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#real estate

Warranty deed

A warranty deed is a document provides the greatest amount of protection in which grantor warrants that the owner owns the property that is free from all encumbrances such as any outstanding liens, or mortgages.

Subdivision

Subdivision is a land which has been divided into two or more parcels for sale or real estate development.

Domain

In property law, domain means the complete and absolute ownership of land and it is the fullest and most superior right of property in land.


In the United States, federal government buildings and facilities are referred to as the public domain.


See, eminent domain.

Deed of trust

Deed of trust is a document which provides a lender a secured interest in real property. The borrower transfers title to a trustee, who holds it for the benefit of the lender (beneficiary).


A mortgage is similar but distinguishable because it involves only two parties, the mortgagor (borrower) and the mortgagee (lender).

Condominium

One of a number of dwelling units in a building. In a condominium unit, resident typically owns the walls and "airspace" comprising his unit. Common areas are jointly owned.

Waste

The destruction or material alteration or injury to premises by a tenant.

Regression

A principle in appraising that holds that a high valued property in an area of low valued properties seeks the level of the low valued properties.


The opposite action, i.e. a low valued property seeking the level of surrounding high valued properties, is called the Principle of Progression.

Record

The act of filing for the record in the county recorder's office. To record a document is to give constructive notice of the contents of the document to the world.

Prescription

A method of obtaining an easement although the owner of the land burdened by the easement has not agreed to grant the easement.


Easement by prescription is created only if the following conditions are met:
1. Continuous and uninterrupted use for five years;
2. Use is hostile and adverse to the owner;
3. Use is open and notorious;
4. Exclusive; and
5. Under some claim of right.

Patent

An original conveyance of title to real property from the federal government to a private owner.

Orientation

The placement of a house on a lot with regard to its relation to the sun, prevailing winds, privacy from the street, protection from outside noises, and other factors relating to comfort and privacy.

Breach

In real estate terminology, breach is the breaking of a law or failure to perform a duty or promise, either by omission or commission.

Appraisal

An estimate or opinion of value based on analysis of facts. Valuation of property is estimated by an authorized person.

Amortization

In real estate, amortization is payment of a debt or obligation in equal installments over a given period so that by the end of the period the debt is completely paid. It is the opposite of a balloon payment.

Deed

Deed is a written instrument which, when properly executed and delivered by a competent party, transfers title to real estate.


Trust Deed


A deed for carrying out fiduciary purposes in which the real property is conveyed to a trustee in a land trust. The power to sell, lease, and mortgage the property are given to the trustee under the provision of the trust agreement.


Deed of Reconveyance


The document that transfers legal title from the trustee to the trustor (the borrower under a note and trust deed) after a trust deed debt has been paid in full.
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