Abstract of Title: A condensed history or summary of all transactions affecting a particular tract of land.

Access: The right to enter and leave a tract of land from a public way. “Oftentimes the right to enter and leave over the lands of another.”

Affidavit: A sworn statement in writing.

ALTA: American Land Title Association, a national association of title insurance companies, abstractors and attorneys, specializing in real estate property law, which speaks for the title insurance and abstracting industry and established standard title policies and procedures, with headquarters in Washington D.C.

Assessment: The imposition of a tax, charge or levy, usually according to established rates.

Attorney in Fact: One who holds a power of attorney from another allowing him to execute legal documents such as deeds, mortgages, etc. on behalf of the grantor of the power.

Chain of Title: A term applied to the past series of transactions and documents affecting the title to a particular parcel of land.

Clear Title: One which is not encumbered nor burdened with defects.

Clouded Title: An encumbered or defective title.

Commitment (to insure/guarantee): A report issued by a title insurance company, or its agents, showing the conditions of the title and committing the title insurance company to issue a form coverage as designated in the commitment upon compliance with and satisfaction of requirements set forth therein.

Contract (for sale of land): A contract for the purchase and sale of realty which can be enforced in equity for specific performance.

Convey: The act of deeding or transferring title to another.

Conveyance: An instrument by which legal or equitable title to property is transferred.

Deed: A written document by which the ownership of land is transferred from one person to another.

Dower: The inchoate right to life estate in the lands of one’s spouse, which vests (if not released) at the death of such spouse.

Easement: A right running with the land to use other lands for a specific purpose.

Egress: The right to leave a tract of land. “Often used interchangeably with access.”

Encroachment: A fixture, such as a house, wall or fence, which intrudes upon another’s property.

Encumbrance: A lien, liability or charge upon a parcel of land.

Escrow: A procedure whereby a disinterested third party handles legal documents and funds on behalf of a seller or buyer.

Examination of Title: The interpretation of the record title to real property base upon the title search or abstract.

Executor: A person appointed by the probate court to carry out the terms of a Will. The term is Executrix if such as person is a woman.

Financing Statement: A document prepared for filing with the county recorder and Secretary of State indicating that personal property or fixtures is encumbered with a debt.

Foreclosure: The court action by which an interest in land is extinguished in favor of another interest.

Grantee: A person (or legal entity) who acquires an interest in land by deed, grant or other written instrument.

Grantor: A person (or legal entity) who transfers an interest in land to another by deed, grant or other written instrument.

Joint Tenancy: Where two or more persons hold real estate jointly for life, the survivors to take the interest of the one who dies.

Judgment: A decree of court.

Judgment Lien: The charge upon the lands of a debtor resulting from the decree of a court properly entered in the judgment docket.

Land Contract/Land Installment Contract: An agreement providing for the installment sale of realty with title to pass when payment is complete.

Lease: A grant of the use of lands for a period of time in consideration of the payment of rental.

Leasehold Policy: A title policy designed to insure the interest or a lessee in a particular lease.

Lessee: One who takes land upon a lease.

Lessor: One who grants lands upon a lease.

Lien: A hold or claim against property as security for some debt or charge.

Marketable Title: That degree of title perfection which a reasonable person anxious to perform his contract would accept; title free from significant exception.

Mortgage Policy: A title policy designed to insure a mortgagee against recorded and unrecorded defects.

Owners Policy: A title policy designed to insure an owner against recorded and unrecorded defects.

Plat (Plot): A map representing a piece of land subdivided into lots with streets shown thereon.

Power of Attorney: An instrument authorizing one to act, either generally or specifically, as the agent for another.

Prorate: To allocate between seller and buyer their proportionate share of an obligation paid or due. “For example, a proration of real property taxes, insurance or rentals.”

Restrictive Covenants: Building and use restrictions usually specifying the type and use of improvements enforceable by injunction.

Right of Way: The right which one has to pass across the lands of another.

Special Assessments: A tax levied against a property by reason of specific benefit or improvement enhancing its value.

Survey: The process of measuring land to determine its size, location and physical description.

Title: The evidence or right which a person has to the ownership and possession of land. “Commonly considered as a bundle or history of rights.”

Title Defect: Any legal right held by others to claim property or to make demands upon the owner.

Title Insurance: Insurance against loss or damage resulting from defects or failure of title to a particular parcel of real property.

Title Search: An examination of public records, laws and court decisions to disclose the current facts regarding ownership of real estate.

Zoning: The right of a municipality to regulate and determine the compatible character and use of property.