Page 39 - WINTZ AZHG
P. 39
glossary 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 gift 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
Pioneer Title Agency 39
