyers, price and terms. How
specific it must be varies in each state.
Premium:
The amount payable for an insurance policy.
Prescriptive
Easement: A right to
use another's 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.
Principal:
(1) A sum of money owed as a debt on which interest
is payable. (2) A person who empowers another to act
as his representative or agent. (3) The person having
prime responsibility for an obligation as
distinguished from one who acts as a surety or
endorser.
Private
Mortgage Insurance (PMI): Insurance
against a loss by a lender in the event of default by
a borrower (mortgagor). The insurance is similar to
insurance by a governmental agency such as FHA,
except that it is issued by a private insurance
company. The premium is paid by the borrower and is
included in the mortgage payment.
Probate:
Originally, the proving that a will was
valid. Modernly, any action over which probate court
has jurisdiction.
Probate
Court: A court having jurisdiction of
estates, whether of a deceased, a minor, or an
incompetent person.
Pro
Rate: To divide in proportionate
shares, such as taxes, insurance, rent, or other
items which buyer and seller share as of the time of
closing, or other agreed upon time.
Purchase
Money Mortgage: A
mortgage given by a purchaser to a seller on the
subject property to secure payment of a part of the
purchase price.
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Letter Index
-Q-
Quit
Claim Deed: A deed
that does not imply that the grantor holds title, but
that surrenders and gives to the grantee any possible
interest or rights that the grantor may have in the
property.
-R-
Real
Estate: Also called
"real property." (1) Land and anything
permanently affixed to the land, such as buildings,
fences and those things attached to the buildings,
such as light fixtures, plumbing and heating
fixtures, or other such items that would be personal
property if not attached. (2) May refer to rights in
real property as well as the property itself.
Recording:
The noting in a public office of the details of a
legal document - such as a deed or mortgage -
affecting the title to real estate. When such an
instrument is properly recorded, it is considered to
be a matter of public record. Legally, that means
that all subsequent purchasers are deemed to have
constructive knowledge of that information.
Refinance:
(1) The renewing of an existing loan with the same
borrower and lender. (2) A loan on the same property
by either the same lender or borrower. (3) The
selling of loans by the original lender.
Reinsurance:
A contractual relationship between two insurance
companies under which one insurer assumes a portion
of the risk of the insurance policy written by the
other.
Reissue
Rate: A charge for a title insurance
policy if a previous policy on the same property was
issued within a specified period. The reissue rate is
less than the original charge.
Release:
(1) To relieve from debt or security or abandon a
right, such as the release of a mortgage lien from a
part or all of the land mortgaged. (2) The instrument
effecting a release.
Rerecording:
The recording of a deed for a second time to correct
an error contained in the deed when originally
recorded.
Rescind:
To void or cancel in such a way as to treat the
contract or other object of the recision as if it
never existed.
RESPA
(Real Estate Settlement Procedures Act):
A federal statute effective June 20, 1975, requiring
disclosure of certain costs in the sale of
residential (one to four family) improved property
which is to be financed by a federally insured lender.
Restrictions:
Limitations on the use of property imposed or created
by deeds or other documents in the chain of title. A
restriction, for example, may prohibit the placement
of a trailer or the construction of a commercial
structure on the property.
Riparian
Rights: The rights of
owners of lands bordering watercourses which relate
to the water and its use.
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Letter Index
-S-
Sale
Agreement: A contract
entered into between a buyer and seller, setting
forth the terms, provisions and conditions of a sale
of real estate.
Sale
and Leaseback: The
sale of an asset to a buyer who immediately leases it
back to the seller.
Satisfaction:
Discharge of an obligation by payment of the amount
due, as on a mortgage, trust deed, or contract; or
payment of a debt awarded, such as satisfaction of a
judgment. Also the recorded instrument stating said
payment has been made.
Search:
A careful exploration and perusal of the public
records in an effort to find all recorded instruments
relating to a particular chain of title.
Second
Mortgage: A mortgage
ranking in priority immediately below a first
mortgage.
Servient
Estate: The land
across which the right-of-way easement runs.
Settlement
Statement: A statement prepared by
broker, escrow, or lender, giving a complete
breakdown of costs involved in a real estate sale. A
separate statement is prepared for the seller and
buyer.
Simultaneous
Issue: A simultaneous issuance by a
title insurance company of policies insuring both an
owner and a lender. The lender's policy is issued at
a reduced rate.
Subordination:
The act or process by which a person's rights are
ranked below the rights of others. For example, a
second mortgagee's rights are subordinate to those of
the first mortgagee.
Surety:
(1) A person who agrees to be responsible for a debt
or obligation of another. (2) The pledge or agreement
by which one undertakes responsibility for the debt
or obligation of another.
-T-
Testate:
Having written a last will and testament.
Testator
(F. Testatrix): One who dies leaving a
testament or will.
Title:
(1) A combination of all the elements that constitute
the highest legal right to own, possess, use,
control, enjoy and dispose of real estate or an
inheritable right or interest therein. (2) The rights
of ownership recognized and protected by the law.
Title
Covenants: Covenants
ordinarily inserted in conveyances and in transfers
of title to real estate for the purpose of giving
protection to the purchaser against possible
insufficiency of the title received. A group of such
covenants known as "common law covenants"
includes: covenants against encumbrances; covenants
for further assurance (in other words, to do whatever
is necessary to rectify title deficiencies);
covenants of good right and authority to convey;
covenants of quiet enjoyment; covenants of seisin;
covenants of warranty. (See Warranty or Covenant)
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.
Title
Insurance Policy: A
contract of title insurance under which the insurer,
in keeping with the terms of the policy, agrees to
indemnify the insured against loss arising from
claims against the insured interest.
Title
Plant: Also called
"abstract plant" in some areas. A
geographically filed assemblage of title information
that helps in expediting title examinations, such as
copies of previous attorneys' opinions, abstracts,
tax searches and copies or take-offs of the public
records.
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
settlor, the party holding the property is the
trustee, and the party for whose benefit the property
is held is called the beneficiary.
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-U-
Underwriter:
An insurance company that issues insurance policies
to the public or to another insurer.
-V-
Variable
Interest Rate: Also
called "flexible interest rate." An
interest rate that fluctuates as the prevailing rate
moves up or down. In mortgages, there are usually
maximums as to the frequency and amount of
fluctuation.
Veterans
Administration (VA) Loans:
Housing loans to veterans by banks, savings and
loans, or other lenders that are guaranteed by the
Veterans Administration, enabling veterans to buy a
residence with little or no down payment.
-W-
Waiver:
The voluntary and intentional relinquishment of a
known right, claim or privilege.
Warranty:
In a broad sense, an agreement or undertaking by a
seller to be responsible for present or future losses
of the purchaser occasioned by deficiency or defect
in the quality, condition or quantity of the thing
sold. In a stricter sense, the provision or
provisions in a deed, lease or other instrument
conveying or transferring an estate or interest in
real estate under which the seller becomes liable to
the purchaser for defects in or encumbrances on the
title. (See Title Covenants)
Will:
A testamentary disposition of property, usually in a
form prescribed by law, that takes effect upon death.
-Z-
Zoning:
Laws passed by local governments regulating the size,
type, structure, nature and use of land or buildings.
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The terms included on this
page are for your benefit and are defined within a
real estate and title insurance context only. Since
these terms may have entirely different meanings
within other contexts, you should seek legal counsel
for clarification.
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Jacksonville, Florida 32224
