A combination of all the elements that constitute the highest legal right to own, possess, use, control, enjoy and dispose of real estate or an inheritable right or interest therein. The rights of ownership recognized and protected by the law.
Covenants ordinarily inserted in conveyances and in transfers of title to real estate for the purpose of giving protection to the purchaser against possible insufficiency of the title received. A group of such covenants known as "common law covenants" includes: covenants against encumbrances; covenants for further assurance (in other words, to do whatever is necessary to rectify title deficiencies); covenants of good right and authority to convey; covenants of quiet enjoyment; covenants of seisin; covenants of warranty. (See Warranty or Covenant.)
Any possible or patent claim or right outstanding in a chain of title that is adverse to the claim of ownership. Any material irregularity in the execution or effect of an instrument in the chain of title.
A contract of title insurance under which the insurer, in keeping with the terms of the policy, agrees to indemnify the insured against loss arising from claims against the insured interest.
Also called "abstract plant" in some areas. A geographically filed assemblage of title information that helps in expediting title examinations, such as copies of previous attorneys' opinions, abstracts, tax searches and copies or take-offs of the public records.
A neutral third party in the deed of trust with limited powers. When the loan is paid in full the property is reconveyed by the trustee back to the person or persons legally entitled to the land, or, if delinquent, the property will be conveyed pursuant to nonjudicial foreclosure proceedings, to the highest bidder in a public sale.
A mortgage in which the borrower receives a below-market interest rate for a specified number of years (most often seven or 10), and then receives a new interest rate adjusted (within certain limits) to market conditions at that time. The lender sometimes has the option to call the loan due with 30 days notice at the end of seven or 10 years. Also called "Super Seven" or "Premier" mortgage.
A title concept in which ownership of all interest or estates in real property are less than or inferior to the most absolute interest one can have - that of fee ownership. It lies beneath all the other interests; it is basic, fundamental and implicit.
Legal doctrine designed to prevent a person from taking advantage of another person's mistake, such as overpayment of an amount due. It is based on a rule of fairness.
Also known as "home evaluations," they are an analysis of the value of land or property based on market trends and the sales history of similar properties. Popular valuation sites include www.zillow.com and www.cyberhomes.com. Valuations are not the same as appraisal reports of the market value of the subject property prepared by licensed professional appraisers.
