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Seller's
Market
More buyers than sellers.
Special
Assessments
A special tax imposed on property, individual lots or
all property in the immediate area, for road construction,
sidewalks, sewers, street lights, etc.
Special
Lien
A lien that binds a specified piece of property, unlike
a general lien, which is levied against all one's assets.
It creates a right to retain something of value belonging
to another person as compensation for labor, material,
or money expended in that person's behalf. In some localities
it is called "particular" lien or "specific"
lien. (See lien.)
Special
Warranty Deed
A deed in which the grantor conveys title to the grantee
and agrees to protect the grantee against title defects
or claims asserted by the grantor and those persons whose
right to assert a claim against the title arose during
the period the grantor held title to the property. In
a special warranty deed the grantor guarantees to the
grantee that he has done nothing during the time he held
title to the property which has, or which might in the
future, impair the grantee's title.
Survey
A map or plat made by a licensed surveyor showing the
results of measuring the land with its elevations, improvements,
boundaries, and its relationship to surrounding tracts
of land. A survey is often required by the lender to assure
him that a building is actually sited on the land according
to its legal description.
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Tax
As applied to real estate, an enforced charge imposed
on persons, property or income, to be used to support
the State. The governing body in turn utilizes the funds
in the best interest of the general public.
Title
As generally used, the rights of ownership and possession
of particular property. In real estate usage, title may
refer to the instruments or documents by which a right
of ownership is established (title documents), or it may
refer to the ownership interest one has in the real estate.
Title
Insurance
Protects lenders or homeowners against loss of their interest
in property due to legal defects in title. Title insurance
may be issued to a "mortgagee's title policy."
Insurance benefits will be paid only to the "named
insured" in the title policy, so it is important
that an owner purchase an "owner's title policy",
if he desires the protection of title insurance.
Title
Search or Examination
A check of the title records, generally at the local courthouse,
to make sure the buyer is purchasing a house from the
legal owner and there are no liens, overdue special assessments,
or other claims or outstanding restrictive covenants filed
in the record, which would adversely affect the marketability
or value of title.
Trustee
A party who is given legal responsibility to hold property
in the best interest of or "for the benefit of"
another. The trustee is one placed in a position of responsibility
for another, a responsibility enforceable in a court of
law. (See deed of trust.)
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V -
Variable
Interest Rate
A fluctuating interest rate which can go up or down depending
on the going market rate.
Voluntary
Lien
A voluntary lien by the owner such as a mortgage, as opposed
to involuntary liens (taxes).
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Waive
To relinquish, or abandon. To forego a right to enforce
or require anything.
Wrap-Around
Mortgage
A second mortgage which is subordinate to but includes
the face value of the first mortgage.
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Z -
Zoning
Ordinances
The acts of an authorized local government establishing
building codes, and setting forth regulations for property
land usage.
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