Written document by which an estate or interest in real property is transferred
from one person to another. The person who transfers the interest is called
the "grantor." The one who acquires the interest is called the "grantee." Examples
of deeds are grant deeds, administrator's deeds, executor's deeds, quitclaim
deeds, etc. The deed to use depends on the language of the deed, the legal
capacity of the grantor and other circumstances.
Limitations in the deed to a property that dictate certain uses that may or
not be made of the property.
A blemish, imperfection or deficiency. A defective title is one that is irregular
(1) Title to a negotiable instrument obtained by fraud.(2) Title to real property
which lacks some of the elements necessary to transfer good title.
A note having no date for repayment, but due on demand of the lender.
Money given by the buyer with an offer to purchase. Shows good faith. Also
called earnest money.
The exact location of a piece of real property stated in terms
of lot, block, tract, part lot, metes and bounds, recorded
instruments, or U.S. Government survey (sectionalized). This
is also referred to as legal description of property.
A provision in a mortgage
which requires the loan to be paid in full if a property is sold