{"id":369,"date":"2023-03-22T18:14:37","date_gmt":"2023-03-22T18:14:37","guid":{"rendered":"https:\/\/staging.wilsondeeds.com\/?page_id=369"},"modified":"2023-03-22T18:15:16","modified_gmt":"2023-03-22T18:15:16","slug":"glossary-of-terms","status":"publish","type":"page","link":"https:\/\/staging.wilsondeeds.com\/index.php\/glossary-of-terms\/","title":{"rendered":"Glossary of Terms"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"369\" class=\"elementor elementor-369\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a0fb4a4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a0fb4a4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a911fa7\" data-id=\"a911fa7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e07e23f elementor-widget elementor-widget-heading\" data-id=\"e07e23f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.1 - 02-04-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Glossary of Terms<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bfe757f elementor-widget elementor-widget-text-editor\" data-id=\"bfe757f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.12.1 - 02-04-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Affiant:<\/strong>\u00a0One who makes an affidavit.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Affidavit:<\/strong>\u00a0A document that gives a written or printed declaration or statement of facts, which is confirmed by an oath or affirmation.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Affidavit of Heirship:<\/strong>\u00a0Same as affidavit, but specifically establishing heirs of a decedent.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Certified Copy:<\/strong>\u00a0A true copy, attested to be true by the office holding the original.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Construction Loan:<\/strong>\u00a0Short term financing of real estate construction. Generally followed by long term financing called a &#8220;take out&#8221; loan, issued upon completion of improvements.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Debtee:<\/strong>\u00a0Person lending.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Debtor:<\/strong>\u00a0One who owes a debt.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Deed in Lieu of Foreclosure:<\/strong>\u00a0A deed given by an owner\/borrower to a lender to prevent the lender from bringing foreclosure proceedings.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Easement:<\/strong>\u00a0A right created by grant, reservation, agreement, prescription, or necessary implication which one has in the land of another. It is either for the benefit of land such as a right to cross. A to get to B, or &#8220;ingress&#8221; such as a public utility easement.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Egress:<\/strong>\u00a0A term concerning a right to come and go across the land (public or private) of another. Usually a part of the term ingress and egress.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Encumbrance, Incumbrance:<\/strong>\u00a0A claim, lien, charge, or liability attached to and binding real property. Any rights to, or interest in, land which may exist in one other than the owner.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Fair and Voluntary Sale:<\/strong>\u00a0A sale by the owner freely without constraint at a price sufficient to warrant confirmation when required, not a forced sale as in closing an estate or foreclosure.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Fair Market Value:<\/strong>\u00a0Price at which a willing seller and a willing buyer will trade. A fair, economic, just and equitable value under normal conditions.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Federal Tax Lien:<\/strong>\u00a0A lien attaching to property for nonpayment of a federal tax (estate, income, etc.). A federal tax lien differs from other liens in that it is not automatically wiped out by foreclosing on a mortgage or trust deed recorded before the tax lien (except by judicial foreclosure).<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>First Mortgage:<\/strong>\u00a0A mortgage having priority over all other voluntary liens against certain property.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>General Warranty Deed:<\/strong>\u00a0A deed in which the grantor agrees to protect the grantee against any other claim to title of the property and provides other promises.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Grantee:<\/strong>\u00a0The one who receives an interest.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Grantor:<\/strong>\u00a0The one who relinquishes an interest.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Grantor-Grantee Index:<\/strong>\u00a0The record of the passing of title to all the properties in a county as kept by the county recorder&#8217;s office. Property is checked by tracing the names of the sellers and buyers (chain of title).<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Holder of indebtedness:<\/strong>\u00a0Person or institution loaning money.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Ingress and Egress:<\/strong>\u00a0A right to enter upon and pass through land.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Instrument:<\/strong>\u00a0Any writing having legal form and significance, such as a deed, mortgage, will, lease, etc.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Joint Tenancy:<\/strong>\u00a0An undivided interest in property, taken by two or more joint tenants. The interests must be equal, according under the same conveyance, and beginning at the same time. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Judgment:<\/strong>\u00a0The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Judgment Lien:<\/strong>\u00a0A lien against the property of a judgment debtor. An involuntary lien.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Lease:<\/strong>\u00a0An agreement by which an owner of real property (lessor\/grantor) gives the right of possession to another (lessee\/grantee) for a specified period of time and for a specified consideration.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Lessee:<\/strong>\u00a0A person to whom the property is rented under a lease. A tenant.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Lessor:<\/strong>\u00a0One who rents property to another under a lease. A landlord.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Legal Description:<\/strong>\u00a0A method of geographically identifying a parcel of land, which is acceptable in a court of law.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Lien:<\/strong>\u00a0An encumbrance against property for money, either voluntary or involuntary. All liens are encumbrances but all encumbrances are not liens.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Lis Pendens:<\/strong>\u00a0A legal notice recorded to show pending litigation relating to real property, and giving notice that anyone acquiring an interest in specific property subsequent to the date of the notice may be bound by the outcome of the litigation.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Lot:<\/strong>\u00a0Generally, any portion or parcel of real property. Usually refers to a portion of a subdivision.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Mechanics Lien:<\/strong>\u00a0A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Modification Deed of Trust:<\/strong>\u00a0A document that alters, adds, or cancels some of the terms or stipulations but leaves the general purposes or effect of the document intact.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Mortgage:<\/strong>\u00a0A written instrument that creates a lien upon real estate as a security for the payment of a specified debt.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Mortgagee:<\/strong>\u00a0Person lending.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Mortgagor:<\/strong>\u00a0Person borrowing.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Partial Release:<\/strong>\u00a0A release of a portion of property conveyed by a mortgage.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Plat:<\/strong>\u00a0A map dividing a parcel of land into lots, as in a subdivision.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Power of Attorney:<\/strong>\u00a0An authority by which one person (principal) enable another (attorney in fact) to act for him.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Quit Claim Deed:<\/strong>\u00a0A deed that conveys only the grantor&#8217;s rights or interest in real estate without stating the nature of the rights and with no warranties of ownership.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Recordation:<\/strong>\u00a0Filing instruments for public record with a recorder. (usually a county official)<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Recording:<\/strong>\u00a0Filing documents affecting real property as a matter of public record, giving notice to further purchasers, creditors, or other interested parties. Recording is controlled by statute and usually requires the witnessing and notarizing of an instrument to be recorded.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Recording Fee:<\/strong>\u00a0The amount paid to the recorder&#8217;s office in order to make a document a matter of public record.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Register of Deeds:<\/strong>\u00a0A term used in some states to describe the person in charge of recorded instruments.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Release:<\/strong>\u00a0An instrument releasing property from the lien of the mortgage, judgment, etc.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Right of Survivorship:<\/strong>\u00a0The right of a survivor of a deceased person to the property of said deceased.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Secured Party:<\/strong>\u00a0Mortgagee, beneficiary (under a deed of trust) pledgee, or any other party having a security interest.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Special Warranty Deed:<\/strong>\u00a0A deed in which the grantor limits the title warranty given to the grantee to anyone claiming by, from, through or under him, the grantor. The grantor does not warrant against title defects arising from conditions that existed before he owned the property.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Substitution of Trustee:<\/strong>\u00a0A document which is recorded to change the trustee under a deed of trust.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Tax Lien:<\/strong>\u00a0(1) A lien for nonpayment of property taxes. Attaches only to the property upon which the taxes are unpaid. (2) A federal income tax and state tax lien may attach to all property of the one owing the taxes.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Tenancy by the Entirety:<\/strong>\u00a0An estate that exists only between husband and wife with equal right of possession and enjoyment during their joint lives with the right of survivorship, when one dies, the property goes to the surviving tenant.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Tenancy in Common:<\/strong>\u00a0Ownership of two or more with undivided interest without the right of survivorship.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Transfer Tax:<\/strong>\u00a0One paid upon the passing of title to property or to a valuable interest.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Trust Deed:<\/strong>\u00a0See Mortgage.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Trustee:<\/strong>\u00a0(1) One who is appointed, or required by law, to execute a trust. (2) One who holds title to real property under the terms of a deed of trust.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Trustee&#8217;s Deed:<\/strong>\u00a0A deed by a trustee under a deed of trust, pursuant to foreclosure proceedings.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Undivided Interest:<\/strong>\u00a0Land shared among co-owners, no one having exclusive rights to any portion of the property.<\/span><\/p><p><span class=\"lineheight\" style=\"font-family: Arial,Helvetica; font-size: medium;\"><strong>Warranty Deed:<\/strong>\u00a0One that contains a covenant (a promise written into deeds and other instruments agreeing to performance or non performance of certain acts, or requiring or preventing certain uses of the property) that the grantor will protect the grantee against any and all claims.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Glossary of Terms Affiant:\u00a0One who makes an affidavit. Affidavit:\u00a0A document that gives a written or printed declaration or statement of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-369","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/staging.wilsondeeds.com\/index.php\/wp-json\/wp\/v2\/pages\/369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.wilsondeeds.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/staging.wilsondeeds.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/staging.wilsondeeds.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.wilsondeeds.com\/index.php\/wp-json\/wp\/v2\/comments?post=369"}],"version-history":[{"count":4,"href":"https:\/\/staging.wilsondeeds.com\/index.php\/wp-json\/wp\/v2\/pages\/369\/revisions"}],"predecessor-version":[{"id":373,"href":"https:\/\/staging.wilsondeeds.com\/index.php\/wp-json\/wp\/v2\/pages\/369\/revisions\/373"}],"wp:attachment":[{"href":"https:\/\/staging.wilsondeeds.com\/index.php\/wp-json\/wp\/v2\/media?parent=369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}