Page 39 - Justice AZHG
P. 39

OF REAL




        ESTATE TERMS









        deceased person.                                        (attorney in fact) to act for him.
        Hiatus: A gap unintentionally left when describing      Probate: A court proceeding in which descendant’s
        two adjacent properties.                                estate is administered.
        Incompetent: A person who is incapable of binding       Quiet Title: A court action that clarifies the title to
        himself to an enforceable obligation.                   real property.
        Indemnity:  A  letter  or  statement  wherein  one      Reconveyance:  Transfer  of  title  to  the  previous
        party agrees to hold harmless another party from        owner, or a release of the lien created by a Deed
        loss or damage.                                         of Trust.
        Ingress  and  Egress:  The liberty of entrance and      Reservation: A reservation created by a Grantor in
        exit from property.                                     a deed, which establishes a new right or privilege
        Intestate: A person who dies without leaving a will.    for the benefit of the Grantor in the property.
        Judgment:  A  decree  entered  by  the  court  after    Resolution:  A  formal  declaration  of  the  will  of
        final determination of the rights of the parties in     the group,  such  as the Board of Directors of a
        legal action.                                           corporation.
        Lease:  A contract  where the owner grants to           Restriction: A limitation upon the owner’s use or
        another the possession or use of their property.        right to deal with their land.
        Letters of Testamentary: A court order empowering       Seller Concessions: A credit that a seller can offer
        an  individual to  deal  with a  deceased  person’s     a potential buyer to reduce the cost of buying a
        estate.                                                 home.
        Lien: A charge upon real property as security for       Severalty: An estate held by a person in his own
        the payment of a debt.                                  right, without being joined by another person.
        Life Estate:  The interest  in property that  exists    Special Warranty  Deed:  A deed that conveys
        only for the life of an individual.                     ownership,  but  only  warrants  the  title  to  the
        Metes and Bounds Description: A legal description       property for the time period the grantor has had
        based on footage and direction prepared through         title.
        a survey of the property.                               Subordination: An agreement in which the existing
        Monuments:  Objects  or  markers  used  to  fix  or     lien will take an inferior position to a new or junior
        establish a property boundary.                          lien.
        Novation: Substitution of a new contract, debt or       Take  Off:  An  abstract,  copy  of  a  summary  of
        obligation for an existing one, between the same        matters found in the public records which affect
        or different parties.                                   title or rights of person to deal with the property.
        Order  Confirming  Sale:  A court  order given          Testate: A person who dies leaving a will.
        during a probate or bankruptcy proceeding which         Trust: Property that is held by one party for the
        authorizes the sale of a part of the estate property.   benefit of another.
        Patent: An instrument used by the state or federal      Usury:  An interest rate that is greater than the
        government to transfer title to property.               amount which can be legally charged.
        Personal  Representative:  A court  appointed           Waiver:  A  voluntary  surrender  of  a  right or
        individual  who is authorized to deal  with  the        privilege, such as the right to file a lien.
        matters  of  an  estate,  which  was  formerly
        referred to as an administrator or executor.
        Power  of  Attorney:  An authority or instrument
        by which  one person (principal)  enables another




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