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Title report
A statement of the current condition of a title for a parcel of land.
Title search
An inspection of publicly available records and documents to determine the current ownership and tile conditions for a property.
Title theory
The legal position that a mortgage conveys title to the lender.
Torrens system
A state-sponsored method of registering land titles.
Townhouse
A swelling unit usually with two or three floors and shared walls; usually found in PUD's.
Townships
Six-by-six mile squares of land designated by the intersection of range lines and township lines in the rectangular survey system.
Tract index
A system for listing recorded documents affecting a particular tract of land.
Trade fixture
A business or trade-related article attached to a rental building by a business tenant.
Transferable development right (TDR)
A legal means by which the right to develop a particular parcel of land can be transferred to another parcel.
Trust deed (deed of trust)
A document that conveys title to a neutral third party as security for a debt.
Trustee
One who holds property in trust for another.
Trustor
One who creates a trust.
Undivided interest
Ownership by two or more persons that gives each the right to use the entire property.
Undue influence
Unfair advantage to obtain a contract.
Unilateral contract
Results when a promise is exchanged for performance.
Unilateral rescission
Innocent party refuses to perform his contractual duties because the other party has not performed his.
Unity of interest
All joint tenants own one interest together.
Unity of person
The legal premise that husband and wife are an indivisible legal unit and a requirement of tenancy by the entirety.
Unity of possession
All co-tenants must enjoy the same undivided possession of the whole property.
Unity of time
Each joint tenant must acquire his or her ownership interest at the same moment.
Unity of title
All joint tenants must acquire their interests from the same deed or will.
Universal agency
An agency wherein the principal is empowered to transact matters of all types for the principal.
U.S. Public Lands Survey
A system for surveying land that uses latitude and longitude lines as references.
Usury
Charging of a rate of interest higher than that permitted by law.
Valid contract
One that meets all requirements of law, is binding upon its parties, and is enforceable in a court of law.
Valuable consideration
Money, property, services, promises not to act, or anything worth money.
Variable rate mortgage
A mortgage on which the interest rate rises and falls with changes in prevailing interest rates.
Variance
A permit granted to an individual property owner to vary slightly from strict compliance with zoning requirements.
Vassals
Tenants of the lord and subtenants of the king.
Vendee
The buyer.
Vendor
The seller.
Vested
Owned by..
Void contract
A contract that has no binding effect on the parties who made it.
Voidable contract
A contract that binds one party but gives the other the right to withdraw.
Warranty
An assurance or guarantee that something is true as stated.
Warranty deed
A deed which usually contains the covenants of seizen, quiet enjoyment, encumbrances, further assurance , and warranty forever.
Warranty forever
The grantor's guarantee that he will bear the expense of defending the grantee's title. Waste
Abuse or destructive use of property.
Water right
The right to use water on or below or bordering a parcel of land.
Water table
The upper limit of percolating water blow the earth's surface.
Whole loan program
A secondary mortgage operation by the FHLMC wherein it buys home loans from savings and loan associations.
Words of conveyance
The grantor's statement that he is making a grant to the grantee.
Wraparound mortgage
A mortgage that encompasses any existing mortgages and is subordinate to them.
Writ of execution
A court document directing the county sheriff to seize and sell a debtor's property.
Zoning
Public regulations that control the specific use of land in a given district. |
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