Conveyance deed definition7/28/2023 ![]() ![]() Under the terms of the Contract for Deed, the buyer is given possession of the property, and he or she is said to have equitable rights in the property while the seller retains legal title. When the buyer completes the required payments, the seller is obliged to deliver a deed to the buyer. The purchase price is paid in installments over the period of the contract, with the balance due at maturity. The actual price at which the property is transferred.Ī systematic loan reduction plan by which the borrower pays a fixed amount each month, part to repay principal and part interest.Īn agreement between the seller and the buyer for the purchase of real property. It is a written promise to insure a loan.Ī form of property ownership providing for individual ownership of a specific apartment or other space not necessarily on ground level, together with an undivided interest in the land or other parts of the structure in common with other owners. It shows the condition of title (as revealed by a title search, a thorough search of the county records) and the steps necessary to complete the transfer of title. The succession of conveyances from some accepted starting point whereby the present holder of title to real property derives his or her title.Ī title that is not encumbered or burdened with unacceptable defects.Ī listing of the debits and credits of the buyer and seller to a real estate transaction for the financial settlement of the transaction.Ī title insurance term for the preliminary report issued before the actual title policy. Limitations on the use of property or the size and location of houses that are established by governmental law or by covenant in deeds or plats. The amount of money the buyer must bring to the closing.Ī line usually shown on the plat map specifying how far a building must be set back from the lot line. The title insurance company is owned by and operated through lawyer-members who issue title insurance policies as part of their law practices. The legal seizure of property to force payment of debt. The act of acquiring title to property that has an existing mortgage and agreeing to be personally liable for the terms and conditions of the mortgage, including payments. The transfer of an interest in a bond, mortgage, lease or other instrument by writing. Legally, it is an estimation of value by two disinterested persons of suitable qualifications.Ī non-recurring charge levied against property to meet some specific purpose portioned either by benefit derived to property or based on value of property (value for taxation). The APR is disclosed as a requirement of federal truth in lending statutes.Īn opinion of value based upon a factual analysis. For example: 6% add-on interest would be much more than 6% simple interest, even though both would say 6%. ![]() The yearly interest percentage of a loan, as expressed by the actual rate of interest paid. Standard American Land Title Association (ALTA) format for commitments, policies and miscellaneous title insurance forms. For a complete definition or for use in different contexts, please refer to a legal dictionary (e.g., FindLaw Legal Dictionary) or ask your lawyer.Ī | B | C | D | E | F | G | H | I | J | L | M | O | P | Q | R | S | T | WĪ condensed history of the title to a parcel of real property consisting of copies of all documents from the public record that affect that parcel such as deeds, mortgages, encumbrances, easements, marriages, deaths, divorces, liens, etc. Please Note: The definitions below apply to the meaning of the term as typically given in the issuance of ATG policies. (ATG) provides this list to help ease any confusion you may have. Services/Publications Glossary of Real Estate Termsĭuring the course of buying or selling your home, you will likely come across a host of unfamiliar real estate-related words and phrases.
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