Archives: Glossary Terms

A third party for whom an agent provides some level of informational service.

A document recorded to terminate a homestead

A legal document that allows a condominium to he built or sold under relevant state law. See Condominium declaration.

A recorded document that protects a homeowner from foreclosure by certain judgment creditors.

Decree by a court ordering the sale of mortgaged property to pay an obligation found to be due and owing to the lender out of the proceeds..

An offer of land for some public made by its owner and accepted for such use by or on behalf of the public by authorized officials.

A written instrument which when properly executed (signed) and delivered (accepted) conveys title to real property from one party, the grantor to another party, the grantee.

Part of the public records found in the county clerk’s or recorder’s office in which copies of deeds transferring real property in that jurisdiction are recorded. These books are also known as libers.

A deed to real property from a defaulting borrower and accepted by the lender to avoid the necessity of having the lender go through formal foreclosure proceedings.

An instrument that grants a trustee under a land trust full power to sell, mortgage and subdivide a parcel of real estate where the beneficiary controls the trustee’s use of these powers under the trust agreement provisions.