Archives: Glossary Terms

The length of the contract period.

A specific type of loan having a stated length which is normally under 5 years, on which only interest is paid and at the expiration of the term, the entire principal is paid. See Straight loan.

The document recorded to cancel and remove a financing statement previously filed under the Uniform Commercial Code.

A shield of non-corrodible metal located on top of the foundation wall or around pipes to prevent the entrance of termites.

The ant-like insects which feed on wood and are highly destructive to wooden structures.

The conditions spelled out in an arrangement or agreement such as a mortgage or a contract.

A contract clause that emphasizes punctual performance as an essential requirement of the contract. Thus, if any party to the instrument does not perform within the specified time period (the drop-dead date), that party is in default, provided the nondefaulting party has made a valid tender of performance. If no tender is made, then the clause may be waived. The clause may also be waived by the subsequent acts of the parties such as accepting tardy payments or signing escrow instructions that allow for extensions of time in which to perform.

1. The union of all elements (as ownership, possession, and custody) constituting the legal right to control and dispose of property; the legal link between a person who owns property and the property itself. 

2.  Legal evidence of a person’s ownership rights in property; an instrument (such as a deed) that constitutes such evidence.

A corporation whose primary function is to insure titles to real property.

The title insurance provided by the owner in lieu of an abstract of title.