Page 38 - Kionna Comer AZ Guide
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glossary
Abandonment of Homestead: An instrument to Chain of Title: A chronological list of the recorded
terminate a homestead interest. instruments affecting title to real property.
Acceleration Clause: A clause in a note, mortgage Chattel: Personal property.
or deed of trust which give the lender the right Cloud on the Title: An irregularity in the chain of
to demand payment in full upon a happening of a title that could affect the interest of the owner.
certain event(s), such as a default. Community Property: All property acquired by
Acknowledgment: A formal declaration made either husband or wife during the marriage except
before a notary, stating the instrument was duly what is acquired by gift, devise or descent.
executed by the designated person. Contiguous: Parcels of property that are adjoining.
Adverse Possession: A method of acquiring real Decree of Distribution: A court order after the
property from the owner because of continuous, probate of a deceased person’s estate, which when
hostile and visible use of the property for a recorded, transfers the title to their heirs.
prescribed length of time. Equity: The monetary interest the owner has in
Affidavit: A sworn statement by an individual. the real property.
Affidavit of Value: A sworn statement required by Equitable Title/Ownership: Ownership by one
the state to be attached to all conveyances, unless who does not have legal title, such as a vendee
it has been specifically exempted. It includes the under a land contract.
legal description, tax parcel number and the value Escheat: Process that reverts property to the state
of the property. when a deceased owner has no apparent heirs, or
Agreement for Sale: An instrument that conveys when a party does not make claim to monies held
the equitable title to real property and states the in escrow.
manner of payment required for payment in full. Estate: The degree, quantity, nature and extent of
Amortize: A gradual decrease of a debt based on the interest a person has in real property.
structured payments over a designated number of Estoppel: A rule of law which precludes a person
years. from alleging or denying certain facts resulting
Assessment: A levy or tax imposed on land to raise from their previous conduct or admissions.
revenue or to pay for improvements which benefit Exchange: Transfer of one property for another.
the land. Fiduciary: A trustee.
Attachment: A legal procedure where property Fixtures: Personal property that becomes real
is taken into custody pending the outcome of a property when attached to real property.
lawsuit. Foreclosure: A proceeding in or out of court, to
Attorney in Fact: An agent authorized to act for extinguish all rights, title and interest of the owner
another by virtue of a power of attorney. of property in order to sell the property to satisfy
Balloon Payment: A final payment on a note which a lien against it.
is greater than the preceding installments. Forfeiture: The process used by the seller or vendor
Base File: A title file that includes all previous title under a land agreement to recover the property
search information on a particular property. from the buyer or vendee in the event of default.
Beneficiary: One who benefits from a trust, or the Garnishment: A statutory proceeding wherein a
mortgagee under a deed of trust. court gives directions to a third party regarding
Bill of Sale: An instrument that transfers personal the payment of money.
property. Heirs: The persons designated in a will, or by
Bulk Sale: The sale of a business. operation of law, to succeed to the estate of a
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