Archives: Glossary Terms

A lot in a subdivision that is surrounded on each side by other lots and having frontage on only one side as opposed to a corner lot which has frontage on at least two sides..

A physical scrutinizing of documents or property done to assure correctness of paperwork such as loan papers, compliance with building codes or absence of termites, etc.

A contract for the sale of real estate whereby the purchase price is paid in periodic installments by the purchaser who is in possession of the property even though the seller retains title until a future date which typically is not until final payment. Also known as a Contract for deed or Warranty deed..

A note which provides for a series of two or more payments of principal and interest until the amount borrowed is paid in full and has amortized the loan.

The sale of real property on an extended payment basis often used to spread the tax consequence of a sale over a period of years.

A financial depository such as a commercial bank, life insurance company or savings and loan association or an intermediary (go-between) which pools the money of its depositors and then invests those funds in various ways including loans secured by mortgages and trust deeds.

An ownership interest which an insurer will recognize as a property right, the loss of which will result in true loss of money value to the insured party.

A title that a title insurance company is willing to insure. Example: In some contracts for the sale of real estate the buyer must receive insurable title or he is not obligated to purchase the property..

The value at which an insurer will recognize any loss

The ratio of the insurance premium to the total amount of insurance carried thereby usually expressed in dollars per $100 or per $1,000 sometimes in percent.