Real Estate Glossary

A deed executed by the tax collector to the state, county or city when no redemption is made from a tax sale.

Property on which current county taxes have not been paid is sold to the state. No actual sale takes place - the title is transferred to the state and the owner may redeem it by paying taxes, penalties and costs. If it has not been redeemed within five years, the property (referred to as tax sold property is actually deeded to the state. Similar sales to cities take place for unpaid city taxes.

Any property which is not taxed.

The right to occupy a building or unit.

A form of holding title, whereby there are two or more people on title to a property, ownership does not pass on to the others upon the death of one individual.

Leaving a legally valid will at death. See Intestate.

When a lender uses a third party to originate and package loans for sale to the secondary market (Fannie Mae, Freddie Mac).

A specific document which serves as proof of ownership.

An organization which researches and certifies ownership of real estate before it is bought or sold. Title companies also act at the facilitator ensures all parties are paid during the real estate transaction.

A policy which insures a property owner should a prior claim arise against the property after the purchase has been completed. This also covers a lender should a question of ownership arise.

Insured statement of the condition of title or ownership of real property. For a one-time-only premium, the named insured and their heirs are protected against title defects, liens and encumbrances existing as of the date of the policy and not specifically excluded from it. In the event of a claim, the title company provides legal defense from the policyholder and pays any covered losses incurred as a result of such claim.

See Preliminary Report.

The process whereby the TITLE COMPANY researches a properties title history and ensures that no outstanding claims exist.

A review of all recorded documents affecting a specific parcel of land to determine the present condition of title. An experienced title officer or attorney reviews and analyzes all material relating to the search, then determines the sufficiency and status of title for insurance of a title insurance policy.

(1) A combination of all the elements that constitute a legal right to own, possess, use, control, enjoy and dispose of real estate or a right or interest therein. (2) The rights of ownership recognized and protected by the law.

Any means by which the ownership of a property changes hands.

Taxes payable when title passes from one owner to another.

A bend in water pipe.

A fiduciary who holds or controls property for the benefit of another.

See Deed of Trust.

See Deed of Trust.

A federal law requiring full disclosure by lenders to borrowers of all terms, conditions and costs of a mortgage.

A style of architecture typified by exposed stone, wood and brick construction. Similar in style to English manor homes.