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| You
will find this Glossary useful in understanding words or terms used in Real
Estate transactions. However, there are some factors that may affect the
following definitions: |
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1.
Terms are defined as commonly understood in the mortgage and real estate
industry. The same terms may have different meanings in other context.
2. The definitions are intentionally short and non-technical. They do
not include all possible meanings that a term may acquire in legal
use.
3. State laws may modify or change the meanings of certain terms defined. |
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Tax
As applied to real estate, an enforced charge imposed on persons, property
or income, to be used to support the State. The governing body in turn
utilizes the funds in the best interest of the general public.
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Title
As generally used, the rights of ownership and possession of particular
property. In real estate usage, title may refer to the instruments or
documents by which a right of ownership is established (title documents),
or it may refer to the ownership interest one has in the real estate.
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Title
Insurance
Protects lenders or homeowners against loss of their interest in property
due to legal defects in title. Title insurance may be issued to a "mortgagee's
title policy." Insurance benefits will be paid only to the "named
insured" in the title policy, so it is important that an owner purchase
an "owner's title policy", if he desires the protection of title
insurance.
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Title
Search or Examination
A check of the title records, generally at the local courthouse, to make
sure the buyer is purchasing a house from the legal owner and there are
no liens, overdue special assessments, or other claims or outstanding
restrictive convenants filed in the record, which would adversely affect
the marketability or value of title.
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Trustee
A party who is given legal responsibility to hold property in the best
interest of or "for the benefit of" another. The trustee is
one placed in a position of responsibility for another, a responsibility
enforceable in a court of law. (See Deed of Trust.)
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